In a more primitive industry each man is wage-earner, capitalist, and enterpriser combined in one.
To the enterpriser, cost seems the cause of the value of a product.
The first loss falls on the enterpriser, and the chance of loss to the lender is in large part, though not entirely, eliminated.
The enterpriser can estimate these chances better than most men.
The enterpriser gives to other workers a definite amount for services applied to distant ends.
The enterpriser, looking upon the cost of most of the factors as fixed, seeks to combine them as economically as possible.
They ignore further that the enterpriser's function is a productive and essential one.
Any enterpriser seeking it for any other use finds its "cost" affected by its various alternative uses.
The enterpriser guarantees to the capitalist-lender a fixed return.
The enterpriser who anticipates aright and satisfies the public taste is the good medium.