THE ROLE AND PROMISE OF ENTREPRENEURSHIP
Entrepreneurship is the process through which individuals and teams bring together the necessary resources to exploit opportunities and, in doing so, create wealth, social benefits, and prosperity.They identify opportunities, mobilize resources, and relentlessly execute on their visions.They are peoples who identify and pursue solutions among problems, possibilities among needs, and opportunities among challenges.Entrepreneurship is more than the creation of a business and the wealth associated with it. It is focused on the creation of a new enterprise that serves society and makes a positive change.An opportunity is a favorable juncture of circumstances with a good chance for success or progress. Attractive opportunities combine good timing with realistic solutions that address important problems in favorable contexts. It is the job of the entrepreneur to locate new ideas, to determine whether they are actual opportunities, and, if so, to put them into action.In the economy,there are four factors of production that is land,labor,capital and entrepreneurs.The entrepreneurs are responsible to execute and utilize those economical resources and transform it into useful elements for the use of the society.There are three inputs utilized by entrepreneurs that is natural capital,financial capital and intellectual capital.These inputs will then be utilized by entrepreneurs in the economy and produce either two outputs that is beneficial outcome or udesired waste outputs. The first input is natural capital and it refers to those features of nature, such as minerals, fuels, energy, biological yield, or pollution absorption capacity, that are directly or indirectly utilized or are potentially utilizable in human social and economic systems. Because of the nature of ecologies, natural capital may be subject to irreversible change at certain thresholds of use or impact. For example, global climate change poses a serious threat to sources of natural capital.Next, financial capital refers to financial assets, such as money, bonds, securities, and land, which allow entrepreneurs to purchase what they need to produce goods and services.This input is one of the most valuable capitals where entrepreneurs should utilize them wisely so that the sustainability of the business would be secured for a long term run.Lastly, the intellectual capital of an organization includes the talents, knowledge and creativity of its people, the efficacy of its management systems, and the effectiveness of its customer and supplier relations. Intellectual capital can be thought of as the sum of the knowledge assets of an organization. This knowledge is embodied in the talent, know-how, and skills of the members of an organization. Thus, a firm needs to attract and retain the best people for its requirements in the same way that it seeks the best technologies or physical assets. Knowledge is one of the few assets that grows when shared. By organizing itself around its intellectual capital, a new firm can leverage its benefits through collaboration, development, and sharing. Good entrepreneurs seek to be flexible so they can adapt to changing conditions and reduce the risks of the venture. They are resilient in the face of setbacks, able to multitask, and exercise well-developed problem-solving skills to overcome challenges. create an overarching vision of the venture and use it to motivate employees, allies, and financiers. Perhaps the most important qualities or characteristics of an entrepreneur are the abilities to accomplish the necessary tasks, meet goals, and inspire others to help with these tasks. Thus, natural capital, financial capital and intellectual capital are important input elements to be utilized by entrepreneurs as they act as agents of progress to produce valuable outputs and improve the economical status of certain countries and it's citizens towards a much more prosperous life.
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