ABSTRACT
Entrepreneurial profit is a surplus over costs. The search for new markets in which an article has not yet been made familiar and in which it is not produced is an extraordinarily rich, and in former times was a very lasting, source of entrepreneurial profit. For although any property possessed by the entrepreneur may be liable, yet such possession of wealth is not essential, even though advantageous. But even if the entrepreneur finances himself out of former profits, or if he contributes the means of production belonging to his "static" business, the risk falls on him as capitalist or as possessor of goods, not as entrepreneur. Risk-taking is in no case an element of the entrepreneurial function. The carrying out of the monopolistic organisation is an entrepreneurial act and its "product" is expressed in profit. The successful entrepreneur rises socially, and with him his family, who acquire from fruits of his success a position not immediately dependent upon personal conduct.
