Entrepreneurship
Thus far, we have looked at natural resources, human resources, and capital as three inputs needed to create outputs. The last one we need to consider is perhaps the most important: entrepreneurship.
entrepreneurship
Entrepreneurship is the process of starting and running your own business by taking risks in the hope of making a profit, often by creating new products or services or finding better ways to offer existing ones.
This resource is a special form of labor provided by an entrepreneur. An entrepreneur is someone who is willing to risk their time and money to start or run a business—usually with the hope of earning a profit in return. Entrepreneurs have the ability to organize the other factors of production and transform them into a business. Without entrepreneurship, many of the goods and services we consume today would not exist.