Evolution Of Entreprenership
- The First
Entrepreneur: Neolithic's Caveman
The first entrepreneur was the engineering
caveman. While the other cave dwellers lugged their food on slabs, he saw the
need for a better system of transportation and invented the wheel.
- Trader's Delight:
The Phoenician
Phoenician traders sailed up and
down the Mediterranean selling Tyrian Purple, a commodity desired by the
Greeks. And they also were the first to use the alphabet to hold trades
strategy.
- To Market They Go:
Roman Merchants
Roman entrepreneurs were present in
all the open-air markets and covered shops, hawking goods by the side of the
road. They also expanded their business to Roman military camps, where they
sold food and clothing to soldiers.
- Explore-Preneurs:
Renaissance Trades Man
Began business in exploration and
the newest invention, the printing press, while many still maintained trade
businesses.
- American
Innovation: Colonial America
The next evolutionary stage of
entrepreneurship came during colonial times, as represented by Benjamin
Franklin. Among his many parents, newspapers and print shops, he never fprgot
the most important tool for any entrepreneur: effective networking.
- Golden Age :
1840s-1870s
The next form of the entrepreneur
came in the form of men heading. West in the 1840s to find gold. While many
treasure hunters came back empty-handed, Levi Strauss and other entrepreneurs
made the journey because they saw market potential in these diggers.
- Utilitarian
Entrepreneur: 1880s-1900s
Tech-savvy entrepreneurs, who
evolved in the late 1880s and early 1900s, based their businesses on
electricity. Men like Thomas Edison came from humble origins, but soon turned
their businesses into larger-than-life corporations.
- Ladies’ Turn:
1920s
With the suffrage movement gaining
momentum, many women began starring their own businesses. One such
entrepreneur, CoCo Chanel, created international sensation because of her
clothes and savvy business skills.
- Revenge Of The
Geeks: 1980s-1990s
The next entrepreneurial evolution
did not occur until the late 80s and early 90s, when start-ups-began navigating
the Internet. Then, any entrepreneur worth his salt had a business card that
ended in .com.
- Tweet This, Like
That : 2006-Present
Instead of using the Internet as a
forum for their business, social media entrepreneurs are reshaping it to fit
their business. These social media entrepreneurs thrive on connectivity and
social media colloquialisms such as ‘Like’,’Digg,’and’Tweet’.
The
Evolution of Entrepreneurship
The pursuit of profit isn’t a new
one, and from Marco Polo to Mark Zuckerberg, the world has seen many different
faces attempt this venture. One common characteristic, though?
Entrepreneurship. Take a look at what it looked like seven centuries ago, and
how it has evolved since.
- Adventure-preneur
Global business? That’s not a 21st
century discovery. In fact, we have the early Renaissance entrepreneurs to
thank for that. Craftsmen in the 1300s spent several years working as
apprentices to learn their trade, make more money and therefore hold more power
in civic affairs. When product demand eventually grew to be more than the average
tradesman could provide, trade expanded into other countries, and the
“adventure-preneur” was born.
- Colonial
Expansion
Thanks to ship-building
advancement, the first global company, the Dutch East India Company, got its
start during this time period. With international travel now booming, merchants
began readjusting their selling tactics by strategically setting up trading
posts along trade routes to sell supplies to shipping crews. Because colonies
didn’t rapidly show profit in these tactics, many English investors withdrew
their capital, leaving the market less-competitive– and entrepreneurs more
independent than ever (Cue the United States’ independence).
- Industrial
Revolution
The next evolutionary stage of
entrepreneurship introduces the great innovators many of us so commonly know.
Inventors such as Benjamin Franklin and Eli Whitney thrived during this era,
but they weren’t the only ones in the market. Business owners could taste what
success was like, and began rapidly working on inventions to increase
productivity, scale manufacturing and reduce costs. And with wind-powered
energy a hindrance of the past, they did just that. In fact, we can thank the
inventors of this time period for the technology, transportation and
communication that we have today.
- 20th
Century
With global trade, electricity and
communication now at most entrepreneurs’ fingertips, business in the 20th
century was on the rise, with no end in sight. With mass communication now a
viable option for marketing a business, 20th century business owners took
advantage of it. Advertising spending went up to 45% of the United States’
income, and by 1910, $600 million was being invested into advertising for big
businesses alone. For the first time ever, entrepreneurs had newspapers, television
and radio as platforms to share their products with the world.
- Today
Welcome to the Information Age!
