The Nature of Business Creation
The success of a business depends on many factors. In addition to a good or even great idea, you need to be well organized and have the ability to work in teams. It is also essential to be able to adapt and keep up with market trends. In other words, starting and managing a business requires creativity, attention to detail, and the willingness to make sacrifices.
Entrepreneurship is a major source of economic growth and adaptation, as well as a career choice for millions of people worldwide. However, until recently, little systematic information was available about the basic features of contemporary business creation. This insightful book fills this gap by describing a wide range of relevant factors associated with the development of new ventures, reflecting representative samples of nascent businesses and emphasizing the characteristics that distinguish the two-fifths of them that reach profitability.
The authors use a mixed methodology, including surveys and in-depth interviews. They analyze the relevance of personal factors such as perceptions of opportunities, self-efficacy and fear of failure, complementing them with a fourth factor that is less frequently studied in the literature: the social network effect. The book concludes with a detailed discussion of the implications of these findings for policymakers, focusing on actions that may increase participation in business creation and raise the proportion of nascent ventures that become profitable. It is a valuable resource for scholars concerned with the nature of business creation and for those who teach courses on entrepreneurial management.