12 Questions
What is an example of an early entrepreneur as described in the text?
Marco Polo as a go-between in trade routes
What was the role of the capitalist in the relationship with the merchant-adventurer?
Passive risk bearer
How were profits typically divided between the capitalist and the merchant-adventurer?
75% to capitalist, 25% to merchant-adventurer
What did the term 'entrepreneur' refer to during the Middle Ages?
A project manager
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
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
What role did the cleric typically play in the middle ages as described in the text?
Leading architectural projects
Who was John Law, and what led to his downfall?
A French entrepreneur who established the Mississippi Company
According to Richard Cantillon's view, how did he characterize entrepreneurs?
Risk-takers who operate at uncertain prices
What differentiated the entrepreneur from the venture capitalist in the 18th century?
Their sources of capital
How were Eli Whitney and Thomas Edison able to finance their inventions?
By expropriating British crown property
How were entrepreneurs viewed in the late 19th and early 20th centuries?
As individuals seeking personal gains through operating businesses
Explore the history of entrepreneurship with a focus on its earliest period, examining examples like Marco Polo as a go-between for trade routes in the Far East. Learn about the contracts, loans, and risks involved in entrepreneurship during this time.
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