Nine Lessons About Business Creation

Business creation is a fundamental process of building and growing a company. It requires good organizational skills, flexibility and creativity. It also takes a certain amount of risk and a willingness to make sacrifices, but it can be extremely rewarding. Whether you are an established entrepreneur or considering starting your own business, these nine basic tips can help you succeed and thrive.

Successful businesses often adapt to new trends and changing needs. This is particularly true in industries that rely on technology, which often require constant innovations to stay competitive. Book publisher John Wiley & Sons, for example, began as a small printing shop in 1807. But the firm was able to stay on top of technological advances and survive changes in reader tastes over two centuries.

A precise understanding of business creation is essential for those interested in entrepreneurship. The research that is available on the start-up process offers rich descriptions of the entrepreneurial experience and provides substantial evidence for adjusting public policy to increase business creation. Despite these insights, the underlying mechanisms of business creation are not fully understood and there remains much to be learned. This article reviews the best available evidence for ten lessons about business creation. It is intended for scholars and those involved in promoting entrepreneurship, including those working on identifying policies that may facilitate it. Specifically, this article examines the relationship between opportunity and necessity entrepreneurship and the determinants of the proportion of nascent firms that become profitable.