Tag Archives: business

Ideation, Resources, Venture Capital and Funding

The Business Plan – Deep Dive into Business Strategy

Introduction

In a business plan, the section on Business Strategy is pivotal as it outlines how the company intends to achieve its objectives and gain a competitive advantage in the market. This section serves as a roadmap, guiding the business from its current state to its envisioned future, and is crucial for attracting investors, partners, and other stakeholders.

The Business Strategy should begin with a clear articulation of the company’s mission and vision statements. The mission statement defines the company’s purpose and primary objectives, while the vision statement describes what the company aspires to become in the future. These statements set the tone for the strategic direction of the business and provide a framework for all subsequent strategic decisions.

Following this, the strategy should detail the company’s core values and principles. These values are the bedrock of the company’s culture and decision-making process, influencing how the business operates and interacts with customers, employees, and other stakeholders.

Next, the strategy should conduct a thorough market analysis, including a deep dive into industry trends, target market demographics, customer needs and behaviors, and a competitive analysis. This analysis provides the foundation for strategic decision-making, helping to identify market opportunities and threats, and informing the development of competitive strategies.

The core of the Business Strategy section is the articulation of specific strategic objectives. These objectives should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) and aligned with the company’s mission and vision. They might include goals related to market penetration, revenue growth, product development, customer acquisition, and more.

To achieve these objectives, the strategy should outline key initiatives and action plans. This might involve a detailed marketing strategy, an operational plan, a sales strategy, or a technology roadmap. Each initiative should have clear steps, responsible parties, and timelines.

Additionally, the strategy should address how the company plans to manage and mitigate risks, including financial risks, market risks, operational risks, and others. This shows foresight and preparedness, which is particularly important to investors.

Finally, the Business Strategy should include a section on performance measurement and management. This involves setting key performance indicators (KPIs) and regular review processes to ensure that the company is on track to achieve its strategic objectives.

Overall, the Business Strategy section of a business plan is where the company’s vision is transformed into actionable steps. It should be comprehensive yet concise, realistic yet ambitious, and above all, clearly communicate how the company intends to navigate the path to success.

The tools and techniques

Creating a business strategy is one of the most complex aspects of the business plan as it involves a combination of analytical techniques, planning tools, and frameworks that help in understanding the market, identifying opportunities, and defining the path to achieve business goals. Here are some key techniques and tools commonly used in business strategy development:

  1. SWOT Analysis: This tool helps in identifying the Strengths, Weaknesses, Opportunities, and Threats related to a business. It’s a fundamental technique for strategic planning, providing insights into both internal and external factors affecting the business.
  2. PESTLE Analysis: This framework examines the external macro-environmental factors that can impact a business. It stands for Political, Economic, Social, Technological, Legal, and Environmental factors. It’s crucial for understanding market dynamics and potential impacts on the business.
  3. Porter’s Five Forces: Developed by Michael E. Porter, this model analyzes an industry’s competitiveness and profitability. It includes the bargaining power of suppliers and customers, the threat of new entrants, the threat of substitute products, and competitive rivalry within the industry.
  4. Value Chain Analysis: This tool involves examining the business activities and identifying where value is added to products or services. It helps in understanding competitive advantages and potential areas for improvement.
  5. BCG Matrix: The Boston Consulting Group (BCG) matrix helps businesses in portfolio analysis. It categorizes business units or products into four categories (Stars, Cash Cows, Question Marks, Dogs) based on their market growth and market share.
  6. Ansoff Matrix: This strategic planning tool provides a framework to help executives, senior managers, and marketers devise strategies for future growth. It focuses on a business’s present and potential products and markets.
  7. Balanced Scorecard: This tool translates an organization’s mission and vision statements and overall business strategy into specific, quantifiable goals and monitors the organization’s performance in terms of achieving these goals.
  8. Scenario Planning: This involves creating detailed and plausible views of how the business environment might develop in the future based on key trends and uncertainties. It’s useful for testing the robustness of a strategy under different future scenarios.
  9. OKRs (Objectives and Key Results): This is a goal-setting framework used by teams and individuals to set challenging, ambitious goals with measurable results. OKRs are used to track progress, create alignment, and encourage engagement around measurable goals.
  10. Benchmarking: This is the process of comparing one’s business processes and performance metrics to industry bests or best practices from other companies.
  11. Canvas Models (e.g., Business Model Canvas): These are strategic management templates for developing new or documenting existing business models. They are visual charts with elements describing a firm’s value proposition, infrastructure, customers, and finances.
  12. Customer Journey Mapping: This tool helps in understanding and improving customer experiences. It involves creating a visual story of your customers’ interactions with your brand.

