Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production.

Profit is the payment you get when you take advantage of change.

The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry and so on.

Recognition of the inevitability of comprehensive bureaucratization does not solve the problems that arise out of it.

The essential point to grasp is that in dealing with capitalism we are dealing with an evolutionary process

We always plan too much and always think too little.

The intellectual and social climate needed to allow entrepreneurship to thrive will not exist in advanced capitalism.