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The Evolution Of Entrepreneurship

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In this introductory section, I plan on giving a definition of entrepreneurship, showing how entrepreneurship has evolved throughout time and what are the driving forces behind it, what traits does one need to possess in order to succeed as an entrepreneur, the types of entrepreneurs, and the effects of having high success rates on the country versus low success rates.

Human history has always been fascinated by evolution, from the biological scientists such as Charles Darwin who is best known for his contribution on evolutionary theory which roughly states that life can be traced back to a common origin and that only the best survive throughout time by adapting to changes in the environment and other species that might be a threat to …show more content…

The overall consensus of the definition is the identification, development, exploitation of an opportunity in a market environment Kirzner (1997). The process includes individual utilising existing resources such as capital, vehicles, knowledge, skills, experience and the most important is the driving force behind starting the journey.

With a new type of technological revolution booming in the 90s it has led to a better and convenient ways to conduct businesses, the internet for example has increased the way people receive information about business news, communication is effective, time constraints and travelling times have also been reduced.

A variety of factors may influence an individual’s determination to undertake the entrepreneurial process, the most significant one being the creation of individual wealth, social responsibility, improved lifestyle from quality to luxurious, personal status etc.

The art of running a successful business lies in the traits and characteristics of the entrepreneur which include passion, determination, ability to learn from others, risk taker, calculative, think out of the box mentality, ability of mobilising resources from their non-useful state to a useful and profitable state e.g. minerals by De Beers into precious jewellery, small shop into national PnP stores …show more content…

Working conditions were not ideal as they included non-safe environments and low wages but with the intervention of government a change happened. Businesses now had to adhere to certain legislature and policies which led to entrepreneurs to evolve their business conducts or face possibility of running out of

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