Startup Life Cycle
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Startup Life Cycle
The rate at which new business emerges is very high in the present world, therefore every entrepreneur needs to have proper knowledge of the business venture they intend to come up with. Before the business is established, there are three important phases of the startup known as the startup life cycle. At every single phase of the startup, several challenges hinder the consistent progress of the business venture (Ewens & Malenko,2020). It is at the startup stage that will determine the viability of the project. The problems associated with the startup stage of the business venture can either break or build the business depending on the way they are handled.
The best approach to succeeding in at the startup, one must be able to understand and interpret all the problems at every stage in the startup life cycle of the project. The three basics stages of the startup life cycle include the seed stage, the early stage, and the late stage. At the seed stage, the entrepreneur is expected to learn the nature of the problem and challenges, research the problem, and come up with a solution to the problems. At the early stage of the startup life cycle, the organization is faced with problems associated with marketing the product. The approach one takes in introducing the product to the market and making it done will determine the success or the failure of the project. Proper marketing will allow the product to penetrate a wider market hence significant market shares. Finally, the management of the organization must be ready to handle the amount of production they choose to. At the late stage, one must be very cautious about the amount of production to reduce unnecessary risks and focus on the factors which will enable the project to survive.
Reference
Ewens, M., & Malenko, N. (2020). Board Dynamics Over the Startup Lifecycle. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3640898