An entrepreneur is a French word that means to ‘undertake’, and sometimes it is also defined as ‘to take over’ something like a business. And a person who dares to take all the responsibilities of losses and gains in any business can be called an Entrepreneur. The main aim is to create wealth. In order to grow a business and earn profits, an Entrepreneur has to face many uncertain situations. They starts with a simple idea and arranges for resources to make that idea grow and earn a profit.
It is a person who makes their best to manage, organize and take a risk in reality. During the business process, they undergo careful planning and considerations. With a committed and optimistic approach, they acquires the capacity to renew old sources and flourishes in business. The process of taking overall business responsibilities with good intentions is termed Entrepreneurship. It’s a process that takes into account time and effort to create something new.
To provide value to any service or product entrepreneurship needs commitment and time. It involves psychological, social, and financial risks to enjoy benefits, and satisfaction personally. It’s an individual’s creation and an innovative process that depends on basic fundamentals like organization, environment, and collaboration with govt networks both education and institutions.
Origins of Entrepreneurship
The evolution of entrepreneurship is related to Marco Polo who came centuries before to the Middle East with an objective to trade. It’s reported that an agreement was signed with the capitalists for selling products. As per the terms and conditions laid down in the contract the merchant adventurer played an active role in bearing all emotional and physical risks related to the business. When all the goods were sold successfully by the merchant, the profit was divided in the ratio of 75:25 between the capitalist and the merchant respectively.
Further, the 17th-century entrepreneurship was related to the risk and merchants relationship. The 18th century came with a new definition of entrepreneurship where the capitalists lent money to the merchants who needed capital for a new startup. This was the result of industrialization that transformed the whole world. There was a revolution in the pattern of production that made difficult tasks easy and prompt and today in the 21st-century Entrepreneurship is more organized, systematic, and advanced. The growth of technology has contributed a lot to the future of entrepreneurship. The Internet and the latest technologies have changed the face of conduct business. It’s just a click of a button and the business ideas can be put into action.
Entrepreneurship Yesterday and Today
Today we are living in a golden era of technologies. The latest trends and tricks have helped entrepreneurship fantastically. There is no doubt that recent entrepreneurs are flourishing and are more sound because of Internet connections throughout the world. There are new apps and sites to cultivate new ideas in the minds of successful businessmen. When old ideas are merged with new ones the result is ultimate.
Decades ago, the resources were limited that made entrepreneurship suffer a lot. It was quite difficult and troublesome to start a business. There was a huge risk involved because a person invested all his money for the sake of creating wealth but got very little in return and moreover they was the sole bearer of the losses. It was just playing blind without experience in the field of business. Availability of funds, goods, and reaching the crowd was very limited. The process was simple but in favor of the capitalists.
There are some arguments in favor of today’s entrepreneurship and prove that it’s easy to start any business today and grow in comparison to the previous decades. Therefore, let’s check out:
- Limitless Resources: With the advent of the Internet the range of getting general information from all around the world is beyond imagination. Wikipedia, Youtube tutorials, and the latest websites on Google platforms have added to the list of unlimited resources. All information worldwide is just a click away and that too free of cost. So, there are no chances of failing to make a decision without using data.
- Availability of Funds: As nature’s rule everything grows as time passes and so is with funding. For some past decades, the availability of funds for new business has rapidly increased. In this golden era, there has been a considerable rise in the number of capitalists and investors. Year after year a constant growth has been recorded that has facilitated new entrepreneurs.
- Digital Items: In the modern era most users consume digital goods that do not need processing, durability, or cost issues like physical goods. Hence it has become easy to be an entrepreneur selling out digital goods on the social media platform with more information and entertainment. You can engage more of the crowd by offering informative and entertainment services to the customers.
- Replacing Competition: Honestly, competition is growing with time. In the recent era, entrepreneurs are looking for new ways to bring their ideas into action. Blue Ocean in collaboration with the Internet has helped in replacing the competition prevailing in the market. This relationship is evolving and is offering a new business with the latest ideas to create new products and grow financially. This process has helped entrepreneurs raise the demand graph that was not possible before.
- Women Entrepreneurs: Entrepreneurship nowadays has undergone diversification. Today more women are seen in the business field. According to the Global, Entrepreneurship Research Association reports, in many countries, the rate of women entrepreneurs is either equal or higher than men. They are involved in new startups, which has led to a big rise in minority-owned trade. Irrespective of age both young and old females are into entrepreneurship. But in previous days females were only to look after their household.
- Career Development: The concept of entrepreneurship can be learned through various online/virtual courses from different Universities. There are academics that offer entrepreneurial education for career development. The use of the Internet has helped youngsters gain information about the different aspects of the business.
- Ethical Business: The scenario of business has totally changed in the golden era. Today entrepreneurs do not run businesses for their own benefits but have become socially aware and wish to return something to society. These ethical entrepreneurs are not driven by profits but are more than social workers. They come up with ideas like if you buy a product another one will be donated to a needy person. Such entrepreneurship is very common in the recent era.
- Banking System: When we talk of investments it was quite difficult in the past to find an investor who could take the risk and provided cash to the adventurer/merchants at high rates of interest with no insurance claims. But today the banking system has aided entrepreneurs. Because of numerous innovative facilities and banking entrepreneurship has been encouraged widely.
- Courageous Youth: Another trend upcoming in the golden era is that the young generation is ready to take new challenges without having experience in the field of business. They are more talented and courageous to fight the competition and jump into the business as early as possible. Their ambition of being successful in their life has made entrepreneurship grow. Whereas in the past merchants wanted to gain experience and learn the rules before making investments.
- Customer Satisfaction: Commodities were exchanged in terms of commodities in the past, which means that the Barter System was in trend. But today the entrepreneurs are more concerned about customer’s satisfaction rather than profits. They believe that it’s the best way to earn goodwill. They focus more on quality for long term benefits. Today’s entrepreneurship helps the younger generation pursue their dreams with more creativity. The economy has boosted in many developing countries due to the involvement of youth.
Today’s entrepreneurship has drastically changed due to the advancement of technology. The introduction of the internet has led to Globalization. Society has become hi-tech. The definition of the corporate world has changed. Cutting edge technology has changed the perspective of entrepreneurship. The world has gone digital, and so it is very challenging to compare it with past entrepreneurship.