In our day to day life, we see many shops around our area and listened to the companies, etc. we called it business or enterprise. In another language, we can also say that entrepreneurship is another name of the business. The one who does business and takes the responsibility of all the profits and losses is known as “Entrepreneur”. Here are the stages of entrepreneurship that helps you.
Entrepreneurship is about helping society by figuring out a wonderful idea and do such planning, organizing, and putting it into real life. If you see that people’s many problems are solved by your product then you are on the way of success.
Now, let’s discuss more the entrepreneurship by understanding stages of entrepreneurship:-
Stage 1: The Birth of Your Start-up
This is the first stage of your entrepreneurship cycle. In this stage, you are fulfilled with lots of emotions like excitement, happiness, confusion, etc. In every startup, there is a risk factor that “business will grow or not if I start”. This all starts with a big idea to help society. Everything is waste if your idea is not good. A good idea is required to grow your business and a good idea can only come out by studying and researching your niche.
Stage 2: Surviving and Growing of Your Business
Every business has a few main objectives like “Social Objective”, “Organisational Objective”, “Personal Objective”. When you have successfully established your business or company then you can relate that you are in a competition. Other companies that sell the same products are your competitors and you have to survive in this environment. If anyone starts a business then its main motive is to earn “maximum profit”. If a company or business earns maximum or average profit then it is possible that its business can reach the top.
Stage 3: The Hyper Stage
At this stage, you have to be very careful about the business because many of the businesses were finished due to some reasons. Let’s understand it in deep i.e., it is the time when your company or business gets explosive growth and you are very happy at this point in time. Many of the entrepreneurs become overconfident or careless about the business. They slowly finished their consistency of the activities. So if you want to cross this stage you have to be very stable when you got growth in the business.
Stage 4: The Prime Stage
It is a very important stage of entrepreneurship because at this stage you are very near to success. You have little much goodwill in the market and slowly-slowly people are starting to know about your product or services. At this stage you have to do one thing i.e., make bonds with the successful companies and getting into the partnership with the companies. It is because if you are in relation to the successful companies then your growth opportunities will increase rapidly.
Stage 5: Aging and Early Decline
It is the stage where your product is a very demanding item in the market and suddenly a new company arises and launches its product and after a few times it becomes demanding than your product and your company starts getting down or in a loss situation. It is the time when you can leave the business early and you can start a new startup with the new ideas.
Stage 6: Illness and Rapid Decline
This stage of entrepreneurship comes when you are not properly focusing on the objectives of the business and regularly doing procrastination about the business activities which leads to a big decline in the growth of the business. Other unusual activities occur due to inconsistency like fear and doubt in setting the goals, etc. So the conclusion of this stage is that if you are an entrepreneur then you have to do duties like an entrepreneur otherwise you see a rapid decline.
Stage 7: Death
If you are thinking that this stage is related to the death of the owner or entrepreneur then you are wrong. Now, I tell you that this stage is related to the death of the “business”. Now I know you are thinking that how will a business can die… Business can die when your ideas are flopping and you are not able to achieve your desired goals. Business or company starts taking loans or borrowing money to save their business but everything is happening opposite of your thinking that’s why you have to close your business because you have not much more funds left.
Now after all the discussion it concludes that a business is all based on a “powerful and stressful idea” these are stages of entrepreneurship.