Enterpise life cycle,Motivation.docx

Enterpise life cycle,Motivation.docx - ENTERPRISE LIFE...

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ENTERPRISE LIFE CYCLE All enterprises have a life cycle.You need to be able to anticipate upcoming challenges and financing sources you will need to succeed in each stage of the business lifecycle. 1. Seed Stage The seed stage of your business lifecycle is when your business is just a thought or an idea. This is the very beginning of the business lifecycle, before your startup is even officially in existence. You’ve got your business idea and you are ready to take the plunge. But first you must assess just how viable your startup is likely to be. At this stage, you should garner advice and opinion as to the potential of your business idea from as many sources as possible: friends, family, colleagues, business associates, or any industry specialists you may have access to. Ultimately the success of your business will come down to many factors– including your own abilities, the readiness of the market you wish to enter and, of course, the financial foundation in place (how are you going to finance your launch?). 1
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In some ways, this is the soul-searching phase. It is where you take a step back and consider the feasibility of your business idea, and also ask yourself if you have what it takes to make it a success. 2
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Challenge: Most seed stage companies will have to overcome the challenge of market acceptance and pursue one niche opportunity. Do not spread money and time resources too thin. Focus: At this stage of the business the focus is on matching the business opportunity with your skills, experience, and passions. Other focal points include: deciding on a business ownership structure, finding professional advisors, and business planning . Money Sources: Early in the business life cycle with no proven market or customers the business will rely on cash from owners, friends, and family. Other potential sources include suppliers, customers, and government grants. 2. Start-Up Stage Your business now exists in legal terms. Products or services are in production and you have your first customers . Once you have thoroughly canvassed and tested your business idea and are satisfied that it is ready to go, it’s time to make it official and launch your startup. Many believe this is the most risky stage of the entire lifecycle. It is believed that mistakes made at this stage impact the company years down the line, and are the primary reason why 25% of startups do not reach their fifth birthday. Adaptability is key here, and much of your time in this stage will be spent adjusting your products or services based on the initial feedback of your first customers. It can even get to the point where you are making so many changes to your offering that you start to feel a bit of confusion. The owner at this stage is the business. He/she does everything. Systems and formal planning are minimal and the strategy is mainly to survive. The main advice here is to power through the blurriness, because extreme iterations upfront will naturally seem confusing. Rest assured the clarity will once again come.
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Christopher Reinemann
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