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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 8: Some activities are more helpful than others

Paul D. Reynolds

Extract

Asked about the major problems they confront, entrepreneurs respond as follows: Early on it was hard for Jason to get partners or investors to take his internet business seriously.1 Getting permits and approvals to provide fuel service for Hobart’s River Marina has taken some time. The main supplier is a Caribbean oil company and they operate on different timetables.2 There is a lack of capital to promote wooden pens for deer and moose. A human-interest television news show on Pens and Puzzles had a spot that improved Christmas sales.3 I found a place for a Ralph’s Pretty Good Groceries and got some people to help fix it up but after 3 weeks they never came back; then there were problems with the electricity.4 Martin started by getting a business license for his publishing company. Then he started getting calls before he was ready to deliver the product. Martin is now trying to complete the first project so he can accept new clients.5 Margaret is still working full-time and starting a bee keeping operation was demanding more money and time than she expected; it is hard to grow the business when you are short on resources.6 When asked about their major challenges, almost two-fifths (38%) of the nascent entrepreneurs mention operational issues and a third (33%) mention obtaining financial support, as shown in Table 8.1. Third on the list is attracting customers, which includes dealing effectively with the competition, mentioned by one quarter (26%). Only one in 33 (3%) expect personal or family issues as a major complication at the beginning of the process. None mentions the potential attraction of other career opportunities. The overwhelming focus is on problems related to establishing the nascent venture.

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