What is entrepreneurship? According to intellectuals and business experts, the definition of entrepreneurship is simply the combining of ideas, hard work, and adjustment to the changing business market. While entrepreneurship is a burgeoning topic in today’s world, the official coining of the term took place in the 1920s. The first signs of trading and business can be dated back to as early as 20,000 years ago. Previously, entrepreneurship meant a creative way of “being in between jobs”. Today, however, entrepreneurship is much more than that.
Ford Assembly Line. Photo Credit: Youtube
Historically, there have been many entrepreneurs who have contributed to the development of entrepreneurship. They were people who weren’t only solution-finders of problems that people were facing. They were people who searched for problems that brought convenience to people’s lives. An example of such entrepreneur is Henry Ford who revolutionized the entire industrial world through the use of transportation industry, specifically automobiles. He was the owner of Ford Motor Company and also the developer of assembly line technique of mass production. His innovation reduced the time it took to build a car from more than 12 hours to two hours and 30 minutes. Similarly, Thomas Edison was also one of such great entrepreneurs who was the inventor of the famously known incandescent light bulb, phonograph, film and other great devices. Another example is Andrew Carnegie who combined his superior processes with an excellent sense of timing, snapping up steel assets in every market downturn. These brilliant minds stand out as world’s greatest entrepreneurs because they made the right combination of their creative ideas and business skills to the masses.
With the progression of time, many entrepreneurs have emerged in the business markets that have made great utilization of technology. At present, one of such entrepreneurs is Jack Ma who has set the standards pretty high for coming up with revolutionary ideas for new businesses and implementing them in practice. He is the owner of ‘Alibaba’- China’s largest online business-to-business trading platform for small businesses. It is the most popular destination for online shopping in the world’s fastest growing e-commerce market. Elon Musk, another great entrepreneur in the present time came into limelight when one of his ventures SpaceX, launched a rocket that would send the first commercial vehicle to the International Space Station.
Entrepreneurship is moving forward not only in developed countries like China, but it is also growing in developing countries like our own Nepal. Nepal is a country where unemployment is a major issue, many people have started creating employment opportunities for themselves. Various enterprises in the agro-based sectors, information technology, and recreational sectors can be seen growing in Nepal.
Agriculture has been a primary source of livelihood for most Nepalese. Photo Credit: Farmingfirst.org
Suman Shakya, co-founder of Nepal Entrepreneurs’ Hub and a serial entrepreneur himself, says that Nepal has always been an entrepreneurial country. In the ancient times, Nepal was a prosperous country where the development was rapid. Trading with the countries that surrounded it like India and China was one of the forms of entrepreneurship in the past for Nepal. The building of myriad of temples and other monuments was because of the surplus generated by entrepreneurship. However now, people want quick results and more money, and they lack the patience to see their visions turn into reality. Because of this, entrepreneurship has subdued to a certain extent because everybody wants to reach the pinnacle of success but only a few are prepared to bear the burden of failures.
Entrepreneurial success is not something that is easily and effortlessly gained but if achieved, it is quite rewarding. Jack Ma quotes, “Never give up. Today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine.” It is this exceptionally optimistic demeanor that has led him to where he is now. However, the “sunshine” will not be lying on a bed of roses waiting for you. Creating and launching your own business can entail multiple challenges. Even with full dedication, devotion and utter hard work, what you envision may not always ensue. Entrepreneurship is all about having the courage to take risks and overcoming all kinds of obstacles, getting over disappointments and being consistent in order to make your business reach where you want it to. Most importantly, it would be futile without a willingness to learn and adapt at all times because the world is constantly changing.
Space Tourism with Virgin Galactic. Photo Credit: NSS.org
With the world moving at this pace, the future of entrepreneurship surely seems to be a great one. The recent years have seen advancements stagnate from many perspectives, but the increasing integration of technology into people’s lives have opened up a new world of possibilities. Developments in the world of artificial intelligence have also opened up new avenues to explore in the world of automation. Future of entrepreneurship isn’t just confined to the earth but also outside of the earth. One of the missions of the above-mentioned enterprise- SpaceX is to send their first cargo mission to Mars in 2022. Similarly, companies have started becoming location-independent and operating a business from any part of the world will be possible. The world of entrepreneurship has created numerous innovative opportunities for everyday people to make their own jobs, which is more enticing for the very innovative up-and-coming generation of millennials aiming to make the world a better place.
-Sija Tripathee