Human Capital #2--Experience

Dictionary.com, the free, on-line dictionary, gives us eight meannings for "experience". Among those:

'the process or fact of personally observing, encountering, or undergoing something: business experience';'the observing, encountering, or undergoing of things generally as they occur in the course of time'; 'to learn from experience; the range of human experience; knowledge or practical wisdom gained from what one has observed, encountered, or undergone: a man of experience; philosophy';'the totality of the cognitions given by perception; all that is perceived, understood, and remembered.'

Experience comprises some of the human capital the entrepreneur brings to the competitive arena. Any area where the entrepreneur lacks experience will have to be supplied by someone else. My uncle, for example, got $50,000 from his father back in the 1950s. Uncle was an actor, so he dumped all of it into producing a broadway show. He lost it all because he had no experience producing anything and therefore didn't know what he was doing.

If you like what I say, post a comment. And consult the whole Eictionary.com article.

Entrepreneurship informs everything I do. For my entrepreneurial real estate blog, go to www.yourstopforrealestate.com and for my entrepreneurial writing blog go to www.kearneymusicschoolmurders.blogspot.com.