Business creation is a process of entrepreneurship that involves starting and running a new enterprise. It can be a rewarding way to pursue your career goals and fulfill your passions while making your own rules.
The benefits of business creation include increased national income from higher tax revenue and government spending, as well as the opportunity to boost other struggling sectors. In addition, entrepreneurs create jobs and develop new products and services that help to spur economic growth in both the domestic and global economies.
A growing network of entrepreneurial ventures is supporting local businesses and economies. The fully online certificate in business creation prepares students to join this network, attract venture capital, and be a part of business initiatives around their community.
Entrepreneurship is the willingness to undertake major risks–in terms of equity, time and/or career commitment–to infuse value into a product or service. It also requires the ability to formulate an effective venture team, marshal needed resources, and recognize opportunity where others see chaos, contradiction, and confusion.
Stage I – Startups
Companies in the Start-up Phase are typically early-stage firms that lack sufficient customer acceptance or product capability to become viable. They are often characterized by rapid growth, poor management, and limited financial stability.
At the end of the Start-up Period, many of these companies are sold at a loss or shut down. Some are able to move on to the Success Stage, where they are more successful in managing their business. However, the owners often suffer from omnipotence syndrome, or they don’t delegate effectively enough to allow them to focus on the company’s success.