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Evolution of Entrepreneurship: Earliest Period

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Evolution of Entrepreneurship: Earliest Period

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Questions and Answers

What is an example of an early entrepreneur as described in the text?

A medieval actor

Marco Polo as a go-between in trade routes (correct)

A modern-day venture capitalist

A large production project manager

What was the role of the capitalist in the relationship with the merchant-adventurer?

Passive risk bearer (correct)

Insurance provider

Active trader

Goods seller

How were profits typically divided between the capitalist and the merchant-adventurer?

100% to capitalist

100% to merchant-adventurer

75% to capitalist, 25% to merchant-adventurer (correct)

50% to each party

What did the term 'entrepreneur' refer to during the Middle Ages?

A project manager Signup and view all the answers

In the context of large production projects in the Middle Ages, what was the role of the individual termed as an entrepreneur?

Project manager using provided resources Signup and view all the answers

What was a common element of the contracts between merchants and capitalists in the earliest period of entrepreneurship?

Loan provision at a 22.5 percent rate Signup and view all the answers

What role did the cleric typically play in the middle ages as described in the text?

Leading architectural projects Signup and view all the answers

Who was John Law, and what led to his downfall?

A French entrepreneur who established the Mississippi Company Signup and view all the answers

According to Richard Cantillon's view, how did he characterize entrepreneurs?

Risk-takers who operate at uncertain prices Signup and view all the answers

What differentiated the entrepreneur from the venture capitalist in the 18th century?

Their sources of capital Signup and view all the answers

How were Eli Whitney and Thomas Edison able to finance their inventions?

By expropriating British crown property Signup and view all the answers

How were entrepreneurs viewed in the late 19th and early 20th centuries?

As individuals seeking personal gains through operating businesses Signup and view all the answers