Entrepreneurship, Second Edition

14.3. The Growth Process

Figure 14.3 shows the challenges associated with the four driving forces outlined in Figure 14.2, and the key imperatives the firm needs to address to achieve overall balance among the forces.^[] The table differentiates between a venture's early and later growth stages. This distinction is important because the problems facing a company at an early stage of growth are different from those it faces later, and therefore the decisions and solutions will change. By knowing where the organization stands in the life cycle, an entrepreneur can tell which problems are normal and which require special attention. For example, while an entrepreneur needs to focus her firm's strategy during early growth, she will need to look toward expansion in later growth stages.