Start as an entrepreneur #1
Hey ! whats up guys .
I know it's been a while since the first but but but i promise from today at least one post a day. That being said let's jump right in today subject.
There is a lot people that want to launch their own business but the don't really the five phases of a business life. so today we will review those steps starting with
I - The pre-launch
It's a bit of a mess where you have a vision but you didn't really build anything yet or sell anything. you have spotted an opportunities and planning to take avantage of it but you still gathered the ressources to make it happen. At this stage entrepreneurs are probably by themselves or with one or two co-founder who are probably their friends. this part is all about mental, research and focus.
II - The startup
This stage is about starting up (no pun intended) you take everything you done it the previous stage and actually start doing it. You start to find customers and the first bucks starts to get in. You start maybe hire employees reach contractor and look for investors. At this stage the entrepreneur is everything in the business they doing sells , management , take care of the customers ,orders , really anything that's necessary, you fit any role in the business. It's interesting to note that 90% of startups fails for variations reasons like entrepreneurs that are not willing enough give up as the face growing pain or to much work and stress, their product is not good enough or simply the lack of customers/investors
iii- The growth
After you survive the startup phase it's generally the growth phase were you start hire more and more employees, you have more and more clients and you revenues goes skyrocket. you spend more and more money on advertising and marketing and maybe you enter in the stock market. at this stage the entrepreneur may run the company as the CEO and only deals with high level executives or take a major step back and hire a professional CEO.
IV - Maturity
This stage makes up the majority of the company you know such as coca-cola, microsoft or anything S&P 500 company is at a mature stage. You are in multiple cities and countriesand have multiple offices. you at the point where the company is still growing but the growing is slowing down. Peoples in the world your company and consumes your products or services. The entrepreneur has the same role in the maturity and growth phase
V - The downfall
Decline typically happened when the market of a product or a service is so well developed or
so saturated that the profitability is taken out of the market and the company who was selling that product start losing sells and profit. company in this case try to innovate with new products or try to reach another market or even pivot in a whole other sector
As we saw the entrepreneur is really really important in the two first stage way less in the third part and almost useless in the two last phase
That's it for today hope that it was useful thanks