Moving on to industrial age and entrepreneurship

in 18th century, entrepreneurship moved from small-scale production in small towns to large-scale
production in big cities.

*the industrial revolution marked a profound shift in entrepreneurship this was fueled by 2 major
reason

: availability of energy production - Businesses were no longer restricted by small-scale energy powered
by wind (which was weather-dependent) or falling water (which was location-dependent). Instead, they
could rely on technologies like electricity, steam, the internal combustion engine, the locomotive, the
automobile, and oil. This gave them the means to make large-scale factories.

: Availability of Labor- Huge populations began moving to Industrial Revolution cities starting in the
1700s. This gave entrepreneurs a large pool of cheap labor with which to work.

America played a particularly prominent role during this period, giving rise to entrepreneur’s like

Andrew Carnegie- In the early 1870s, Carnegie co-founded his first steel company, the steel empire
produced the raw materials that built the physical infrastructure of the United States .

One of the most powerful bankers of his era, J.P. (John Pierpont) Morgan, financed railroads and helped
organize U.S. Steel, General Electric and other major corporations.

American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870
incorporated the Standard Oil Company.

Post World War II Entrepreneurship

: First and most importantly, the economy was increasingly global and becoming more global every
decade. Better means of shipping and communication made it easy for entrepreneurs to sell products
and services to a global audience

: There were also microeconomic factors like the number of people owning cars. Especially in America,
car ownership made it more important to have highways between major cities. New industries such as
aviation and electronics flourished as a result of the automobile industry converting back to car
production. An increase in construction activity was bolstered by an easy-to-afford housing boom among
returning military personnel

: As highways became more important, restaurants were needed where people could eat while
traveling. This is the environment where entrepreneurs like Ray Kroc made their millions. In 1955, he
founded McDonald's System, Inc., a predecessor of the McDonald's Corporation, and six years later
bought the exclusive rights to the McDonald's name and operating system. By 1958, McDonald's had
sold its 100 millionth hamburgers.
Modern Entrepreneurship

: Today, entrepreneurs are the lifeblood of economies all over the world. Even in command economies
like China, entrepreneurs are valued for their contributions to the economy and encouraged to innovate
to compete with companies around the world.

: The global economy – combined with modern infrastructure and communications – has introduced a
new age of competition to the world of entrepreneurship.

Famous entrepreneur in modern age:

Steven Paul Jobs (popularly known as Steve Jobs) was an American entrepreneur and investor. If you’re
using a smartphone, specifically an iPhone, you probably know who Steve Jobs is!

Who is Mark Zuckerberg?

Mark Elliot Zuckerberg is an American technology entrepreneur and philanthropist who studied at
Harvard University. He is one of the richest people on the planet right now, with an estimated net worth
of over $80 billion dollars.

He’s the ONLY person under 50 in the Forbes ten richest people list and also the only one under 40 in
the “Top 20 Billionaires” list. His social networking company Facebook has over 2.9 billion active users
monthly!

Facebook is undoubtedly the #1 social media platform used by everyone, from students to marketers to
leaders from all over the world

Who is Bill Gates?

Bill Gates is one of the world’s richest people. From 1995 to 2017, Bill Gates held the Forbes title of the
richest person in the world all but 4 of those years. He is also known for his philanthropist activities such
as the Melinda Foundation and his current net worth is over $130 billion dollars.