I read a lot on entrepreneurship during 19th century and early 20th century US.
My limited understanding: in those days entrepreneurs came from much wider range of demographics. In other words, entry barriers were much less during those days.
I mean many people start bodegas, restaurants, etc. I imagine that's more akin to 19th century entrepreneurship and still is by far the most prevalent form of entrepreneurship today (only like 1.3% of businesses are created in the Bay area and 1.1% of the population lives there).
I read a lot on entrepreneurship during 19th century and early 20th century US. My limited understanding: in those days entrepreneurs came from much wider range of demographics. In other words, entry barriers were much less during those days.