Businessperson

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Businessperson
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CNOOC Group Chairman Wang Yilin (left) shaking hands with BG Group CEO Chris Finlayson in 2013
Occupation
Occupation type
Business
Activity sectors
Private
Description
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Education required
Qualification is not required

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A businessperson, also referred to as a businessman or businesswoman, is an individual who has founded, owns, or holds shares in (including as an angel investor) a private-sector company.[dubious – discuss] A businessperson undertakes activities (commercial or industrial) to generate cash flow, sales, and revenue by using a combination of human, financial, intellectual, and physical capital to fuel economic development and growth.[1]

History

Medieval period: Rise of the merchant class

Merchants emerged as a social class in medieval Italy. Between 1300 and 1500, modern accounting, the bill of exchange, and limited 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]

Renaissance to Enlightenment: Rise of the capitalist

Europe became the dominant global commercial 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 used paper money, cheques, and joint-stock companies (and their shares of capital stock).[5] Developments in actuarial science and underwriting led to insurance.[6] Together, these new tools were used by a new kind of businessperson, the capitalist. These people owned or financed businesses as investors, but they were not merchants of goods. These capitalists were a major force in the Industrial Revolution.[7]

The Oxford 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]

Modern period: Rise of the business magnate

Frank Carr c. 1965
Hunter Biden and Joe Biden in China with BHR Partners CEO and managing partners, 2013[10]

The newest kind of corporate executive working under a business magnate is the manager. One of the first true founders of the management profession was Robert Owen (1771–1858). He was also a business magnate in Scotland.[11] He studied the "problems of productivity and motivation", and was followed by Frederick Winslow Taylor (1856–1915), who was the first person who studied work with the motive to train his staff in the field of management to make them efficient managers capable of managing his business.[12] After World War I, management became popular due to the example of Herbert Hoover and the Harvard Business School, which offered degrees 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 the private establishments business magnates own.[13]

Salary

Script error: No such module "Labelled list hatnote". Salaries for businesspeople vary.[14][15] The salaries of businesspeople can be as high as billions of dollars per year. For example, the owner of Microsoft, 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.[16]

Entrepreneurship

Script error: No such module "Labelled list hatnote". An entrepreneur is a person who sets up a business or multiple businesses (serial entrepreneur). Entrepreneurship may be defined as the creation or extraction of economic value. It is generally thought to embrace risks beyond what is normally encountered in starting a business. Its motivation can include other values than simply economic ones.[17][18][19] In general usage, because the distinction is not clear-cut, the term 'entrepreneur' may be used as a (self-)promoting euphemism 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.[20][21]

See also

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Look up businessperson, businesswoman, or businessman in Wiktionary, the free dictionary.

References

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  1. ^ Page Module:Citation/CS1/styles.css has no content."businessman". WebFinance Inc. 2018. Archived from the original on 2 February 2009. Retrieved 6 July 2018. 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.
  2. ^ Page Module:Citation/CS1/styles.css has no content.Roberts, J.M. (2013). The Penguin History of the World, Sixth Edition. New York: Penguin. p. 506. ISBN 9780141968728.
  3. ^ Page Module:Citation/CS1/styles.css has no content.Roberts, J.M. (2013). The Penguin History of the World, Sixth Edition. New York: Penguin. p. 509.
  4. ^ Page Module:Citation/CS1/styles.css has no content.Roberts, J.M. (2013). The Penguin History of the World, Sixth Edition. New York: Penguin. p. 510.
  5. ^ Page Module:Citation/CS1/styles.css has no content.Roberts, J.M. (2013). The Penguin History of the World, Sixth Edition. New York: Penguin. p. 558.
  6. ^ Page Module:Citation/CS1/styles.css has no content.Roberts, J.M. (2013). The Penguin History of the World, Sixth Edition. New York: Penguin. p. 559.
  7. ^ Page Module:Citation/CS1/styles.css has no content."Industrial Revolution Definition: History, Pros, and Cons". Investopedia. September 2008. Retrieved 2 May 2023.
  8. ^ Template:Oed
  9. ^ Page Module:Citation/CS1/styles.css has no content."Definition of "businesswoman"". Merriam-Webster. Retrieved 2 May 2023.
  10. ^ Page Module:Citation/CS1/styles.css has no content.Cohen, Marshall (28 December 2024). "Newly released pictures show Joe Biden meeting Hunter Biden's Chinese business partners". CNN. Retrieved 17 September 2025.
  11. ^ Page Module:Citation/CS1/styles.css has no content.Drucker, Peter (2008). Management, Revised Edition. New York: Collins Business. pp. 13.
  12. ^ Page Module:Citation/CS1/styles.css has no content.Drucker, Peter (2008). Management, Revised Edition. New York: Collins Business. pp. 14.
  13. ^ Page Module:Citation/CS1/styles.css has no content.Drucker, Peter (2008). Management, Revised Edition. New York: Collins Business. pp. 15–16.
  14. ^ Page Module:Citation/CS1/styles.css has no content."Business and Financial Occupations". www.bls.gov. U.S. Department of Labor. Retrieved 18 September 2015.
  15. ^ Page Module:Citation/CS1/styles.css has no content."Management Occupations". www.bls.gov. U.S. Department of Labor. Retrieved 18 October 2015.
  16. ^ Page Module:Citation/CS1/styles.css has no content.Gavett, Gretchen (23 September 2014). "CEOs Get Paid Too Much". Harvard Business Review. Retrieved 18 September 2015.
  17. ^ Page Module:Citation/CS1/styles.css has no content."Entrepreneur: What It Means to Be One and How to Get Started". Investopedia. 1 May 2006. Retrieved 2 April 2023.
  18. ^ Page Module:Citation/CS1/styles.css has no content."What is entrepreneurship?". Stanford Online. 10 January 2022. Retrieved 2 April 2023.
  19. ^ Page Module:Citation/CS1/styles.css has no content."Starting a Business | Encyclopedia.com". www.encyclopedia.com. Retrieved 5 December 2021.
  20. ^ Page Module:Citation/CS1/styles.css has no content."Difference between businessman and entrepreneur". Define Business Terms. 19 March 2023. Retrieved 2 April 2023.
  21. ^ Page Module:Citation/CS1/styles.css has no content."The Difference Between An Industrialist, Businessman And An Entrepreneur". The Gritti Fund. 21 February 2019. Retrieved 2 April 2023.

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