About & History
Entrepreneurs were originally traders and merchants in the early centuries. The beginnings of entrepreneurship were interlinked with trade. When we trace back the first entrepreneur-trade act, nearly 20,000 years ago which is around 17,000 BCE in New Guinea locals exchanged hunting tools which were a necessity back then with other tools or food or skin. This early notion of entrepreneurship was to provide benefits for a tribe by trading goods from all over the region.
For almost 2.5 million years, the homo genes fed themselves by hunting down animals and gathering plants without not really understanding the origin of these foods. The homo sapiens spread across East Africa to middle Europe and Asia and Australia and America. But wherever they went, they still followed the tradition of hunting and gathering plants. But this tradition changed when Agriculture was revolutionized which is about 10,000 years ago. They started sowing, watering, plucking weeds. This evolution helped them provide more fruits and grain. This also led to less labor work compared to rummaging the region and hunt down species for food which is also not a sustainable source. Slowly our ancestors started exploring different professions and the essence of trade began growing. Earliest entrepreneurship led by the evolution of people in fields
- Fishing
- Cooking
- Toolmaking
- Shelter making
- Clothes making
- Pottery
- carpentry
As people specialized in various fields, trade became an obligation. When the obligation barged in, the coincidence of wants was everywhere and solving it was a huge deal. What is a coincidence of wants? For example, if person A has food and person B is has clothes and when they both want to trade, they simply exchange the existing goods. But what if person A wants clothes but person B doesn’t want food, the trading becomes incomplete. We can solve this problem by looking at a person C who wants food and in exchange finds something that person B needs but this is a process that involves time. So a common third good of exchange which has some value came into play. Money. An object which was practical, durable, and had value stated ruling the lives. After this entrepreneurs started emerging and so did the markets and machines. The last 200 years is being fuelled by machines and markets which we can also call the industrial age. This industrial revolution in the 18th century moved from small-scale production to large-scale production. Later, post world war II the entrepreneurs became the economy of the nation and it became global. Modern entrepreneurship is all about the economy and it is becoming to compete with the economic growth of other nations.
Importance & Significance
Entrepreneurs are known to help nations progress and prosper. The drive to get things is the right kind of motive for a successful entrepreneur and no matter what the obstacle is people with this motive are born to be successful. Such entrepreneurs, are not just self-developing but also helping their fellow people around them develop and prosper. To name a few importance entrepreneurs are:
- innovations
- Helping the growth of the employment rate
- Boosting the economic growth
- Promoting social change
- Exporting promotions
- Regional development
A place with a higher number of endowments for entrepreneurship capital means an increase in productivity. Encouraging entrepreneurs to start on their adventure is a social change and development.
Entrepreneurship for youth development
Youths are the power of the nation. They build our nation. A nation with a healthy youth population heads its way to advancements and progresses. But this can also be a challenge. A land with several youths is also in demand of employment. Progress comes with challenges. Tentatively around 60 to 70% or more youths are seeking employment. Entrepreneurship has the ability to solve this crisis. In some countries, it is considered a promising alternative. To encourage the involvement of youngsters in business, the government has taken several initiatives in the form of schemes and fundings. The ministry has collaborated with the department of financial services to provide the best knowledge and help for the youth.
There are so many categories of entrepreneurs like:
- In terms of business
- Use of technology
- Ownership
- Gender
- Size of enterprise
Each of these categories has its types of businesses.
There are various programs integrated to help budding entrepreneurs the knack of business. There are several sources for people to ideate business, you dont need a degree to be qualified for starting a business, all you need is courage and the force of resilience to stand back whenever you fail to surmount a failure.
Latest News & Trends
With evolution being a content thing since the medieval period, business trends are also a constant thing. Digitization, automation, and collaboration are helpful to lay the establishment of a business more firmly. Some of the 2021 business trends are:
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Low-code websites
As to establishing a business digitization has become a fundamental source. Websites are a significant way to connect with people in today’s world of technology. But creating websites has become easy with low-code development tools. Anyone can create a website in the fast pacing world.
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E-mail Marketing
It is one of the classic strategies of marketing. Marketing is the most essential way to promote business, henceforth e-mail marketing is proven to have a significant impact on business.
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Collaboration with micro-influencers
Micro-influencers are the ones who work with very few employees or followers and these micro-influencers have closer communication with their people. When large-scale businesses approach these small-scale influencers, the probability of establishing their business or enterprises to a majority of people is relatively high.
‘One who perceives what others have not seen and acts upon that perception’ are entrepreneurs says Mr. Kizner. Entrepreneurship survives on two things, supply and demand which are also known as market forces. Though the means have changed, the foundation laid by the market forces is the core behind entrepreneurship. Challenging yet lucrative. To all young entrepreneurs, it’s time to change dreams into reality.
CORRESPONDENT: SUJITHRA