Stages in the development of a business career

Stages in the development of a business career

Stages in the development of a business career

a) Conception:

Scanning for opportunities, idea generation, and innovation/creativity.

b) Start-up:

Scale of business, market validation, resource identification, business planning, negotiating/establishing systems, consolidating gains. At this stage one will also think of different forms of organizing a business, such as sole proprietorship, partnership, Company, NGO etc

c) 1st stage growth:

Establishing the customer base, increasing sales, expanding in current markets, improving product quality, developing management skills.

d) 2nd stage growth:

Strategic thinking, investing in capacity, developing a management team, delegating management responsibility, international awareness.

Not all businesses that are started reach the final stage of growth. One of the reasons is that entrepreneurship tends to be episodic, in the sense that business people are not necessarily entrepreneurial all of the time. Many become satisfied when reaching a safe state of survival or the first stage of growth, especially when, having reached those stages, their businesses are providing a relatively good income

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