Entrepreneurship Lessons for Success (Collection)

Truth 50. Stages of growth: More opportunities, more challenges

The majority of businesses go through a discernible set of stages referred to as the organizational life cycle. These stages include introduction, early growth, continuous growth, maturity, and decline. Each stage must be managed differently. Business owners need to be familiar with these stages, along with the unique opportunities and challenges that each stage entails.

The introduction, early growth, and continuous growth stages are focused on here.

Introduction

This is the start-up phase where a business determines what its core strengths and capabilities are and starts selling its initial products or services. It’s a hands-on phase for the owner, who is normally ...