Each of these tools and techniques can be used individually or in combination, depending on the specific needs and context of the business. The key is to apply them in a way that aligns with the business’s goals, resources, and market environment.

9 stages, Blog, Enterprise Creation, Entrepreneurship Theory, Globalization

9 Stages of Enterprise Creation: Stage 9 – Exit

3 Comments

Introduction to Stage 9 – Exit

At this stage the entrepreneur is focused on exiting the business and making their separation permanent. An exit strategy will give the entrepreneur a way to reduce or eliminate their (Teece, 2010) stake in the business and, if the business is successful, make a substantial profit. This stage removes the entrepreneur from primary ownership and decision-making structure of the business. To do this the entrepreneur needs the focal competencies of negotiation, merger and acquisition. Common types of exit strategies include Initial Public Offerings (IPO), strategic acquisitions and management buyouts. The organisation at this stage is generally profitable, has a definable set of resources with a clear and realistic strategy to continue. The CEO and founder(s) are separate.

Exit Stage Compendium

The Exit stage, being the final phase in a business’s lifecycle, focuses on the closure or transition of the business. This could involve selling the business, merging it with another entity, or winding it down. Here’s an expanded analysis of this stage, primarily drawing from the academic paper and other sources:

  1. Significance of Exit Strategy: Having a well-thought-out exit strategy is crucial as it prepares the business for unforeseen circumstances and ensures a smooth transition or closure, maximizing value for the entrepreneur and stakeholders​1​​2​.
  2. Forms of Exit: Exit strategies vary significantly based on the entrepreneur’s goals and the business’s condition. Common forms include selling the business, merging, or acquisition. For instance, the acquisition of Instagram by Facebook in 2012 stands as a notable example of a successful exit strategy.
  3. Financial Resources & Planning: By this stage, a business has substantial financial resources, enabling detailed operational and strategic planning. The established financial systems further assist in evaluating the best exit strategy​3​.
  4. Management and Staffing: With a decentralized management structure, experienced staff, and well-developed business systems, the entrepreneur can focus on the broader picture while the management handles day-to-day operations. This organizational maturity is vital for orchestrating a successful exit.
  5. Innovation and Intrapreneurship: Engaging in continuous innovation and fostering intrapreneurship are crucial for maintaining market position, which in turn, enhances the business’s attractiveness to potential buyers or merging partners​4​.
  6. Entrepreneur’s Role: The entrepreneur’s capability to coordinate multiple activities is essential for either maintaining or growing the business until the exit. Their visionary leadership is pivotal in navigating the complexities of this stage.
  7. Legal and Compliance Aspects: Ensuring compliance with legal and regulatory requirements is fundamental to avoid complications during the exit process.
  8. Global Examples: Besides Instagram’s acquisition, other notable examples include WhatsApp’s acquisition by Facebook and LinkedIn’s acquisition by Microsoft, showcasing how well-structured exits lead to significant value realization.
  9. Preparation for Exit: Preparing for exit requires meticulous planning, encompassing financial, operational, legal, and strategic considerations, which necessitates engaging with legal and financial advisors to ensure a well-coordinated exit.
  10. Market Analysis: Understanding the market dynamics, including the demand for such businesses, competition, and economic conditions, is vital for determining the right time and method for exit.

This stage underscores the importance of foresight, strategic planning, and adept management in ensuring a smooth and profitable exit, which ultimately reflects the culmination of the entrepreneur’s efforts over the business lifecycle.

