This chapter ties together what has been learned in Parts I through V. It considers ten critical issues that cut across the five major influences on new business creation examined in these parts (Figure 20.1). Recommendations are included for top managers on how to manage these issues for better results.

The ten issues are:

1. How to know whether to pursue new business creation.

2. How much emphasis to place on new business opportunities versus existing business opportunities.

3. What organization to use for new business creation.

4. How to select people for new business creation.

5. How to motivate people for new business creation.

6. How to evaluate and commit to new business opportunities that are highly risky and/or in need of quick action.

7. How long to persist with a new initiative, how much to invest in it, and when and how to de-commit.

8. How to manage the volatility of new business.

9. How to stay within budget without hindering new business creation.

10. What the appropriate controls are for new business creation.

Successful new business creation requires a consistent and mutually reinforcing set of philosophies, beliefs, and practices. Top managers must not fall into the trap of seeking quick-fix solutions by trying to change a practice here and a belief there. They should first think about how they currently manage these ten critical new business creation issues. Then they must decide which elements need to be changed or managed more effectively to create a consistent and mutually reinforcing approach for new business creation.