Capital As a Factor

Capital in Economics simply refers to money. But note that money is not a factor of production because it is not directly involved in production of goods and services, it therefore facilitates or simplify the processes used in production through helping or accessing entrepreneurs and company owners to acquire capital goods or land as well as wage/salary payments. 

According to the neoclassical school of thought (economists), capital is the primary drive of value production.

Difference between personal and private capital as factors affecting production.

Note that a private van or jet used to convey a family for leisure is not at any point considered a capital good, but a commercial vehicle used expressly for official purposes. 

However, capital goods are investments in new machinery and equipment to bring new products to market with sole desire to make profit.

Entrepreneurship As a Factor

Entrepreneurship is the secret belt that combines or bring together all the other factors of production for the production of goods or service for the consumer market.

An entrepreneur is therefore an individual responsible for creating a new business, he as well bear most of the risks(losses) and also enjoy most of the rewards(profit) recorded or incurred by the business. The process of setting and starting up a business be it short or long term is known as entrepreneurship. 

Entrepreneurs are mostly seen or referred to as innovators, birthing new ideas, goods, services, and businesses.

Are All Factors of Production Equally Important?

It is wise to note that the importance of each factor of production depends on the sector being utilized. Therefore, some factors of production may be important than others.

For example, a Hospitality company that relies more on the labor of skilled and unskilled workers might see labor as its most valuable factor of production. Meanwhile, a construction company that makes its money from building and renting of machinery might see capital as its most valued factor of production. Please note that as the demands or pattern of a business changes over time, the relative importance of the factors of production will also change accordingly.