History of entrepreneurship globally
Entrepreneurship has been part of human history since records began. The bible, in the old testament, raises the idea of stewardship with regard to utility resources of the earth .( Gen. 2.15)The bible also in the new testament, reveals that gain requires risk (the parable of talents) (Luke 17.11)
Entrepreneurship is also closely linked to the protestant work ethics and capitalists (Weber 1995)
Early economists in the 18thc, such as Richard Cantilon and Jean Baptiste Say recognized in the role of the entrepreneur as essential to the progress of the world economic system 8 developed early economic theories on entrepreneurship.
During the industrial revolution entrepreneurship was linked to the creation of wealth and prosperity (long 1983)
The 1920s and Schumpeter (1934) linked entrepreneurship with the dynamic process on innovation from the 1960s entrepreneurial SME (s) have played an increasingly significant role in the economic development of the world (Kirzner 1973)
From the 1980s government have increasingly seen entrepreneurship as a means of creating innovative technology and services which can increase, national competitiveness fosters economic growth and employment (stoner and Freeman1992) Commentators suggests that two main reasons for the ascendreccefs of high tech.
Entrepreneurial SME(s) are the difficulty of the large organizations to grow and prosper in an increasingly competitive market place.
Consequently, 8th need to decentralize despecialize and downsize the operations (Harrell 1992) In construst in the 1980s those high growth new ventures (SME(s)) known as “gazelles’ represents only 5% of new business due, but were responsible for as much as 87% of all new jobs created (Zimmbrer & Scarbrough 1996) in the UK in the 1980s small businesses generated more than 805% OF UNP and more than 40% of employment , more than 80 Employment growth came from newly started companies (Burns and Dewhurst 1989) This development has accentuated during the 1990s and today entrepreneurs help in high on the political agenda world wide.