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Business Creation

Ten Factors for Entrepreneurial Success

Paul D. Reynolds

Business creation, or entrepreneurship, is a major source of national economic growth and adaptation as well as an important career choice for millions. In this insightful book, Paul D. Reynolds presents an overview of the major factors associated with contemporary business creation, reflecting representative samples of US early stage nascent ventures, and emphasizing the unique features of the two-fifths that achieve profitability.
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Chapter 5: It is a social experience

Paul D. Reynolds

Extract

Business creation is inherently a social activity. The persistent myth of the solo economic gunslinger—taking on all comers in a competitive shootout—is just that, a myth. Few activities require more human contacts with customers, partners and employees, suppliers, supportive family and mentors, financiers, regulators and, to some extent, competitors. The start-up team and these social networks may be involved in close social relationships. There are two ways to consider the start-up teams working with nascent ventures. The size and structure of start-up teams experienced by 16 million nascent entrepreneurs is presented in Figure 5.1, reflecting adjustments to compensate for different amounts of time in the start-up process.

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