Your Role as the Entrepreneur

Let’s start with one of the fundamental resources: Land. Land resources do not necessarily mean acreage. Land simply means the place where business is conducted, the rights to use that which lies above or below a given area, that which grows on a given area, or the location of the given area where the business is conducted. For example:
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Let’s start with one of the fundamental resources: Land. Land resources do not necessarily mean acreage. Land simply means the place where business is conducted, the rights to use that which lies above or below a given area, that which grows on a given area, or the location of the given area where the business is conducted. For example: a farmer may need hundreds of acres of physical ground to produce a sufficient level of wheat for profitable operations, but an internet site may only require a relatively small amount of room on a server.

As you can see, even in a virtual world, ultimately the infrastructure needed to conduct business must be placed somewhere. Land can be rented or purchased and the amount that you pay for the land will be related to value that land will create for you. This is the reason why an acre of ground in a rural area generally costs significantly less than an acre of ground in an urban setting. Determining the best location for your enterprise requires that you compare different alternative land options that yield the best return on investment (ROI).
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Labor is probably the most important resource that is needed. Labor is not just bodies that can be put to work. Labor represents the physical and metal talents that people make available to you. Labor resources sell their services to you in exchange for a wage. Labor is no different than anything else that you buy
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Labor is probably the most important resource that is needed. Labor is not just bodies that can be put to work. Labor represents the physical and metal talents that people make available to you. Labor resources sell their services to you in exchange for a wage. Labor is no different than anything else that you buy in that you buy labor based on what you need to get accomplished.

It would be inefficient to pay an individual with a medical degree to operate a crane or write software. Nor, would you want to have the software engineer due brain surgery on you. Finding the right mix of talents with the minimum number of physical bodies is important in surviving the first few years.

Fortunately, there are many low cost or free (to you) options available for the entrepreneur. Initially you may need to do a lot of different things to keep things running. Accept the fact that you can never say that is "not my job". No matter what, you will always be ultimately responsible for getting it done. However, you can outsource jobs that others are better at then you. In fact, efficiency will rise when you delegate some of the responsibility to others.

This does not mean that you have to have a large payroll because you can acquire these skill sets through the creation of an advisory board, outsourcing payroll and accounting functions, using temporary staffing agencies, and a host of other ways to maintain a lean operation in the early years. The most important thing to remember is that you must remained focused on your core capabilities and then surround yourself with talents that you do not possess.
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Technically, capital represents the tools needed by the labor to get a job done. While money is financial capital, money cannot help an employee drive a nail, test software, seat a customer or anything else to get the job done. Money helps you acquire the physical "tools" needed by the labor to make them perform efficiently. Obviously the lack of money could mean that you cannot get the tools you need and are therefore unable to efficiently produce the good or service. Money is like gasoline. The car is the business, but a car needs gasoline to operate. In business, cash is king, so manage it wisely.
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Technically, capital represents the tools needed by the labor to get a job done. While money is financial capital, money cannot help an employee drive a nail, test software, seat a customer or anything else to get the job done. Money helps you acquire the physical "tools" needed by the labor to make them perform efficiently. Obviously the lack of money could mean that you cannot get the tools you need and are therefore unable to efficiently produce the good or service. Money is like gasoline. The car is the business, but a car needs gasoline to operate. In business, cash is king, so manage it wisely.

Lack of capital is often claimed to be the cause of businesses failure. It is true that many businesses start with insufficient capital that may ultimately lead to the demise of the firm, however the root failure of the firm is typically due to poor planning or over optimistic and often unrealistic expectation of the value that the consuming public has for the offering.
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