What happen if an entrepreneur run his enterprise with outdated, obsolete, worn-out machinery or stick into sick plants?
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The distinguishing "modern" features of industrial entrepreneurs, particularly in the early stages of industrialization are identified, along with the influences that brought those characteristics about. Defining the entrepreneur as one whose task it is to make decisions, it is argued that modern entrepreneurs required large amounts of fixed capital, regarded their jobs as lifelong commitments, and assumed a more scrupulous attitude toward their buyers than had earlier generations.Modern industry was based on an elaborate credit system and was inextricably linked to technological progress.Following a discussion of the characteristics of modern entrepreneurs, it is argued that modern industrialization (particularly in Europe) arose through developing areas' discoveries of "substitutions" for various prerequisites for industrial development.Human ingenuity always finds ways of bringing modern industrialization to the most "backward" countries. (SAA)