.jpg) | |
| Occupation | |
|---|---|
Occupation type | Business |
Activity sectors | Private |
| Description | |
| Competencies | |
Education required | Qualification is not required |
Related jobs | Capitalist |
Abusinessperson, also referred to as abusinessman orbusinesswoman, is an individual who hasfounded,owns, orholds shares in (including as anangel investor) aprivate-sector company.[dubious –discuss] A businessperson undertakes activities (commercial or industrial) to generatecash flow, sales, and revenue by using a combination ofhuman,financial,intellectual, andphysical capital to fuel economic development and growth.[1]
Merchants emerged as asocial class inmedieval Italy. Between 1300 and 1500, modern accounting, thebill of exchange, andlimited liability were invented, and thus, the world saw "the first true bankers", who were certainly businesspeople.[2][need quotation to verify]
Around the same time, Europe saw the "emergence of rich merchants."[3] This "rise of the merchant class" came as Europe "needed a middleman" for the first time, and these "burghers" or "bourgeois" were the people who played this role.[4]
Europe became the dominant globalcommercial power in the 16th century, and as Europeans developed new tools for business, new types of "business people" began to use those tools. In this period, Europe developed and usedpaper money,cheques, andjoint-stock companies (and their shares ofcapital stock).[5] Developments inactuarial science andunderwriting led to insurance.[6] Together, these new tools were used by a new kind of businessperson, thecapitalist. These people owned or financed businesses as investors, but they were not merchants of goods. These capitalists were a major force in theIndustrial Revolution.[7]
TheOxford English Dictionary reports the earliest known use of the word "business-men" in 1798, and of "business-man" in 1803. By 1860, the spelling "businessmen" had emerged.[8]
Merriam Webster reports the earliest known use of the word "businesswoman" in 1827.[9]
The newest kind ofcorporate executive working under abusiness magnate is the manager. One of the first true founders of the management profession wasRobert Owen (1771–1858). He was also abusiness magnate in Scotland.[10] He studied the "problems ofproductivity andmotivation", and was followed byFrederick Winslow Taylor (1856–1915), who was the first person who studied work with the motive to train hisstaff in the field of management to make them efficient managers capable of managing his business.[11] AfterWorld War I, management became popular due to the example ofHerbert Hoover and theHarvard Business School, which offereddegrees in business administration (management) with the motive to develop efficient managers so that business magnates could hire them with the goal to increase productivity of theprivate establishments business magnates own.[12]
Salaries for businesspeople vary.[13][14] The salaries of businesspeople can be as high asbillions ofdollars per year. For example, theowner ofMicrosoft,Bill Gates makes $4 billion per year. The high salaries which businesspeople earn have often been a source of criticism from many who believe they are paid excessively.[15]
An entrepreneur is a person whosets up a business or multiple businesses (serial entrepreneur).Entrepreneurship may be defined as thecreation or extraction ofeconomic value. It is generally thought to embracerisks beyond what is normally encountered in starting a business. Its motivation can include other values than simply economic ones.[16][17][18]In general usage, because the distinction is not clear-cut, the term 'entrepreneur' may be used as a (self-)promotingeuphemism for 'businessperson', or it may serve to objectively indicate particular passion and risk-taking in a business field. Still, the distinction is only one by degrees.[19][20]
businessman[:] A person who is employed by an organization or company. Businessmen are often associated with white collar jobs. In order to avoid sexism or the perpetuation of stereotypes, the term "businessperson" is often used. The term "businesswoman" is less commonly used.