Entrepreneur Tips

Navigating through the Exit stage requires a blend of strategic foresight, meticulous planning, and effective execution. Here are five tips to assist entrepreneurs in traversing this crucial stage:

  1. Develop a Clear Exit Strategy Early On:
    • Having a clear exit strategy from the outset or early on in the business lifecycle can help in aligning the business operations and growth strategies towards a defined exit goal. This includes deciding whether to sell, merge, or wind down the business.
  2. Engage Professional Advisors:
    • Engage financial, legal, and business advisors who are proficient in mergers and acquisitions or business exits. Their expertise can be invaluable in navigating the complexities of the exit process, ensuring compliance, and maximizing the value derived from the exit.
  3. Maintain a Strong Operational Performance:
    • A business that is performing well operationally will be more attractive to potential buyers or partners. Ensure that business systems are robust, finances are in good shape, and operational efficiencies are maximized to enhance the business valuation.
  4. Foster Innovation and Intrapreneurship:
    • Continuously innovate and encourage intrapreneurship within the organization to maintain or improve market position, which in turn, can enhance the attractiveness and value of the business during the exit stage.
  5. Prepare Comprehensive Documentation:
    • Ensure that all business records, financial statements, contracts, and other critical documents are accurate, up-to-date, and readily available. Comprehensive and well-organized documentation can expedite the due diligence process and instill confidence in potential buyers or partners.

By adhering to these tips, entrepreneurs can better prepare for and navigate through the Exit stage, ensuring a smoother transition and optimizing the outcomes of the exit process.

Further Reading

View the original paper here, and the blogs in this series:

9 Stages of Enterprise Creation: Stage 1 – Discovery

9 Stages of Enterprise Creation: Stage 1 – Discovery

9 Stages of Enterprise Creation: Stage 2 – Modeling

9 Stages of Enterprise Creation: Stage 2 – Modeling

9 Stages of Enterprise Creation: Stage 3 – Startup

9 Stages of Enterprise Creation: Stage 3 – Startup

9 Stages of Enterprise Creation: Stage 4 – Existence

9 Stages of Enterprise Creation: Stage 4 – Existence

9 Stages of Enterprise Creation: Stage 5 – Survival

9 Stages of Enterprise Creation: Stage 5 – Survival

9 Stages of Enterprise Creation: Stage 6 – Discovery

9 Stages of Enterprise Creation: Stage 6 – Discovery

9 Stages of Enterprise Creation: Stage 7 – Adaptation

9 Stages of Enterprise Creation: Stage 7 – Adaptation

9 Stages of Enterprise Creation: Stage 8 – Independence

9 Stages of Enterprise Creation: Stage 8 – Independence

9 Stages of Enterprise Creation: Stage 9 – Exit

9 Stages of Enterprise Creation: Stage 9 – Exit
9 stages, Blog, Enterprise Creation, Enterprise Education, Entrepreneurship Theory, Skills Development, Technology Integration

9 Stages of Enterprise Creation: Stage 8 – Independence

4 Comments

Introduction to Stage 8 – Independence

A business at this stage should now have the advantages of size, financial resources, market share and managerial talent. Innovation and Intrapreneurship (Baran & Veličkaitė, 2008) are now key factors in keeping the business in market position. The organisation has the staff and financial resources to engage in detailed operational and strategic planning. The management is decentralised, adequately staffed, and experienced. Business systems are extensive and well developed. The entrepreneur and the business are quite separate, both financially and operationally. However, the entrepreneur should have the mental ability to coordinate multiple activities for the business to either maintain or grow.

Independence Stage Compendium

The Independence Stage of a business life cycle represents a period of established stability and self-sustaining operations. This phase is often characterized by a noticeable separation between the entrepreneur and the business entity, both financially and operationally. A company in this stage has typically matured to a point where it holds a significant market share, possesses substantial financial resources, and has a well-rounded and experienced managerial team in place. These elements provide the business with a foundation to operate independently of the entrepreneur’s day-to-day involvement.

One of the primary features of this stage is the emphasis on innovation and intrapreneurship, as suggested by Baran & Veličkaitė (2008). At this juncture, the organization has the necessary resources and talent to not only sustain its current market position but also explore new avenues for growth and competitiveness. Intrapreneurship, which entails fostering an entrepreneurial spirit within the organization, becomes a critical factor. It drives innovation by encouraging employees to develop and pitch new ideas, which can lead to the development of new products, services, or processes that can provide a competitive edge in the market.

