The concept of entrepreneurship dates back thousands of years. Though unnamed, people engaged in profit-driven business dealings, exchanging goods or services without currency in early entrepreneurial activities.

The word “Entrepreneurship” was coined from the French word, Entreprendre, which means “The Undertaker” or “The manager”. At that time, people perceived entrepreneurs as individuals who played a significant role in creating a business. The term is believed to have originated from the French phrase \”celui qui entreprend,\” which translates to \”those who get things done.\” Entrepreneurs manage and exert efforts to accomplish necessary tasks, aiming to enhance their chances of success.

Entrepreneurs, however, are individuals who start up an entrepreneurship venture. They are the brains behind the operations put in place to ensure a new business is formed. They come up with ideas and start, however small, businesses birthed from these ideas. Early entrepreneurs engaged in trade and brainstormed solutions to address community issues at that time. Subsequently, I\’ll discuss the general history of entrepreneurship, along with a brief focus on Nigerian entrepreneurship.

History of Entrepreneurship in the World

The first known practice of entrepreneurship was about 20,000 years ago and it was for exchange of goods. In New Guinea around 17,000 BCE, Obsidian, used for hunting, was traded for things like food, skins, tools and other valuables. This trade was the first known trade or exchange between humans. That move kick started the era of trading and from then individuals exchanged certain goods for other ones they needed. This exchange of goods in such manner is what is commonly referred to as Barter system or Trade by barter.

Moving on, the era of Agriculture came in and individuals started the planting of crops and domestication of animals. Initially, some households did both but then came specialization and people started sharing the responsibilities. Some engaged in planting, while others dealt with rearing animals. Those who didn\’t farm hunted or specialized in crafts. The trade system remained the same, exchange of A for B. This method allowed people trade one of their produce for something of similar worth of another produce. It was sometimes called Coincidence of wants. For instance, a hunter can exchange a kill for some farm produce or a farmer who specializes with cultivating yam can exchange with another who did for maize. Their wants had to align for them to be able to complete a trade.

With farming and trade gaining prominence during those years, the idea of settlements and trade routes came. The establishment of settlements enabled farmers to specialize and delegate various tasks, while trade routes facilitated the movement of goods between settlements for exchange. Settlements provided nomadic individuals a place to reside with their families instead of constantly moving with their animals. And there, they could develop farming ideas and work on them among their various tribes. A tribe might decide to deal with farming, another with hunting, and others with fishing, cooking, tool making, and other available tasks. Each tribe worked well and got better with each task and it benefitted each settlement in the exchange of goods.

The trade routes, however, allowed goods and other products to go beyond each settlement. Individuals were able to move their products to other towns and cities around them. It also allowed ideas to do round. Iron\’s discovery in 2000 BCE advanced warfare methods and became accessible due to trade routes. Ships facilitated transportation across waterways for goods like coffee, paper, and oranges from different areas.

Next on the Entrepreneurship timeline was the introduction of money. The barter trade system seemed to pose issues for entrepreneurs. For instance, if a farmer wanted a chicken, he might have to give up four tubers of yam to get the chicken but then again, he had to look for someone whose wants coincided with his, a person with chicken who wanted to buy the yam. With the introduction of currency, entrepreneurs were able to purchase or sell something based on its value. It also helped facilitate long distance trades and served as a more reasonable medium of exchange.

After money, markets started to arrive. There were no longer issues of taking your goods to another settlement and looking for someone who needed it and getting something back in exchange. Everyone could take their goods to the market and sell whatever they had in mind to people who would be willing to pay in the standard currency. Entrepreneurs could now purchase materials from far places as long as they had money. The entrepreneurs could then convert these materials into finished goods and subsequently sell them in the market.

The Era of Innovation followed and individuals started looking at ways to solve problems in their society at that time. Also, as markets became saturated with similar products, individuals sought innovative ways to create new goods accepted by the public. This drive spurred groundbreaking technological advancements such as the paper mill, clock, printing press, windmill, providing solutions and convenience.All these paved way for present entrepreneurs to make use of innovation to meet the current trend in the society.

History of Entrepreneurship in Nigeria

Farming was mainly the first type of entrepreneurial activity to take place in Nigeria. Just like everywhere around the world, individuals exchanged goods produced on their farm for other thing they needed at the time. They system of trade by barter was a very common thing during the early years of entrepreneurship in Nigeria. Early entrepreneurs got help from family members to cultivate a land or hunt an animal or involve in cooking and several other tasks and when things were ready, they looked for someone who needed it and exchanged.

Throughout the colonial era, European and other regions\’ goods were imported, assisting local entrepreneurs in sales. The introduction of currency streamlined transactions, simplifying exchanges for goods and money. Losses and bad experiences by entrepreneurs left them discouraged and most of the businesses started to close down. Farming still remained at the heart of the entrepreneurial activities in the country. After harvesting, people took goods to the market and exchanged them for money or other valuable items.

The introduction of formal education dissuaded more individuals from pursuing entrepreneurship, leading them to opt for schooling and job opportunities within organizations. Subsequently, rising issues of unemployment and poverty led people to seek self-employment opportunities. Most people then resorted back to entrepreneurship and they started looking for ways to create a business and get something in return.

Government initiatives supported businesses, offering grants and loans, nurturing the entrepreneurial spirit. Nigeria\’s landscape thrives with innovators solving problems and driving market changes.

The early entrepreneurs were in fact the real hustlers. During a period lacking money, they engaged in extensive efforts to find someone to exchange goods with for what they had. In the period of technological advancements, some also had their innovations blocked because people felt it didn’t solve anything. All these contributed and paved way for the success of future entrepreneurs.