Entrepreneurs: Past and PresentChaper 1: Lesson 1.5b

Learn About Entrepreneurship in History

During Colonial Times, Entrepreneurs:

Raised crops such as tobacco and rice

Worked as bankers, merchants, silversmiths, candle-makers

After the American Revolution, the US began to INDUSTRIALIZE

Entrepreneurs invented machines that increased productivity and helped the economy grow.

Entrepreneurs Who Changed America

Nineteenth Century Entrepreneurs Cyrus McCormick – 1831 – the Reaper International

Harvester – Navistar International

In 1831Cyrus McCormick took the reaper (which was already invented) and used it to mechanize the job of harvesting crops.

McCormick had $60 when he went to Chicago to set up a factory to manufacture reapers.

In time the company that marketed his reapers evolved into International Harvester, which produced farm equipment for many years.

Today this company is called Navistar International Transportation Company and manufactures International Brand trucks.

Entrepreneurs Who Changed America

Lydia Moss Bradley – Peoria, Illinois Real Estate Tycoon – Bradley University in 1896

Lydia Moss Bradley, an entrepreneur from Peoria, Illinois made millions of dollars in investments and real estate.

She transformed seemingly unusable marshland into productive farm land.

She also founded Bradley University in 1896.

Entrepreneurs Who Changed America

John D. Rockefeller – clerk at 16 – Oil refinery at 23 – Standard Oil in 1872 owned all the main oil refineries

John D. Rockefeller began working at the age of 16 as a clerk in a small produce company.

At age 23, he had saved enough money to enter the oil refinery business.

By 1872, his company, Standard Oil, owned all of the main oil refineries in Cleveland, New Your, Pittsburgh, and Philadelphia.

He became the richest man in the world.

 

Entrepreneurs Who Changed America

Early 20th Century Entrepreneurs

Henry Ford – Model T – Created one of the world’s largest companies, The Ford Motor Company

Entrepreneurs remained very important in the twentieth century.

Henry Ford developed and mass-produced the Model-T Automobile.

Olive Ann Beech – co-Founded Beech Aircraft Company which evolved into Raytheon company in 1980

Clarence Birdseye – Pioneered development of packaged frozen foods in 1920s

Clarence Birdseye pioneered the development of packaged frozen foods in the 1920s.

Rose Knox – Leader in the food industry, Knox Gelatin company 1908

Entrepreneurial Timeline

The First Woman Millionaire

Madam C.J. Walker – 1904 –

Developed hair –care products for African-American Women – Door to Door sales

Opened Lelia College to train women to use and sell the product line

Empowered women to take pride in their work

Entrepreneurs Today

More than 6.5 million small businesses contribute to billions of dollars every year to the U.S. economy!

Microsoft, Intel and Apple all started as small businesses

Southwest Airlines, Mrs. Fields’ Cookies, and Estee Lauder make life more pleasant for consumers.

Small companies take more risks, can be more creative, are a significant part of the American Economy.

Entrepreneurs Today

How is entrepreneurship today different from entrepreneurship during the colonial times?

Entrepreneurs today have many more opportunities.

Prior to industrialization, there were few ways to strike out on one’s own.

Technology has made entrepreneurship possible for many more people.

These people are creating products and offering services that were not needed decades ago.

Entrepreneurs Today

What are your reasons for wanting to become an entrepreneur? Do you think they are common to all entrepreneurs, or are some of your reasons unique?

independence

Flexibility

Enjoying work