Business creation is one of the most important sources of economic growth and innovation. It involves a combination of factors which are both personal and environmental. It can also represent a major adaptation effort for millions of people. This article aims to shed light on the personal factors of the entrepreneur that are relevant in this process, complementing the main known three (perception of opportunities, self-efficacy, and fear of failure) by analysing empirically a rich set of data from representative samples of entrepreneurs in the early stages of their nascent ventures.
Business formation involves a series of complex decisions, from choosing the legal form of the enterprise to launching marketing campaigns and making key financial forecasts. Moreover, it is often necessary to carry out market research to determine whether there is an existing clientele for the proposed product or service and to identify competitors.
Many business ideas aim to monetize what the entrepreneur loves to do, such as music or food. However, it is not always possible to turn a passion into a viable business, and it is sometimes better to look for ideas that solve specific problems that are of importance to consumers. In order to do so, it is useful to follow media dedicated to new trends and to make use of business-support programmes. These programmes help aspiring entrepreneurs to find and evaluate their ideas, to test their feasibility and the potential of the project in terms of profit, and to reduce risk and uncertainty.