A businessman or businesswoman is a person who has ownership or shareholdings over a private establishment and undertakes activities (commercial or industrial) for the purpose of generating cash flow, sales, and revenue by utilizing a combination of human, financial, intellectual and physical capital with a view to fueling economic development and growth. The term 'businessperson' may refer to a founder, owner, or majority shareholder of a private establishment. The term may sometimes refer to someone who is an angel investor of a private entity. = Prehistoric period: Traders =Since a 'businessman' can mean anyone in industry or commerce, businesspeople have existed as long as industry and commerce have existed. 'Commerce' can simply mean 'trade', and trade has existed through all of recorded history. The first businesspeople in human history were traders or merchants. = Medieval period: Rise of the merchant class =Merchants emerged as a 'class' in medieval Italy (compare, for example, the traditional merchant caste (Vaishya) in Indian society). 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 are certainly businesspeople. Around the same time, Europe saw the 'emergence of rich merchants. ' 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. = 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 stock). Developments in actuarial science and underwriting led to insurance.