A Brief History Of Entrepreneurship Contents Earliest finance his inventions himself.
• Edison was a capital user
Period Middle Ages 17th Century 18th Century (an entrepreneur), not a provider (a venture capitalist). 19th Century & 20th Century 10. 19th & 20th Centuries • In the late 19th and early 20th 2. Earliest Period • Marco polo , as a go-between was an centuries, entrepreneurs were frequently not Italian. • He wants to trade routes to the far East. • As a distinguished from managers and were viewed mostly go-between, He had to sign a contract with a money from an economic perspective. • The entrepreneur person to sell his goods. In the contract organizes and manages an enterprise for peersonal gain. merchantadventurer took a loan at 22.5% rate including •The materials consumed in the business, for the use of insurance . the land, for the services he employs, and for the capital he requires. 3. Capitalist was the passive risk bearer and merchantadventurer took the active role in trading, 11. • Andrew Carnegie is one of the best examples of this bearing all physical and emotional risks. When the definition. • Carnegie, who descended from a poor merchant-adventurer successfully sold the goods and scottish family, made the American Steel Industry one of completed the trip, the profits were divided with the the wonders of the industrial world. In the middle of the capitalist taking most of them(upto 75%), while the 20th Century • The function of the entrepreneurs is to merchant-adventurer settled for the remaining 25 %. recreate or revolutionize the pattern of production by introducing an invention. • Innovation, the act of 4. Middle Ages • Entrepreneur used to describe both as an introducing some new ideas, is one of the most difficult actor and a person who managed large production tasks for the entrepreneur. projects. • Individuals did not take any risks because all the resources used to provided by the government of the 12. • Edward Harriman, who reorganized the railroad in country, all an entrepreneur should do is to manage it. the United States. • John Morgan, who developed his large banking house by reorganizing and financing the nation’s 5. • A typical entrepreneur in the middle age was the industries. • Traditional technologies innovations priest. • The person in charge of great architectural works (translators, computers, lasers) that are usually associated used to build castles and fortifications, public buildings, with the word invention. abbeys, and cathedrals. 13. • The Egyptian who designed and built great pyramids 6. 17th Century • The connection of the risk with out of stone blocks weighing many tons each, to laser entrepreneurship developed in the 17th century. • An beams, supersonic planes and space stations. entrepreneur was a person who entered into a contract with the government to perform a service or to supply Entrepreneurship in the Philippines stipulated products. • John law, a frenchman was one of the entrepreneur in that period. •The founder of the royal In the Philippines, entrepreneurship is viewed as bank of France and the Mississippi Company,which had an important to empowering the poor, enhancing production, exclusive franchise to trade between France and the new and as an impetus to innovation. The 1987 Philippine world. • Monopoly on french trade eventually led to Constitution recognizes entrepreneurship as an engine of collaspe of the company. economic growth. Article XII Section 1 highlights the role of private enterprises in supporting equitable distribution 7. • Richard Cantillion, a well-known English economist at of income and wealth, sustaining production of goods and the beginning of the 17th century, understood Law’s services and expanding productivity, therefore raising the mistake. • He viewed the entrepreneur as a risk taker, quality of life. The Philippine Development Plan (PDP) observing that merchants, farmers, craftsmen, and others further reinforces the thrust on entrepreneurship through sole proprirtors “buy at a certain price and sell at an trade and investment to achieve the government’s goal of uncertain price, therefore operating at a risk. ” economic development and job creation. Based on the plan, measures for macro-economic stability, employment, 8. 18th Century • In the 18th century, the person with trade and investment, agribusiness, power-sector reforms, capital was differentiated from the one who needed infrastructure, competition, science and technology, and capital. • The entrepreneur was distinguished from the anti-corruption are being pursued to strengthen capital provider. • One reason for this differentiation was Philippines’s competitiveness and contribute to job the industrialization occuring throughout the world. • Eli creation. Whitney was an American inventor best known for inventing the cotton gin. This was one of the key In 2011, there were approximately 830,000 business inventions of the industrial Revolution. enterprises in the Philippines. Of these, 99.6 percent are classified as micro, small, and mediumsized enterprises 9. • Thomas Edison, the inventor of many inventions. He (MSME) which are responsible for 38 percent of total job was developing new technologies and was unable to growth.