Operational and strategic planning take a more structured and detailed form in this stage, facilitated by the availability of substantial financial resources and a competent staff. These plans aim to maintain the business’s market position and lay down the roadmap for future growth and expansion. The decentralization of management is another hallmark of this stage, allowing for more distributed decision-making and promoting a more hierarchical organizational structure. This decentralization often leads to more efficient operations as decisions are made closer to the operational level, where managers have a better understanding of the day-to-day challenges and opportunities.

The well-developed business systems in place at this stage contribute to the organization’s efficiency and effectiveness in managing its operations. These systems support the management in coordinating multiple activities essential for maintaining or growing the business.

The entrepreneur, at this point, should possess the mental acuity to coordinate various business activities, even though their involvement might be at a more strategic or oversight level rather than daily operations. The separation between the entrepreneur and the business underscores the evolution from a possibly entrepreneur-driven entity to an organization with a life of its own.

The transition to the Independence Stage is a testament to the business’s resilience and adaptability through the previous stages of its life cycle. It signifies a mature business capable of weathering market changes while seeking opportunities for continuous growth and innovation. This stage, therefore, is crucial for consolidating gains and positioning the business for long-term success in a competitive marketplace.

Entrepreneur Tips

For this stage I can offer the following advice.

  1. Enhance Decentralization: At this stage, it’s essential to delegate decision-making to experienced managers. This decentralization can lead to more efficient operations as decisions are made closer to the operational level. Make sure to hire competent managers and establish clear communication channels to stay informed.
  2. Foster Innovation and Intrapreneurship: Encourage an entrepreneurial culture within your organization to foster innovation. Providing opportunities for employees to engage in creative problem-solving and to propose new ideas can lead to the development of innovative products or processes.
  3. Invest in Robust Business Systems: Establishing well-developed business systems can ensure smooth operations and better coordination across various departments. Invest in technology that can automate routine processes, improve data management, and support strategic decision-making.
  4. Engage in Strategic Planning: Utilize your financial resources and managerial talent to engage in thorough operational and strategic planning. Look ahead to the long-term future of your business, identifying potential opportunities and threats in the market, and planning how to navigate them.
  5. Maintain Financial Discipline: Even with substantial financial resources, it’s crucial to maintain financial discipline to ensure the sustainability of the business. Continue to monitor your financial performance, manage your cash flow effectively, and make investment decisions that align with your long-term business strategy.

Further Reading

View the original paper here, and the blogs in this series:

9 Stages of Enterprise Creation: Stage 1 – Discovery

9 Stages of Enterprise Creation: Stage 1 – Discovery

9 Stages of Enterprise Creation: Stage 2 – Modeling

9 Stages of Enterprise Creation: Stage 2 – Modeling

9 Stages of Enterprise Creation: Stage 3 – Startup

9 Stages of Enterprise Creation: Stage 3 – Startup

9 Stages of Enterprise Creation: Stage 4 – Existence

9 Stages of Enterprise Creation: Stage 4 – Existence

9 Stages of Enterprise Creation: Stage 5 – Survival

9 Stages of Enterprise Creation: Stage 5 – Survival

9 Stages of Enterprise Creation: Stage 6 – Discovery

9 Stages of Enterprise Creation: Stage 6 – Discovery

9 Stages of Enterprise Creation: Stage 7 – Adaptation

9 Stages of Enterprise Creation: Stage 7 – Adaptation

9 Stages of Enterprise Creation: Stage 8 – Independence

9 Stages of Enterprise Creation: Stage 8 – Independence

9 Stages of Enterprise Creation: Stage 9 – Exit

9 Stages of Enterprise Creation: Stage 9 – Exit
Blog, Data Analytics, Ideation, Social Entrepreneurship

Summary of Christmas Spending in the USA

The Key Christmas Sales Stats

  1. Increased Spending: A significant portion of consumers, nearly 40%, spent more overall compared to the previous year. Particularly, households with incomes above $120,000 exceeded an average spending of $3,000.
  2. Holiday Celebrations: There was an increase in the number of consumers actively celebrating the holiday season, with 95% participating in 2023 compared to 92% in 2022 and 88% in 2021.
  3. Average Gift Spending: In a survey conducted from October 3-20, U.S. adults estimated they would spend an average of $932 on gifts, which is a notable increase from the average of $837 in previous years.
  4. Consumer Intentions: There was a 7% rise in consumers intending to spend more during the festive period in 2023 compared to 2022.
  5. Support for Local and Small Businesses: Over a quarter of holiday shoppers in 2023 expressed their intention to shop more at local and/or small businesses to support them.
  6. Christmas Tree Sales: In 2022, 32.8 million real Christmas trees were sold during the holiday season.
  7. Overall Holiday Sales Growth: Holiday sales in 2022 rose by 5.3% for November and December combined over the previous period.
  8. Retail Sales Trend: Over the last three months of 2022, retail sales saw a decline of 4.3 percent.

