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There is, in effect, a fourth type of input used in production. It is a human resource, and it consists of entrepreneurial talents, or entrepreneurship. The way to understand entrepreneurship is to define what an entrepreneur does or is expected to do.
An entrepreneur can be defined as a person who does the following:
1 Takes the initiative in combining land, labor, and capital in order to produce a commodity
2 Makes the basic decisions that affect the destiny of a business
3 Takes risks, the reward for which is profit
4 Forms business organizations and introduces new products and new techniques
Without entrepreneurship virtually no large-scale business organization could function. Clearly, entrepreneurship as a human resource is scarce; not everyone is willing to take risks or has the ability to make correct business decisions.
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