Starting a business is an opportunity to create new jobs in the community and contribute to economic growth. It is also a way to have control over one’s work and income. However, the risks are significant and it is important to be prepared before making the leap.
The main objective of this research is to shed light on the relevance of individual cognitive factors, such as perceived self-efficacy and fear of failure, in determining when an individual decides to start a business. To do so, we analyze the influence of these variables in a population with a high level of entrepreneurship, namely the population of entrepreneurs in Latin America (Baron Reference Baron2004; Garcia, Martinez and Fernandez Reference Garcia, Martinez and Fernandez2010).
In order to develop a business, it is necessary to find a problem that has a potential solution. Once this is done, the next step is to determine how to make your idea a reality. The most important thing is to get a lot of feedback and test your product with actual customers. Finally, it is essential to find a legal structure for the company and secure the financial resources needed to begin operations.
Once a business is established, it can be very beneficial to establish partnerships with other businesses in the same industry. This can help reduce costs and increase profits. It is important to choose partners that are a good fit for your brand and who share the same goals.