Entrepreneurial Ability

Entrepreneurial Ability is the human resource that combines the other resources to produce a product, makes non routine decisions, innovates, and bears risk. (McConnell and Brue). I learned that definition in class a few weeks ago but I still don't quite understand it.
To better understand the subject I googled Entrepreneurial Ability and came to this helpful website that explained to me the four basic components to it.
http://www.smallbusinessnotes.com/choosing/issues.html

1. An entrepreneur is the one who takes the initiative to combine land, capital, and labor to produce a good or service in what is hoped will be a profitable venture.

2. An entrepreneur is a person who makes basic business policy decisions that set the course of the business enterprise.

3. An entrepreneur is an innovator - a person who attempts to introduce on a commercial basis new products, new productive techniques, or even new forms of business organization.

4. An entrepreneur is a risk taker, risking not only time, effort and business reputation, but his or their invested funds and those of associates or stockholders.

The availability of these resources directly affects how robust the economy is.

Historically, being entrepreneurial has been outside the mainstream of the business.

Today, with the internet boom, entrepreneurs have become one of the most dynamic forces in the economy.

I now completely understand Entrepreneurial Ability.

Some examples of entrepreneurs are Benjamin Franklin, Thomas Edison and Henry Ford. More present entrepreneurs would be people like Betsy Johnson and Russell Simmons.