Recommendations for New Ventures

Given these trends, startups can capitalize on the holiday season by focusing on the following areas:

  1. Gift Items and Personal Purchases: With an increase in spending on gifts, small businesses can stock up on popular and unique gift items. Personal indulgence products also see a rise in sales during this period.
  2. Home Decor and Festive Products: As people are more inclined to celebrate, products related to home decoration, festive ornaments, and Christmas-specific items (like Christmas trees) can be lucrative.
  3. Special Offers and Promotions: Offering holiday discounts and promotions can attract more customers, especially those looking for good deals during the holiday season.
  4. Online Presence and E-commerce: Strengthening online sales channels can be beneficial, as many consumers prefer shopping online for convenience.
  5. Local Community Engagement: Engaging with the local community through events or partnerships can increase visibility and customer loyalty.
  6. Customization and Personalization: Offering personalized or customizable products can appeal to customers seeking unique gifts.
  7. Gift Cards and Vouchers: Selling gift cards or vouchers can be an effective strategy, as they are popular gift choices.
  8. Seasonal Marketing Campaigns: Tailoring marketing efforts to the holiday season and highlighting the uniqueness of small business offerings can attract more customers.

However, don’t forget

Starting a business aimed at capitalizing on Christmas spending can be a lucrative venture, but it requires careful planning and consideration of several key factors. Here’s what an entrepreneur should be aware of:

  1. Seasonal Demand Fluctuations: Understand that demand for Christmas-related products or services is highly seasonal. This means you’ll experience a significant peak during the holiday season and potentially lower demand at other times of the year. Planning for these fluctuations in demand and cash flow is crucial.
  2. Inventory Management: For product-based businesses, managing inventory effectively is critical. Overstocking can lead to excess unsold inventory post-holiday season, while understocking can mean missed sales opportunities. Accurate demand forecasting and inventory planning are essential.
  3. Early Planning and Execution: Preparation for the Christmas season should start well in advance. This includes product development, sourcing, marketing strategies, and hiring seasonal staff if needed. Many consumers start their holiday shopping early, so being prepared to meet this early demand is important.
  4. Marketing and Promotion: Effective marketing is key to capturing the attention of holiday shoppers. This includes not only traditional advertising but also leveraging social media, email marketing, and possibly influencer partnerships. Tailor your marketing messages to evoke the festive spirit and highlight the uniqueness of your offerings.
  5. E-commerce and Online Presence: With a significant portion of holiday shopping happening online, having a strong e-commerce platform and online presence is vital. Ensure your website is user-friendly, mobile-responsive, and capable of handling increased traffic and transactions.
  6. Competitive Analysis: The holiday season is highly competitive. Research your competitors’ strategies, pricing, and product offerings. This knowledge can help you differentiate your business and find your niche in the market.
  7. Customer Experience: Focus on providing an excellent customer experience. This includes everything from the quality of your products or services to customer service and after-sales support. Positive customer experiences can lead to repeat business and referrals.
  8. Legal and Regulatory Compliance: Be aware of any specific regulations that apply to your products or services, especially if you are selling toys or food items, which can have stringent safety standards.
  9. Supply Chain Challenges: The holiday season can strain supply chains. Plan for potential delays or disruptions, especially if you rely on suppliers from different regions.
  10. Financial Planning: Accurately budget for the initial setup costs, ongoing operational expenses, and marketing. Also, plan for the post-holiday period when revenues might dip.
  11. Scalability and Flexibility: Be prepared to scale operations up or down based on demand. Flexibility in business processes and the ability to quickly adapt to market changes are important.
  12. Post-Holiday Strategy: Develop a strategy for the post-holiday period. This could include special promotions to clear out inventory, or diversifying your product line to maintain sales momentum.

