Business Development Life Cycle
A business, it usually undergoes several stages. Business development life cycle needs to be understood by those people who want to engage in the entrepreneurial world.
Knowing these stuffs will let them be guided with the information needed in operating the firm.
Business is generally dynamic. You may encounter changes in it as you go along the way. In a more specific sense, your corporation will experience the so-called business development life cycle. The parts of the cycles are discussed in the next paragraphs.
The Seed and the Start-up Phases
The first phase is referred to as the seed. This is the stage wherein you are just developing the thought in your mind. In creating the concepts that you need, it is a challenge for you to formulate one that has the capacity to surpass the challenges brought by the market.
The second phase is called the start up. This is the phase wherein your venture is already actualized in terms of the operational aspects and legal requirements. This is the period wherein you have built your business until you have your initial customer. The main challenge here for you is to survive out of the little funds that you have.
Growth and Established Phase
The next phase is growth. This is where you already overcame the struggles you have encountered in the first years of your business. The challenge here is for you to surpass the issues that might be faced regarding money and time. What you need to employ is an effective managerial skill in order to sustain the current condition of the business.
The fourth phase is known as the establish phase. At this point, you have already achieved the maturation point of the firm. Here, the business has already been established in routine. The main challenge here is for you to adapt to the changes in the market.
Expansion and Mature Phase
The next phase is called expansion. This is characterized by the growth of the business that you have as well as having established channels for the market. The establish stage is brought by the owner's desire to expand the venture that he presently have.
The main struggle in this stage is on how to have a link in the other markets available. On the other hand, the mature stage can be achieved by the time that the business remains operating out of the unstable condition of the market. The primary struggle here is for you to overcome decrease in profits, sales and unfavorable cash flows.
Last is the exit phase. This is the stage wherein you are cashing out all the efforts that you have invested through the years of your operation. In addition, this also refers to the downfall of the firm. The focus in this stage is for you to have the right company valuation and partner.
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