Key Factors of Business Creation

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The idea to set up a business often stems from an existing passion or hobby, or it may arise from new consumer trends. Either way, a good market study is essential to determine whether there really is a clientele willing to pay for your products or services. It is also important to find out about the sector of activity, the competition and how to choose a legal form (company, general or limited partnership, sole proprietorship).

Once the business is up and running you’ll need a business plan with clear financial forecasts. Then, you’ll need to decide how the company is structured and who will run it. You can then apply for various aid schemes such as a grant, loan of honour, JEI status or ACRE.

One of the most important benefits of owning a business is that you have more flexibility with your work hours and you aren’t answering to someone else’s schedule. This is especially true if your business is based on your own skills, such as a graphic design studio or a catering company.

This insightful book sheds light on the key factors associated with contemporary business creation, drawing upon a representative sample of early stage nascent ventures and their entrepreneurs across the U.S. It is a useful resource for scholars concerned with entrepreneurial processes and policy analysts emphasizing programs and policies to foster entrepreneurship. It will also appeal to anyone interested in making the leap from working for others to being their own boss.