Meaning what?
To actually create a building, choose your wares, and then create/sell them?
No.
You can, however, purchase an already existing business, though you have no control over what is sold there/other economical choices besides rent.
The only possible explanation I could think of for the sudden loss of save progress would either be:
You're playing on a different Xbox 360 profile than the one you saved on. In this case, simply switch back to your original profile.
If this isn't the case, try starting a new game, then going to...
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