Historical Evidence of Entrepreneurship

Topics: Entrepreneurship, Tata Group, Entrepreneur Pages: 10 (4008 words) Published: April 18, 2014
A Short Writing on
'Historical Evidence of Entrepreneurship in Human Society'

Submitted To
Mr. Shahriar Kabir
Course Instructor
Course Title: Entrepreneurship
Course Code: Bus 416

Submitted By
Nafiz Imtiaz Noor
Class ID: 816
20th Batch

Date of Submission
17th April, 2014

Institute of Business Administration
Jahangirnagar University

Historical Evidence of Entrepreneurship In Human Society

Though it’s a business management concept, Entrepreneurship can be best understood in terms of languages used in history. To become an entrepreneur one has to assume the risk of a business or enterprise and organize and manage it so that it gives the return on the capital employed. An entrepreneur does not have to arrange capital as this could be beyond your expertise. However, successful entrepreneurs of the past have been able to convince the financiers or venture capitalists that their idea and business practices are sound and that they in partnership, proper returns on the money invested can be gained.

The greatest entrepreneurs are those who revolutionize business, open opportunities for others and change the way we think and live. Their impact is felt for generations. Some of their names may not be familiar, but the impact of their accomplishments is enormous. The lessons we deduce from their ingenuity, spirit and determination are invaluable.

History of Entrepreneurship
First used in 1723, today the term entrepreneur implies qualities of leadership, initiative and innovation in manufacturing, delivery, and/or services. Credit for coining the term entrepreneur generally goes to the French economist Jean-Baptiste Say, but in fact the Irish-French economist Richard Cantillon defined it first in his Essai sur la Nature du Commerce en Général, or Essay on the Nature of Trade in General, a book William Stanley Jevons considered the "cradle of political economy". Say and Cantillon used the term differently, however. It was during the 17th and 18th century’s industrial Revolution that business itself was becoming part of the new lifestyle, especially in Europe, where most of this development was taking place. The early economists, such as John Baptiste, John Stuart Mill, and Alfred Marshall all included entrepreneurship into the economic spectrum of the time by defining the various skills and features of an entrepreneur. These definitions vary from an entrepreneur being responsible for employing resources in high productivity areas to earn profits, to risk bearing, and finally to an entrepreneur being responsible for organization and control. However, the most substantial research into entrepreneurial theory was achieved in the 20th century, under the aegis of Joseph Schumpeter, who claims that the entrepreneur has a creative destruction innovation by replacing destroying an existing economy by a better, advance one. Where some of the entrepreneurships emerged as a result of innovation based on new products, others were merely an expansion of existing businesses in markets that now showed areas of growth. For instance, railroads and shipping, cargo, transport; factors that became intertwined with growth in commerce during the late 18th century and early 19th century. The 20th century saw the evolution of entrepreneurial history developing its most recent form and most of this research was done at the Center for Entrepreneurial History at Harvard. It was here that the theorist Arthur H. Cole defined an entrepreneur as an organization builder. Historical entrepreneurships, for instance, the creation of Coca Cola in the 19th century, the emergence of fast food and McDonalds during the 20th century, Henry Ford and the initiation of the automobile industry, and Heinz, the brand which brought about a revolution in the food market with pre2

Historical Evidence of Entrepreneurship In Human Society
packaged food; the signaling of these events on a global level brought to the attention of society...
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