Resources and constraints in entrepreneurship

There are two forms of constraints associated with entrepreneurship which are Economic resources and human resources. As an entrepreneur, you must be familiar with these constraints so as to know the necessary measure go about in dealing with these constraints. The constraints and resources are discussed below.

The Economic resources are the one which are not in the control of the entrepreneur and they are in two forms which includes Money and Equipment. Money is necessary to obtain goods and services that entrepreneurs 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 will provide for the future while equipment is often useful, and may be simple as a small or a paper clip. It may be a telephone installed by the telephone company, a microwave oven with digital electronic controls or 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.

Now that you are familiar with the economic resources, let move on to the next resources which is human resources. These human resources are four different forms which include energy, skills, knowledge and time. Now let move on by digging deep through these resources. Let begin with energy. As we all know that energy is the ability and capacity to do work. 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. Next to it is skills; skills are developed when a person learns how to do a task competently. Any entrepreneur can develop skills by being willing to put in the necessary effort. There are several type 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 adequately developing your skills. Next to it is Knowledge. A real zeal of life and an active curiosity stimulate learning, reading, observing and listening are ways of staying in the mainstream of life. Each entrepreneur must take responsibility for acquiring a certain amount of knowledge by developing communication skills such as reading, writing, speaking and listening. The last but not the least is Time. Time is a unique resources. Everyone has the same amount (24 hours a day and 168 hours a week) a large portion of time is taken up daily activities like eating, sleeping, school, work and hygiene. The remaining time should be spent of recreational activities .

Finally the extent o 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.