Article January 1, 1972 Issue

What Is Your Capital?

TULLY NETTLETON

Many a person would like to feel that he is working for himself. But to go into business on one's own account usually requires capital. And this is generally thought of in terms of money. Moreover, experience warns that probably more new businesses fail for lack of adequate capital than for any other reason.

Now, what is capital—really?

Businessmen may describe it as involving machinery, land, building, and money for expenses, raw materials, and sales work. Economists analyze it as including natural resources stored in the earth and, in another sense, accumulated labor or the product of labor.

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