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Evolution of an Entrepreneur

Evolution of an ENTREPRENEUR RENAISSANCE TRADESMEN About 25% of occupations in the Middle Ages were outside of agriculture: of the population controlled over 10% 50% the wealth and income of the population shared MERCHANTS CRAFTSMEN OTHER JOBS 50% about 15% of the wealth • Craftsmen learned their craft through apprenticeships, some taking up to 7 years • Guilds of craftsmen developed to earn higher wages and utilize power in civic affairs 25% had no wealth The marketplace became a central focus NEW the growing 15% merchant class Developed Increased demand Lead to trade for new products expansion into commerce other countries COLONIAL EXPANSION Global Merchants build trading posts along major trade routes TRADING POST Ship building advancement leads to increased international trade Provide supplies to shipping crews • Started the first "global" companies American Farmers and plantation owners 1637 capitalize on cash crops such as: The Dutch East India Company (VOC) 4,785 SHIPS TOBACCO SUGAR CANE Transported more than 2.5 million tons of goods INDUSTRIAL REVOLUTION Most entrepreneurs would invent something, Entrepreneurs of the Industrial Revolution: sell it and move onto the next invention. • Transformed 19th century commerce Most inventions were thought to: and industry • Producing remarkable advancements: Increase productivity and automate manufacturing • Scale manufacturing to reduce costs TECHNOLOGY TRANSPORTATION CREDIT ENERGY COMMUNICATIONS The first use of expanded system of credit helped entrepreneurs secure capital for large-scale, risky new ventures INDUSTRIAL PRODUCTIONS 3- 20TH CENTURY Advertising expenditure increased to 4% of the Increased use of mass media national income. advertising changed the way entrepreneurs marketed products. 4% Now marketerts can sell products nationally with: NEWS NEWSPAPER TELEVISION RADIO $600 MILLION 1948 - TELEVISION ADVERTISING BOOM 1910 - $600 million was spent on advertising • Advertising revenues up 515% from 1947 by big businesses • 933 sponsors bought TV ads INFORMATION AGE Personal computers have changed everyday life: Advertising on Google. Google Internet allows for global reach and constant connectivity • Savvy marketers can use Adwords to be Can sell goods online at noticed on Google at low costs and high ROI low costs Entrepreneurs can compete with big • Small business marketplace: business easily Popular online sales Crowdsourcing increases the pace of innovation Etsy Home décor, jewelry, clothing, arts and crafts IN 2012 895M in sales + 83% • Generating new ideas or completing tedious New buyers up 83% tasks by soliciting contributions from larger 1 70% increase from 2011 groups of people P&G 25% of all new products result from crowdsourcing idea generation. Value of merchandise sold ebY +14% EACH YEAR 1 15-50% Increases new product success rate from 15% to 50% of marketplace 113M Modern day entrepreneurs don't just innovate products/services, revenue is from 57% outside the users 13% increase from a year ago they manage employees and United States head new companies. FUTURE ENTREPRENEURS Do You Have What It Takes? Even with the changing technology, aspiring entrepreneurs take the same basic path: IDEA 4. 1. Y. Have a product, service, GROWTH something to sell Ideally, the business does well enough to require continued cultivation, interest and CONCEPT secure investors if Determining if the applicable, maturing and expanding the business once profitable idea is viable, market research, developing a business plan 5. EXIT BUILDING This should be Finding and securing determined by the 3. resources (usually business plan and all financial, but this can ventures have an exit, be it a family business passed be other types of resources), marketing, investing time, implementing resources to launch business down, sold to another company, or an initial public offering (IPO) Modern technology and the Internet have improved the ways we conduct business. Entrepreneurs now have the luxury of putting their business idea into action through the click of a button. What's stopping you? SOURCES homestead http://www.ushistory org/us/22a.asp http://www.baronyofvatavia org/articles/medcul/demagrph092000as35 php http://en wikipedia org/wiki/The_Boston_Assaciates http://thinkbigkansascity http://www.pbs org/wgbhvaso/databank/entnies/dt13as.html http://www.learner.arginteractives/middleages/maretown.html http://www.biography .com/people/est%C3%A9e-lauder-9374625 http://ca finance -slideshow/most-valuable-companies-in-history-adjusted-for-inflation-photo--1113431046 html

Evolution of an Entrepreneur

shared by punkrobby on Apr 22
To see how the field of entrepreneurship has changed throughout history - as well as what the startup culture might look like for future generations of enterprising business owners - check out the fol...




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