For an individual, talent is the skills and knowledge that are acquired either naturally or through education. For businesses, talent is the ability to organize a group of individuals and a stock of capital to accomplish the goals of the company. For countries, talent is the physical and human capital acquired through investment and education as well as the natural resource endowments that are available for use in production. Talent is perhaps the predominant determinant of success especially in a market economy. But it is not the only determinant.
Effort represents the time that one devotes to economic activity.
One could have all the talent in the world, but if not devoted sufficiently to production it is unlikely to generate much success. All else equal, countries whose labor force works longer hours would produce more output and be judged a greater success. In addition, success can be further enhanced if effort is applied to the acquisition of talent. For this reason we teach our children to work hard in school and to do their homework. This determinant of success is often over-emphasized.