Entrepreneurial Discovery and Spontaneous Order

Entrepreneur is a big word. It’s a big idea, too. Entrepreneurs own or operate a business, and in doing so assume risk. They have a central role in the invisible hand process by which markets provide undirected coordination. They are people who also seek and discover potential value in resources, products, and processes that has not been recognized. They form a business or begin a venture without knowing how it will turn out. When an entrepreneur’s hunch informed by experience works out the entrepreneur earns profit. When the entrepreneur’s hunch is wrong the entrepreneur makes a loss. Part three will examine the indispensable role entrepreneurs play in the economy: and how not only they, but employees and customers of the business share in the value created by the entrepreneur.