Entrepreneurship our future. Looking at the history of

Entrepreneurship has been described as the “capacity and
willingness to develop, organize and manage a business venture along with any
of its risks in order to make a profit. 
(BusinessDictionary.com, 2018)The original entrepreneurs can be traced
back to New Guinea, where locals exchanged, a black volcanic glass called
obsidian, used to make hunting arrowheads for other needed goods. These early
entrepreneurs exchanged one set of goods for another (Creative Chemicals and
Cosmetics, 2018).  This exchange of goods
was known as barter. As the population of these tribes increased overtime, one
of the most important advances took place that changed entrepreneurship
forever, specialization. Instead of each tribe making similar goods, tribes now
produced what they were best at and exchanged it for specialized goods produced
by other tribes. Overtime specialization changed from tribes specializing in
producing goods to countries specializing in producing goods which can be seen
in the modern era. The next major advancement was the introduction of
money.  While the monetary system still
had much advancement to go through, its invention over four thousand years ago
was of crucial importance to the world we live in today. The use of money, an
accepted medium to store value and enable exchange, has greatly enhanced our
lives, our world, and more importantly our future.

 Looking at the history of
successful entrepreneurs, one thing is common, innovation. Innovation is the process of translating an idea or invention into a
good or service that creates value or for which customers will pay (BusinessDictionary.com,
2018). Mark Zuckerburg is probably the best example of an innovative
entrepreneur of this century. Mark Zuckerberg first launched his website as a
Harvard student from his dorm room back in the year 2004 and decided to call it
Facebook. Who would have thought that you could chat, call, video call, share
pictures etc on the same website? After taking the risk of dropping out from
Harvard and working on his website with support from investors, He is now worth
$74.2 billion (En.wikipedia.org, 2018). When asked about innovation, his reply
was, “a lot of people think that innovation is just having your great idea but
a lot of it is just moving quickly and trying a lot of things” (Fast Company,
2018).  So how important is innovation in
the world we live in? Business enterprise produces monetary benefit and keeps
the economy running, which offers rise to the significance of innovation in
business. Innovation has always been the key to growth and success. An economist
named Joseph Schumpeter developed a phrase, “creative destruction”, the
previous century. He believed that the flow of economic activity and employment
are interconnected and indeed, the crucial part of growth. Schumpeter described
various innovations that lead to growth, for example, the new trade
relationships, an introduction of new products and new methods of production.
As examples, the reorganization of a business, economic activity and citing the
discovery of raw materials. Through creative destruction, each innovation would
lead to temporary periods of unemployment and business stress as the economic
system was reconstructed to become more efficient. (Heertje, 2005) This idea of
creative destruction led to a whole line of study in economics known as
“growth theory.” Growth theory made great progress in the 1950s with
the work of a Nobel Prize winner, economist Robert Solow. In one of his
studies, Solow concluded that nearly 90 percent of the rise in U.S. growth during
the first half of the twentieth century came from technological growth, and
not, as most economists had assumed, from the mere accumulation of machinery.
(CEO, 2018) 

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