Entrepreneurship is a process in which there are certain steps that need to be followed. It doesn’t take place overnight. Even after the entrepreneur is cautious, you are destined to take a few missteps and possibly even fall. Failure, of some kind or another, is inevitable in entrepreneurship. This being said, the speed with which you rise after a fall describes the kind of entrepreneur you are. A smart businessman doesn’t simply aspire to build products, he strives to deliver value.
From the moment that you make the decision to set up a company, you’re in the “business life cycle”. This will see you go from idea to start-up and, if successful, through to the growth as well as the maturity phases.
Although it’s fair to say that business is never not tough, an in-depth look at each of the stages of the business life cycle highlights a distinctive set of obstacles that the entrepreneur needs to deal with as well as overcome. It will be necessary for you to be flexible in your thinking in addition to adapting your strategy as you move along. Indeed, a number of different approaches are required for market penetration versus, for example, what may be necessary to achieve growth or retain market share.
