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\fHieroRY 0F ENTREPRENEURSHIP Entrepreneurship is a process of creating something new and assuming the risks and rewards . In the 20th century , the function of the entrepreneurs is to recreate or revolutionize the pattern of production by introducing an invention. HOW ENTREPRENEURSHIP WAS DEVELOPED DURING 20TH CENTURY In the 20th century, entrepreneurship was studied by Joseph Schumpeter in the 1930's and by an Austrian economics .According to Schumpeter ,an entrepreneur is willing and able to convert a new idea or invention into a successful innovation. During the 20th century entrepreneurs starting using a advertising as a way of supporting their business.Advertising spending went up to 45% of the United States income . By 1910 over 600 million was being invested into corporations for advertising . For the first time ever, entrepreneurs had newspapers, television and radio as platforms to share the products with the world. With global trade, electricity and communication now at most entrepreneurs' fingertips, business in the 20th century was on the rise, with no end in sight. With mass communication now a viable option for marketing a business, 20th century business owners took advantage of it. TIMELINE FOR THE SECOND HALF OF THE 20TH CENTURY . . . . Age of mass marketing Post industrial society . .. ... ...... Rise of mass production : Concept of full employment Concentration of retailing Utility development Thatcher/Reaganism Rise of ethical Period of increasing Corporate Steel industry regulation takeovers De regulation products and CSR End of the Construction Industry Outsourcing "Cyber cloud" new deal Military and Allied Industries Micros/PCS The rise of computers devices Petrole um ind ustry; Rapid growth of service ( minis) Broadcasting Rise of the airlines Currency de regulation : industry Doticom Rise of Longer life expectancyes bust internet The Green Revolution Rise of the pension funds companies Shipping Organizational Man Rise of management Career orientation Containerization Vietnam War gurus The rise of China Social The Korean War media Rise of Asiab Tigers Rise of health First warning of The rise of Japan Rapid rises in per capita and education climate change industries Housing shortages incomes Import substitution Need Transport Need Goods Industry protection Oil crisis/ stagflatton Stock market crash Asian: e-books financial Post war infrastructure development Fall of Soviet crisis Union The The US beginning of New drugs housing Spin offs from space New medical #Bio technology World War the baby Boom Transistors technologies Internet technologies TWO boom : Mobile phones: : Digital cameras Radar, Airports, turbo props: let engine : Satellites 1940s 1950s 1960s 1970s 1980s 1990s 2000sENTREPRENEURIAL INVENTIONS THAT TOOK PLACE IN 20TH CENTURY 20th century is the most remarkable in human history producing a host of technological advances, gadgets and scientific discoveries. Some of the great inventions of 20th century are: . THE AIRPLANE -invented in 1903 by Wilbur and Orville Wright, the brothers brought to life a concept that mythological stories.- THE AUTOMOBILE The automobile was under development in Europe in the 19th century, however ,the vehicle did not come into fruition until the early 20th century. Once it did arrive, no more horse and buggies . - THE INTERNET The first internet connections were laid on the late 1950's.It has become one of the key drivers of social evolution. - SATELLITE Debuting in 1957 with the Soviet Union's launch of Sputnik 1,this is the star- bound handiwork responsible for most of the world's communication and research capabilities. - THE TELEVISION Created in 1926 by John Logie Baird, the television is one of the first inventions to affect the lives of masses all over the world, and to this day still remains the most popular way of getting information. NOTEWORTHY ENTREPRENEURS OF 20TH CENTURY O HENRY FORD (July30, 1863-April 7,1947)was an American industrialist, business magnate, founder of the Ford Motor Company, and chief developer of the assembly line technique of mass production.o Walter Elias Disney (December 5, 1901 - December 15, 1966 was an American entrepreneur, animator, writer, voice actor, and film producer. A pioneer of the American animation industry, he introduced several developments in the production of cartoons.O SIR TERENCE HEDLEY MATTHEWS (born 6 June 1943) is a Welsh-Canadian business magnate, serial high tech entrepreneur , and Wales' first billionaire.METHODS OF PAYMENT > CASH For the majority of the 20th century the currency that was cash. > DEBIT CARDS Debit card was invented in 1966. > CREDIT CARDS Consumers began to enjoying credit card from retailers during the 20th century in 1955. >ONLINE SHOPPING In the 90's with the rise of internet online shopping started to became mainstream. > MOBILE PAYMENTS Coca-Cola receives credit for offering the first mobile payment transaction in 1997.Since this time , mobile payments have skyrocketed in popularity. IMPORTANCE OF ENTREPRENEURSHIP ?I?I .lt accelerates economic growth ?I?I .Entrepreneurship promotes innovation ?I?I .It can promote social changes ?I?I .It promotes research and industrial development ?I?I .It develops and improves existing enterprises CONCLUSION 1. Kaelin Chau - collect the information about the evolution of entrepreneurship 2. Matthew Drake- research about how the innovations took place in the 20th century 3. Tamarakuro Adonkie- find the information about the methods of payment 4.Preetdeep Kaur- collects all the information with the help of presentation