THE FIVE STAGES OF YOUR BUSINESS LIFE-CYCLE
According to the recent Startup Twyla Garrett Report, an estimated 95% of those startups that crash do so primarily due to self-demolition. It was their originatorâ€™ own bad choices and lack of preparedness rather than so-exclaim 'bad luck' and market conditions that were out of their control. Understanding your position in the company lifecycle just might help you stay a bit forth of the game here or defy the odds, as you expect the potential challenges or obstacles that are upon you and on the way depending on what phase you are in and about to adjustment to. Simply set, as your business grows or develops, so too do your business goal, objectives, priorities or strategiesâ€“ and that is why an awareness of what position of the business lifecycle you are currently in can be helpful.
Zone 1: Seed and Development This is the very beginning of the business life-cycle, before your startup is even officially in alive. You have got your business plans and you are ready to take the jump. But first you must assess just how feasible your startup is likely to be. At this zone, you should garner advice and opinion as to the potential of your business plans from as many sources as possible: friends, family, colleagues, business associates and any industry specialists you may have access to.
Published on Jan 18, 2017
The biggest challenge for entrepreneurs in this zone is dividing time between a whole latest range of demands requiring your attention– mana...