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The Industrial Revolution is a developmental period characterized by the transformation from the rural and agrarian way of being to modernized and industrial. An industrial revolution depends on four key factors: natural resources, capital resources, human resources, and entrepreneurship. The combination of these factors allows a nation or a region to move from making goods by hand to mass production by use of machines and technology.
Natural Resources
Natural resources are a factor that stands for materials or substances that can be found in nature and used for profit. The usage of natural resources, for example, coal, oil, water, and various metals, allows to build and power machinery necessary for industrial progress. When used in agriculture, natural recourses provide great stimulation to the economy of a country or a region, which also majorly helps industrial development.
Capital Resources
The term capital resources refers to money that is possessed by a government or a person. Capital resources are important to an industrial revolution since they allow to purchase necessary equipment and land to build and produce new machinery. A lot has to be invested in order to establish the much-needed for an industrialized society network of railroads, as well as bridges, steamships, and canals.
Human Resources
The factor of human resources represents the number of people capable of working in a particular environment. In order to develop, build, and operate technological advancement, it is necessary to have people specialized in the industrial area. Since the development of new machines brought irrevocable changes in the workflow of society, it is also essential to have workers who would learn new ways of operation and be accustomed to these ways.
Entrepreneurship
The factor of entrepreneurship refers to the craft of establishing and managing a business according to one’s prowess and acumen. Without this factor, there would be no usage of machinery for the production of goods or services; therefore, the capital made in this process would be non-existent. This, in turn, would prevent economic stimulation and deter possible development in the industrial field, as the monetary incentive would be removed.
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