Gone are the days when computers fill an entire room. Personal computers are
now the norm, and global marketplaces can be accessed with the click of a button.
Geographic borders, that were once limitations, have been blurred, and most
entrepreneurs can boast a “.com” at the end of their business name. Modern day
business owners no longer just spend their time innovating new products and
services, but instead, they manage employees and run new companies.
- The
Future
We may not be able to predict what
entrepreneurship will look like in the future, or whose face will represent the
next era, but we know one thing will remain the same– our team at Arkansas Capital
will be here supporting entrepreneurs and growing local businesses in our
state. Since 1957, our team has provided flexible financing products of over
$1.5 billion in capital to help meet business owners’ needs.
The Stages Of
Evolution For Entrepreneurs
Across The World
Discover the stages of evolution for successful
entrepreneurs who have made it big throughout the course of time. Interesting
research by Grasshopper Group, on how Bill Gates” age of founding Microsoft
would have differed compared to the age of Facebook and Twitter, where the rise
of mobile applications, cloud computing and online communities have shifted
consumer interactions and behaviours globally.
From the Stone Age, to the Medieval Age where barter
trading thrived as a entrepreneurial venture, to the introduction of suited men
or computer geeks in the 1980s founding IT companies, to now founders who dress
up casually and work with communities online. Follow this journey of
discovering how far entrepreneurs have evolved and come to being, to be
relevant for the demands of this time or age. What is next?
Stages
of Entrepreneurship
Stage
1
: The Birth of Your Start-Up: This is the beginning of the entrepreneurship
cycle of an entrepreneur. It is filled with mixed emotions of excitement,
thrill and fear all at the same time. It is time you are seeking independence
in the business world and ready to create your own name in the market. You have
had a million dollar idea for your startup, but you are not quite sure how to
execute it at this stage. But you have a clear vision and a clear mission.
Stage
2
: Surviving and Growing Your Business: This is the stage where you have
successfully launched your new company, and now you are looking for strategies
to survive in the industry. Some entrepreneurs look for investors who could
fund their start-ups while some others chose to stay independent. Both have
their pros and cons. While choosing to stay independent will give you more
power and control over your start-up, it will put you in a tricky financial
situation. The main aim of this stage is survival. You have to select what is best for you.
Stage
3
: The Hyper Stage: When your company is seeing hyper growth suddenly, you will
not be in control of the outcomes. At this stage, many start-ups go into
trouble because entrepreneurs start getting over confident having seen success.
They feel that there is nothing they could do wrong. Those who get cocky at
this stage end up being blindsided. Some entrepreneurs start celebrating and
enjoying in this stage and completely forget about their desired goals and
missions. To survive this stage, you have to be stable. Your start-up has to be
stable.
Stage
4
: The Prime Stage: When your company has crossed the point of survival and
stability that is when real success is reached. This is the more predictable
growth phase. It is best to stay in his phase as long as you can. You realize
that other businesses and companies can make you stronger because they
themselves are strong enough. You start to explore partnerships with other
companies. You form inter depended relations with other successful companies.
This keeps your company in its prime and enhances your growth opportunities.
Stage
5
: Aging and Early Decline: A situation might come up where one of the most
significant faces of your company moves out or your partnerships with others
dont work out. Someone else might have come up with a better idea in the
market, and your idea might have become useless. This leads to your business
and company being disrupted. At this stage, you can do one of two things: You
can either restart your journey to unwind what you began, or you can disrupt
your company.
Stage
6
: Illness and Rapid Decline: This phase should be expected if you are too late
in figuring out the early signs of decline. This happens when your team is no
longer sure what they are supposed to do, or it is unable to fix the problems
that come up. If you don’t take action immediately, it will lead to fears,
uncertainties and doubts setting in. The company is sure to fail and decline if
no action is taken.
Stage
7
: Death: There are times when no matter how hard we work to make a start-up
work, it just fails. Sometimes you are so deep into the hole that has been
created due to bankruptcy or restrained cash flow, that there is no way to dig
yourself out. At times like these, the best option is to shut your business
down because it is leading nowhere. Take it down before it takes you down with
it.
It is better to be well informed and well researched
before entering the world of entrepreneurships and start-ups. Know what you’re
doing and stay focused on your goals.
Source
:
- https://grasshopper.com/resources/infographics/evolution-of-the-entrepreneur
- http://arcapital.com/the-evolution-of-entrepreneurship/
- https://www.entrepreneur.com/article/293463
