Business Creation 101

The process of setting up a business is complex and involves making key financial decisions and completing a series of legal activities. Upfront research is also necessary to determine whether or not a product or service exists that can be adapted to fit a new market.

In this article, we will explore the main aspects of business creation including evaluating product and market potential, creating a business plan, registering your company and promoting your brand. We’ll also cover the different types of startup costs, from setting up a business bank account to choosing accounting software. We will also discuss the importance of marketing, from researching your target audience to creating content that will engage customers.

Business creation, also known as entrepreneurship, is a major source of national economic growth and adaptation as well as an important career choice for millions. The evidence from recent rich descriptive studies of nascent entrepreneurs and their ventures provides substantial new systematic information on many relevant aspects of the start-up experience. The lessons from these studies are very relevant for those considering or involved in business creation as well as for policy analysts who seek to adapt public policies that promote entrepreneurial activity.