Business creation is the process of establishing a new business. This is an important step in the entrepreneurship process and can lead to greater economic growth and job opportunities. Creating a business can be a rewarding experience, but it also comes with many challenges. The first step in establishing a new business is to do market research to determine whether there is a demand for the product or service and to find out more about the competitors already established in the sector of activity concerned.
The results of the market study will be used to prepare a business plan. This document frames all the elements of a new business: the market environment, the commercial strategy and the financial forecasts. It will also determine the choice of legal form and the way forward.
Ultimately, the success or failure of a business will depend on the founder’s ambitions and values. People start businesses for a variety of reasons, from trying to make money to pursuing a lifelong dream. However, it’s important to note that some of these aims may conflict with each other. For example, someone who wants to save the world through renewable energy might be incompatible with a short-term aim of making a fortune.
Increasing the number of start-ups will increase economic growth, but will also carry social costs. Policy makers must therefore carefully consider how to balance these interests. This book will be of interest to scholars concerned with business creation and entrepreneurship, as well as those implementing programs and policies designed to promote it.