The law of nature dictates that everything changes with time and successful people are those who can anticipate and adapt to the changes. Entrepreneurship is no different from other forms of life. The world has changed rapidly over the past 50 years, and what entrepreneurs think today is very different from what they were thinking in the 1950s.

 

The concept of entrepreneurship has undergone a radical change over the past two centuries. The rise of this type of business is attributed to various factors, such as the increasing number of people who are passionate about it and the changing economic environment.

 

Early Years

The concept of entrepreneurship dates back around 20,000 years. During this time, humans traded goods for one another to benefit the tribe.

 

The agricultural revolution occurred during this time. People learned how to nourish their animals and plants by cultivating them and giving them to others who provided them with valuable goods. New specializations such as pottery, carpentry, and masonry emerged.

 

The number of cities started to appear worldwide during the 2000 BCE period. As the number of people grew, people began believing they could earn money by trading with other cultures. The most popular products people sold during this period were fruits, paper, and salt.

 

Money Changes Things

The introduction of paper money during this period significantly changed how people think about entrepreneurship. It provided a medium of exchange and allowed people to store their value.

 

The introduction of marketplaces allowed people to trade with large groups. Also, banking regulations were more developed, which allowed entrepreneurs to buy goods from other countries.

 

During this period, the rise of various types of entrepreneurship, such as Mercantilism and Explorers, was also apparent. Luca Piccioli developed a set of principles that helped keep track of a company’s accounts.

 

Industrial Revolution Onwards

The industrial revolution occurred during this period, leading to many great entrepreneurs’ emergence. Some of these include John D. Rockefeller and J. Morgan.

 

Today, entrepreneurship is considered to be the lifeblood of many economies around the world. It encourages individuals to innovate and contribute to the country’s development.