Business creation is a central feature of entrepreneurship and a key driver of economic innovation and improved sector productivity. It is also a major source of job creation and a significant career choice for millions. This book focuses on understanding the origins of new firm formation, from the emergence of a business idea and organization of a start-up team through the birth of an operational business. The authors use representative samples from the first and second Panel Studies of Entrepreneurial Dynamics (PSED I and PSED II) to provide an in-depth empirical description of a wide range of important features of the new business creation process.
Creating a business is not as simple as identifying an interesting product and making a few sales. There is a lot of work involved in setting up a company, including creating a business plan, getting a business bank account and choosing accounting software. It’s also essential to research the market and make sure that there are customers for your business idea before launching. If there isn’t, it might be time to move on to another idea. It’s a good idea to try and find an industry where you can differentiate your offering from existing competitors. And don’t forget about a marketing strategy, which can include everything from establishing an online presence to social media promotion.