Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-11-13
THE ENTREpRENEuR

In a brief article just published in pamphlet tor,
OFT E. Felt, president Of a large Chicago manufactur1n
onpany, points out that in very many Of the Discussion
economic subjects one factor Of the highest importane
entirely overlooked. This II the "entrepfeneur,' thu
, Is Mr.. Felt defined the word, THE man Who takes tn
M and makes the wheels go round" not 90 much By IN
Of his money, as by giving his time and offs
y health to the Intensive labor and effort which is some
referred to as directive faculty. OF the inxluenc
this factor Mr.. Felt SAYS, in part:
Modern discussion OF economic and labor
questions is usually based On the assumption
that the issue is between Labor and Capital"
AS far as the human interest is concerned ther~
are three elements: tho Entrepreneur, the La
Dor and Capital. The capital will flow into
industry If risk and prospective profit make
Industry moro attractive than safer investments,
like United States bonds for instance. In the
affairs Of industry, commerce.. transportation,
etc, there are for capital all degrees of safety
and hazard ranging all the way from United
states bonds down to the exploitation of a new
invention. The greater the risk the greater must
be the prospective profit; otherwise capital will
not be obtained. The losses experienced By CAPT
tai invested in the more risky enterprises prob
ably equal tho profit experienced by those who
succeed. We forget those who fail and regard
only the profits Of the successful. Yet. from an
economic standpoint with respect to the wslfare
OF all the people, It = probably true that the
money so risked IL more beneficial than the
money invested IN safer channels.
The fourth factor affecting economic cues
tons In any country is natural resources. This
is quite as important from the standpoint of the
working man or the industrial captain as is
either capital or labor. Abundance Of food and
abundance Of minerals, such a. coal, iron and
copper. hays meant as much to the American
laooffns man, as has also the willingness Of
American capital to invest in industry and
transportation enterprises. But tho one inds-
pensable factor, which countries like Russia,
India and China. who possess the other three
factors. need, II capable and enterprising entire
preaeur1 England and America have In the
past enjoyed the services Of this class Of men.
Many Of such mon have built mp great indus
tries with practically no capital. No amount
Of capital and labor can ccomplis anything
unless directed by the capable entrepreneur,
OF whom there never has been and never win be
enouzh in any country.
Neither the entrepreneur nor the capital,
tor risky enterprises. will be forthcoming if we
5eontinus to talk along the line that labor q
entitled to participation in the profits Of The
successful. The very prevalent talk Of that
kind and the discussion Of "voice in ranaSe-
naent' in the sense that it IL undsrstood in
America and IN France, win tend - discourage
industry and react to the ldisadvaatase Of labor.
The came. term as understood u England Is not
harmful. Certainly capital viii not invest ana
capable men will not give their lives to the
development of busiDess Il after they have
made Y = success. they must divide the prize
ss with ethsr men who 4sys taken NO such risk
and given n y ne oorfssDenAins intensive eaort
and sxesriss - ssntlaA n ~ cass Of : con
Germ which tsok twenty years without profit TO
So build Mp md than In tho harvest time IL real
inanx Il Dsofk ef3 sns hunAfsA - one thounud
ss PR esnt o 3ths capital invsstsd;# II wouId - ia-
penaibls 81 eonytnce werkmen having : ysscs III
SEmanAgsrnsnt That thsy ssrs mot entitled to fancy
eompsnss.ttpn. xet 81 tsat pns thousaaA per
g@csnk aAsaash ~ realised onb 4or ! skort tias.
8avsss 1rsa4 $500 - ne unDrsTtaAts years 81
ssssseesrt - SFae ~ fnsais nj nA.s 4as&s IS. 8 &
s@s SAhr srssa1n & ~ t 81 = ne sstrsprsasnnu 4 -
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