Exploring the Evolution of Entrepreneurship

Hello dear friends...
Greetings to you all,,,
Hope you are all doing okay!
I'm @ibraheem75 From Nigeria, I'm so delighted to participate on this contest titled; Exploring the Evolution of Entrepreneurship organized by @hamzayousafzai.

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Brief History: write short paragraph (100 - 150 words) on how the role of entrepreneur has change from the Middle Age to the 20th century.

The role of entrepreneurs has experience a wide significant advancement especially from the Middle Ages to the 20th century. In the Middle Ages, so many entrepreneurs were primarily merchants and traders who practically focused on local businesses,
Then the coming of Industrial Revolution has channel many entrepreneurs and involving themselves in manufacturing and mass production of goods and services, they started capitalizing on new technologies and building new factories.

The 19th and early 20th centuries, has practically ushered in a new prolific entrepreneurs like Rockefeller and Carnegie who controls a large-scale industries and other industries like oil and gas, In this regards, the mid-20th century experience some significant changes,with also the rise in small and medium-scale entrepreneurship, with new innovators like Steve Jobs and famous Bill Gates which they end up revolutionizing the technological industry.

By the late 20th century, entrepreneurship had greatly become more democratized, With unprecedented access to funding, technology, and global markets, a new wave of entrepreneurs is revolutionizing industries and creating groundbreaking ventures for many entrepreneurs world-wide.

Famous Entrepreneur: Name a famous entrepreneur and list two risk they took to become successful.

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Answer: Elon Musk

The two risks Elon Musk took to become successful are;

• Risk of failure with SpaceX; Elon Musk founded SpaceX with great passion and goals of reducing space transportation expenses thereby, Unlocking the potential for human settlement on mar, it's quiet risky as a private space exploration, he practically faced some numerous setbacks, involving rocket failures and funding challenges. But Musk's determination and excellent approaches Musk's has now made SpaceX a leading player in a private space industry globally.

• Secondly, the Risk of bankruptcy with Tesla; Musk's actually invested a significant figure of his wealth in Tesla, one of the prolific or pioneer electric car company, without knowing the outcome, although Tesla encountered lots of challenges, in the aspect of productions and financial constraints or loss, Even at that Musk's consistency, persistence and of course vision as a great entrepreneur has drastically helped Tesla to become a dominant force in the electric vehicle industry right now.

These are the two risks which demonstrated Musk's passion and willingness to take bold steps, in challenging conventional thinking, and pushing beyond reasonable doubt to achieve revolutionary innovation and it's success today.

Decision Reflection: Think of a decision you or someone you know made that involved taking a risk. Write two sentences about what the decision was and the outcome.

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Answer:👇

• Decision: One of my family member,by the name Ali Mark Angbashim, he developed a desire to open a restaurant, then he decided to take some business loan and he invested his life savings in launching a the new and furnished eatery, although he doesn't have much ideas or knowledge of how is been run, but decided to give it a trial.

• Outcome: The first period of the business was a bit harder for him, he encountered so many obstacles, stress was also involved but the restaurant eventually attracted some loyal customers, and it now becomes one of the best restaurants in our community.

Economic Role: Write a sentence about how entrepreneurs contribute to economic development.

Entrepreneurs, plays a very significant roles in times of economic development by creating new business ventures, job opportunities and of course a driving innovations by increasing productivity, thereby, stimulates the economic growth, generating huge revenue and most importantly, improves the standards of living of people in the society and nations at large.

Ethics in Business: List one ethical responsibility entrepreneurs have when starting a new business.

To me, the most ethical responsibility entrepreneurs have when starting a new business is;👇

Honesty and Transparency with Stakeholders:

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Majority of Entrepreneurs out there have an ethical responsibility for been trustworthy, truthful and transparent in times of dealing with investors, employees, partners, and customers, towards ensuring that all parties have a reliable and accurate information and never to be misled. The terms of Honesty and transparency with the stakeholders are product, service capabilities, business initiatives, financial benefits, treatment of workers e.t.c.

Thank you for reading through my blog 🙏.

Invitations;
@josepha
@pea07
@manisha.jain9