The word entrepreneur comes from the 19th-century French word entreprendre: 'to undertake.
The Beginnings of Entrepreneurship and Trade
Believe it or not, the first entrepreneurs can be traced back to nearly 20,000 years ago. The first
known trading between humans took place in New Guinea around 17,000 BCE, where locals
would exchange obsidian (a volcanic glass prized for its use in hunting tools) for other needed
goods – like tools, skins, and food. This early type of entrepreneurship continued for millennia.
Hunter-gatherer tribes would trade goods from different parts of their respective regions to provide
an overall benefit for their tribe. Hunting and gathering Fishing Cooking Tool-making Shelter-
building Clothes-making
Entrepreneurship
The people who create these businesses are called entrepreneurs. Entrepreneurship has been
described as the "capacity and willingness to develop, organize and manage a business venture
along with any of its risks to make a profit."
Popular notions of entrepreneurship
• The entrepreneur as artist
Creativity- Style- Boldness- Outspoken- Pressure- Community- Criticism
• The entrepreneur as business scientists
Typically a new life science venture is started up in the United States when a scientist, through
initial government or foundation grants, discovers a pathway or mechanism in biology that is
particularly interesting and appealing for disease intervention or treatment. The scientist then files
a disclosure through the university office and begins discussions with the technology transfer or
licensing officer at the university about commercializing the discovery. She or he then writes a
small business innovation research grant to fund the startup activities, rounds up some
collaborators (other scientists or business associates) and licenses the discovery from the
university.
• The entrepreneur as business philosophers
Emerging Trends
• Startup Accelerators
A startup accelerator, sometimes referred to as a seed accelerator, is a business program that
supports early-stage, growth-driven companies through education, mentorship and
financing. Startups typically enter accelerators for a fixed period of time and as part of a cohort of
companies. While accelerator programs can provide beneficial resources to organizations at all
stages of development, most focus on those that are pre-revenue.
• Student sandbox and Business Lab
• Crowd funding
• Online fund raising
Fundraising or fund-raising is the process of seeking and gathering voluntary
financial ... In recent years, though, new forms such as online fundraising or
reformed version of grassroots ... A capital campaign is "an
intensive fundraising effort designed to raise a specified sum of money within
a defined time period to meet the ...
• Co working Spaces
Co working is a business services provision model that involves individuals working
independently or collaboratively in shared office space. ... The owner of the space provides a work
environment and, usually, office equipment and amenities found in a typical office.
• Entrepreneurship degree
Entrepreneurship degrees have their benefits. While obtaining a degree in the field does not
guarantee your success, it certainly does not hurt. Having a degree in entrepreneurship can serve
as a sort of validation of your business skills. When you go to get funding for a business concept
or develop a partnership, a degree in entrepreneurship can add to your credibility.
Entrepreneurial Opportunities
• Invest in Multiple Businesses
Most self-made billionaires are people who invested in many different business opportunities at
once instead of focusing on just one idea. While there are also plenty of business owners who have
focused on one idea and succeeded, it is harder to do this and if you fail, many more of your
resources are lost.
• Angel Investors
These investors are becoming more popular than venture capitalists in some industries, and the
money that comes from them generally has far fewer strings attached or expectations than bank
loans and money from venture capitalists.
• Crowd funding
Another funding method that is changing the landscape of all industries' markets is crowd funding.
Sites like Kick starter have made it possible for entrepreneurs to circumvent the need for traditional
loans and investors and instead go straight to their customers to inquire about interest level and
garner the funds necessary to produce their wares and distribute them to interested parties.
• Startup Incubators
The founders of startup incubators function similarly to angel investors in that they provide many
resources for a startup to begin its journey with very few strings attached and kickback expected
in return. Though not all startup incubators operate in terms of funding, they can provide other
much-needed services like office space, professional seminars, access to industry professionals, or
access to the means of production to give startups of all kinds an opportunity to accomplish their
mission. These programs are highly competitive, however, and your startup will need to apply to
take advantage of them.
• Quality Content
Producing quality content will always set your business ahead of the curve. Good content can be
found everywhere nowadays, and providing great content has become easier with the proliferation
of ghostwriting networking websites that also allow for quality designers and filmmakers to sell
their work to businesses looking to creatively reach out and connect with their customers
• The Social Power of the Internet
Strategically placing your business and brand in the center of conversations and creating a culture
around your brand will effectively separate your business from your competitions by truly
connecting to customers on issues they care about.
• Foreign Markets
Foreign markets, especially the Chinese one, have seen exponential growth in the past few years.
Any startup owners that know how to recognize this opportunity for what it truly is--access to the
largest market on earth--will be thanking themselves all the way to the bank.
The myths to entrepreneurship
• Entrepreneurs are born that way.
• The only requirement is a good idea.
• Starting a new business guarantees freedom
• Launching a company quickly leads to wealth
• Only money motivates employees.
• Businesses either flourish or fail.
• All responsibility falls on the entrepreneur.
• Businesses need someone with an MBA at the helm.
• Quitting is for losers.
• There’s a secret, silver bullet key to success
The approaches to Entrepreneurship
• Sociological Approach
• Psychological Approach
• Political Approach
• Composite Approach.