Evolution of an Entrepreneur - Stages and Barriers PDF

 EARLY PERIOD Marco Polo - tried to routes to the far east - Sign a contract with venture capitalist to sell goods. After his successful selling of goods and completing his trip, the profits were shared by the capitalist and...

 EARLY PERIOD Marco Polo - tried to routes to the far east - Sign a contract with venture capitalist to sell goods. After his successful selling of goods and completing his trip, the profits were shared by the capitalist and merchant.  MIDDLE AGES The term entrepreneur was referred to a person who was managing large projects. He was not taking any risk but was managing the projects using resources provided. Example is cleric who used to be in charge of big architectural works like castles, and cathedrals  17TH CENTURY During this time, entrepreneur used to enter into contractual agreement with government to perform a service to supply some goods. This involved some risk since the contract price was fixed and the profit was small. Cantillon developed one theory of entrepreneurship in this era. “Entrepreneur is a risk taker serving the merchants, farmer, craftsmen, buy at a certain price and sell at an uncertain price hence operating at risk.”  18TH AND 19TH CENTURY As a result of industrialization during 18th century the person with capital (capitalist) differentiated from the person who needs capital (entrepreneur) Many of the technical inventions did not have money to turn their inventions into products. Hence some capitalist had to finance them.  20TH CENTURY The entrepreneur were not distinguished from manager and were viewed mostly in perceptive of money. The entrepreneur organizes and operate for personal gains. He takes risk, contributes his own initiative, skills, plans and leads his enterprise. He own and bears the loss and gain. STAGES IN ENTREPRENEURIAL PROCESS BARRIERS TO ENTREPRENEURSHIP