Business creation, sometimes known as entrepreneurship, is the process of creating new companies or products. Entrepreneurs create businesses by combining skills, capital and resources to solve problems, offer new services or improve existing ones.
A business is a legal entity that can be taxed separately from its owners. A sole proprietorship is the most common form of business.
Creating a new business involves planning, making key financial decisions and completing a series of legal activities. This is a good time to do your research on market opportunities and potential competitors.
Market research will help you decide if your idea can be a successful business. It also gives you a good sense of how big the market is, and how competitive it is.
The best way to start a new business is by solving a significant problem or offering a service or product that people need. Then you can build your business around that solution.
This is a lot easier than it sounds!
During the COVID-19 pandemic, the economy experienced severe shocks and many of these sectors were hit hard. Those shocks made it clear that many of these high-growth sectors were in need of fresh ideas and solutions.