Ten Factors for Entrepreneurial Success
Chapter 7: Do it!
How do nascent entrepreneurs create a business? They do things! Popular start-up activities are summarized in Table 7.1. They are ordered by the proportion of nascent ventures where they have been initiated. The rightmost column indicates those that occurred in the first month of the start-up process. While many more start-up activities could be added, these are many of the most common and important.1 Some activities are clearly more popular than others. Everybody gives serious thought to their nascent venture; it is reported by all those active in business creation. But serious thought is not action, and many talk the talk but don’t even take the first steps to walk the walk. Hence, it is more useful to focus on what is done to create a new firm. These activities, however, vary in character. Some are a one-time event, such as establishing a business phone number or registration with a government agency, while others are a continuous activity, such as developing financial projections or promotion of the products, which may be adjusted as additional information becomes available. For this reason, the focus is on tracking initiation of a start-up activity, not when it is completed.
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