The evolution of the human mind gave rise to psychological, sociological, and economic needs. As psychological needs evolved, a greater sense of self-awareness and consciousness developed. This development led to the formation of complex social structures such as families, communities, and societies. As society advanced, so did the needs, which led to the realization of limited resources and unlimited wants. Exchanging one good for another (barter system) became difficult, which in turn led to the use of gold, silver, or other precious metals as a standardized medium for exchange, it eased the valuation of goods that were traded. But the presence of duties, obligations, and social stratifications fueled the ignorance of trade. Trade was viewed as disruptive to social order. The term economics itself is derived from the word ‘oikonomia’, which means the law of the household. In ancient times, economic activities were constrained within the household and trade limited to luxury and emergency goods. Furthermore, there were debates regarding the practices used by traders. Profit-driven practices were thought to be immoral.

Despite of such concepts in the ancient and medieval era. The Roman civilization had the concept of ‘Dominium’ which refers to ownership. Private property laws and contract systems helped merchants to trade confidently without thinking about risk of expropriation. Similarly, in Venice trade flourished because of its geographical location. Being in between the Europe and Asia, and the natural barrier of lagoon eliminated intrusion. It shows that security to private property, easy trade routes and protection from external intrusions were the foundations for trade expansion.

In the late 15^th century, rise of big nation-states like France, Spain, and Britain introduced the concept of mercantilism. The idea of mercantilism was further popularized by Jean Baptiste Colbert. According to him, “To enrich a kingdom, it is necessary to increase the number of workers, expand domestic production, and limit foreign imports”. It is an economic thought and practice where the state power was equated with the accumulation of wealth, i.e., precious gold, silver, metal, etc. The nations involved in at least one aspect of trading. They exported goods to other nations but restricted imports. The thought that there is limited wealth and gaining wealth by one state is the loss of another state creating a zero-sum game was prevalent. It led to colonization. East India Company colonized other nations often seeking trade; they accumulated resources and exported goods to colonized nations to increase their nation’s wealth.

It wasn’t until Adam Smith who popularized the concept of absolute advantage. It states that a country should be involved in the production of such goods that it can produce efficiently at low cost and import other goods at low cost from other nations. The idea of absolute advantage pushed many countries to produce things they were efficient at and trade with other nations. Gradually, due to the adaptation of the liberal system, private property became more secure and the power of the state constrained, encouraging people to engage in trade. Innovation in agricultural technologies, transport, mining, textiles, steel, shipbuilding, engineering, and banking was seen. By the end of the 18th century, agriculture had transformed into a commercial opportunity. Such advancements fueled population growth and freed almost half the population, which in turn created a larger workforce seeking job opportunities.

In the 19^th century, Jean Baptiste Say recognized entrepreneurship as a distinct factor of production, he introduced entrepreneurship as an organizer of factors like land, labor and capital. Similarly, John Stuart Mill stressed importance of freedom to pursue new ideas and take risks for economic progress. Emergence of classical economists was influential in the evolution of entrepreneurship as they advocated for free market system which fueled innovations. With the invention of the steam engine by James Watt, factories could operate more efficiently. Richard Arkwright, known as the father of the factory system, invented the water frame, and other inventions like power looms, coke smelting, etc. fueled textile production. The development of railways and steam locomotives established an efficient transportation system for trade. The invention of electric bulb by Thomas Edison and alternating current (AC) by Nikola Tesla played an important role in industrial development. John D. Rockefeller revolutionized the oil industry with Standard Oil Company. Andrew Carnegie Built a steel empire and revolutionized the steel production process.

This phenomenon of innovation and entrepreneurship didn’t only remain within Europe; it flourished all around the globe. Countries like Japan, Germany, and the US too adopted such processes for economic advancements, which increased international competition, leading towards the era of global innovation. All these factors acted as catalysts for entrepreneurship. Due to the industrial revolution, capitalist economies emerged, which focused more on private ownership and profit incentives, creating a free environment for individuals to get involved in business.

With the commencement of 20^th century, dominance of large corporations could be seen. Corporations like Ford, General Motors, Coca Cola, Procter and gamble etc. dominated the market, which in turn created need for professional management. The decline of sole entrepreneurs could be seen because working for big business houses was more profitable and secure. It was the era of transformation for entrepreneurship. Shifts in economic structures, technological advancements led to the emergence of influential entrepreneurship. Traditional business models evolved into modern innovative business practices. Also, economists like Joseph Schumpeter, Ludvig Von Mises, Friedrich Hayek, and Milton Friedman where exemplary in 20^th century, who fostered on the importance of entrepreneurship.

The 21^st century is recognized with the surge of digital transformation. Entrepreneurs can easily interact with international customers through digital platforms which in turn increase more competition and hence more innovation is seen. With the development of block-chain, artificial intelligence, social media, electronic vehicles, cloud computing opened the door for further innovation. Emergence of service entrepreneurship, social entrepreneurship, sustainability and green entrepreneurship, ethical entrepreneurship is seen. Big Corporate houses like Apple Inc., Amazon, Microsoft, Samsung, Tesla, Alibaba Group etc. dominate the industry. People are more focused on value creation rather than production. The concept of Corporate Social Responsibility is popular which shows the ethical and moral aspects of entrepreneurship.

To conclude, humanity’s evolving needs and wants were fulfilled with the entrepreneurship in place. Today as well, entrepreneurship remains a driving force pushing the boundaries of imagination and redefining how we work, live, and grow in this global village. This drastic improvement in the quality of life of people was only possible due to entrepreneurship. As we step further into the digital era, the spirit of entrepreneurship continues to inspire progress, shaping a future where creativity and value creation lead the way.