Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

Nnamdi Ebo | NewsBlog

In my NewsBlog Nnamdi Ebo, I provide perspectives on news, events and analysis of unique stories, and I also offer original content, articles and photos; with contributions from some of the best minds.

 

1. The History and Development of Entrepreneurship

Biz

Nnamdi Ebo 2 1. The History and Development of EntrepreneurshipBiz File | November 24, 2013 | 1. The History and Development of Entrepreneurship 

By Nnamdi Ebo | 24.11.13 | Political scientist | Author | Social commentator | THISDAY Contributor | Scholar in Legal literature & Politics | Online Publisher | Business writer.

1. The History and Development of Entrepreneurship 

The word entrepreneur is French and, literally translated, means ‘between taker’ or go-between.’ The Advanced English Dictionary (version 3.0) AED, defined entrepreneur as someone who organizes a business venture and assumes the risk for it. Some scholars define an entrepreneur as a capitalist who engages in …

industrial commercial enterprise – that is, a businessman or bourgeois. The Black’s Law Dictionary (9th edition), defines entrepreneur as one who initiates and assumes the financial risks of a new enterprise and who usually, undertakes its management.

A bourgeois (a member of the middle class); also a member of the bourgeoisie i.e. the social class between the upper and the lower classes

Early Period

Marco Polo was a merchant-adventurer and Venetian traveler who explored Asia in the 13th century and served Kublai Khan (1254-1324) – who was a Mongolian emperor of China and grandson of Genghis Khan.

A Venetian is a resident of Venice in Italy

As mentioned above, the word entrepreneur in French means ‘go-between.’ Marco Polo was a go-between who attempted to establish trade routes to the Far East. As a go-between, Marco Polo signed a contract with a money person (forerunner of today’s venture capitalist) to sell his goods.

Far East refers to a popular expression for countries of eastern Asia: China, Mongolia, Taiwan, Japan, Korea, Indochina and eastern Siberia

In those earlier days, loans were given at a 22.5% rate including insurance and Marco Polo took a loan. In those days also, the loan giver was a capitalist, a passive risk bearer and the merchant-adventurer took the active role in trading, bearing all the physical and emotional risks involved. When Marco Polo successfully sold the goods and completed the trip or voyage, the profits were divided with the capitalist taking 75% and Marco Polo taking the remaining 25%.

Suffice it to say that others like Bartholomeu Diaz (1450-1500) in 1488 became the first European to get round the Cape of Good Hope – thus establishing a sea route from the Atlantic Ocean to Asia. Vasco da Gamma (1469-1524) discovered the sea route to India (circa 1497). These sea routes were navigated by early entrepreneurs in the course of furthering entrepreneurship as it where.

Bartholomeu Diaz & Vasco da Gamma were Portuguese explorers & navigators

Cape of Good Hope is a province of western South Africa

Again, a typical entrepreneur in the middle Ages was a cleric – the person in charge of great architectural works, such as castles, fortifications, public buildings, abbeys and cathedrals. This individual did not take any risks whatsoever.

A cleric was is a clergyman or other person in religious orders

biz file . entrepreneurship 1. The History and Development of EntrepreneurshipThe attachment of the risk element in entrepreneurship or with the entrepreneur developed in the 17th century with the entrepreneur being able to contract with the governments in Italy, Spain, Portugal etc. to do business supplying products, goods and services. Subsequently, the entrepreneur started taking risks with price-fixed contracts and the accompanied profits or losses as applicable. In the 18th century, the person with capital to loan and the person who needed capital were finally differentiated and the risk element in entrepreneurship was established. Thus, people of Marco Polo’s ilk (merchant-adventurers and later government contractors were then distinguished from the loan givers (present-day venture capitalists)

The entrepreneur began to take risks in the 17th century

Series | To be continued | Check out the next web log on Entrepreneurship | Next week

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Nnamdi Ebo |  [email protected]   | © Nnamdi Ebo . All Rights Reserved

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