Resources and Constraints of Entrepreneurship/Classify The Resources Into Economic, Human, Knowledge And Time

Resources and Constraints of Entrepreneurship/Classify The Resources Into Economic, Human, Knowledge And Time

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Resources and Constraints of Entrepreneurship/Classify The Resources Into   Economic, Human, Knowledge And Time
Entrepreneurs use human and economic resources to help them to implement their ideas. Economic resources include money and equipment. Human resources include energy, skills, knowledge and time.
ECONOMIC RESOURCES
Money: Money is necessary to obtain goods and services that entrepreneur? Want. A major way in which money is obtained is through employment. The-real value of money can be measured in what necessities, wants and security it will provide for the future.
Equipment: Useful equipment may be as simple as a small knife or a paper clip. It may be a telephone installed by the telephone company, a microwave oven with _digital electronic controls, or a pocket computer. The value of any equipment depends on the efficiency with which it is used. Even the best equipment cannot think or act on its own.

HUMAN RESOURCES
Energy: Good health is essential to maintaining a high energy level. Adequate nutrition, rest and exercise are basic necessities. Personal attitudes also have a strong influence on an individual's energy supply. People who accomplish a great deal usually have a positive attitude and goals to motivate them.

Skills: Skills are developed when a person learns how to do a task competently. Anyone can develop skills by being willing to put in the necessary effort. There are several types of skills: practical everyday skills such as writing legibly or doing household chores; vocational skills that enable a person to do a particular job; and recreational skills like dancing, painting, or sports. You can enhance your life by adequately developing your skills.

Knowledge: A real zest for life and an active curiosity stimulate learning. Reading, observing and listening are ways of staying in the mainstream of life. Each individual must take responsibility 'for acquiring a certain amount of knowledge by developing communication skills such as reading, writing, speaking and listening.
Time: Time is a unique resource. Everyone has the same amount (24 hours a day and
168 hours each week). A large portion of time is taken up by daily activities like eating, sleeping, school, work and hygiene. The remaining time should be spent on recreational activities and special interests that provide satisfaction.
Finally, the extent to which the person(s) involved can acquire or organize resources in adequate measure will not only influence performance but also, in some cases, influence whether they start at all. Examples here include capital, cash, premises, materials, equipment and labour.
The availability of infrastructure (e.g. utilities like electricity, telephone, roads) and support services might also be important.
                                     
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