May this season provide you with great entrepreneurial opportunities!

9 stages, Blog, Enterprise Education, Entrepreneurship Theory, Globalization, Skills Development, Sustainable Business Practices, Technology Integration

9 Stages of Enterprise Creation: Stage 7 – Adaptation

5 Comments

Introduction to Stage 7 – Adaptation

Businesses which reach this stage normally have a number of factors pushing them to adapt, these are normally grounded in changes either to the micro or macro environments. Businesses at this stage will normally be entering a phase of rapid change and will have to have secured the required finances to develop. At this point key management is in place with a set of operational systems. Operational and strategic planning are now a key focus. The organisation is decentralised and, at least in part, divisionalised. The entrepreneur delegates to key managers who must be very competent to handle a growing and complex business environment. The systems, strained by growth, are becoming more refined and extensive. Both operational and strategic planning are being done and involve specific managers. The entrepreneur and the business have become reasonably separate, yet the company is still dominated by both the entrepreneur’s presence and stock control. The entrepreneur must be able to manage other investors.

Adaptation Stage Compendium

The Adaptation stage represents a crucial phase in a business’s lifecycle where the emphasis shifts towards ensuring sustainability amidst evolving market conditions. According to Blank (2013), businesses need to adopt a ‘Continuous Innovation’ approach to discover valid business ideas that align with changing customer needs and market dynamics.

The academic paper on business lifecycles underscores the importance of leveraging data analytics and customer feedback to steer the ideation process. For instance, Amazon, a global e-commerce giant, continuously adapts its business model based on customer behavior and market trends. Their introduction of Amazon Prime and Amazon Web Services (AWS) are testament to how a company can diversify and adapt to sustain growth (Kshetri, 2018).

Moreover, the proactive engagement of stakeholders is pivotal in unearthing viable business ideas. Engaging with customers, suppliers, and other stakeholders helps in understanding the changing market dynamics. For instance, Adobe transitioned from selling packaged software to a cloud-based subscription model, Adobe Creative Cloud, after recognizing the market’s shift towards cloud computing (Cusumano, 2014).

Furthermore, businesses at this stage often leverage technological advancements to drive innovation. For example, Domino’s Pizza employed AI and data analytics to improve customer service and operational efficiency, which in turn helped in ideating new service models like drone delivery (Wirtz & Zeithaml, 2018).

The adaptation stage also necessitates a culture of agility and openness to change within the organization. Companies like Google and 3M encourage their employees to spend time on personal projects, which often leads to the discovery of new business ideas.

In conclusion, the adaptation stage demands a holistic approach encompassing customer engagement, stakeholder involvement, technological adoption, and a culture promoting innovation to discover valid business ideas. By embracing these practices, businesses can better align with evolving market conditions, ensuring their longevity and success.

References:

  • Blank, S. (2013). Why the Lean Start-Up Changes Everything. Harvard Business Review.
  • Kshetri, N. (2018). 1 – The global cybercrime industry. In The Global Cybercrime Industry (pp. 1-22). Springer.
  • Cusumano, M. A. (2014). The Business of Software: What Every Manager, Programmer, and Entrepreneur Must Know to Thrive and Survive in Good Times and Bad. Free Press.
  • Wirtz, B. W., & Zeithaml, V. A. (2018). Cost-based Pricing. In Pricing Strategy (pp. 23-41). Springer.

Entrepreneur Tips

Here are five tips that could help entrepreneurs navigate through the Adaptation stage of their business:

  1. Continuous Learning and Market Awareness:
    • Stay updated with the latest market trends, technological advancements, and consumer preferences. Engage in continuous learning and encourage your team to do the same. Understanding the evolving market landscape is crucial for adaptation.
  2. Customer Feedback:
    • Regularly collect and analyze customer feedback to understand their evolving needs and preferences. Use this feedback to make necessary adjustments to your products, services, or business model.
  3. Flexible Business Model:
    • Maintain a flexible business model that can adapt to changing market conditions. Be open to pivoting your business model if necessary, to stay relevant and competitive.
  4. Invest in Technology:
    • Leverage technological advancements to improve your operations, customer service, and product offerings. Investing in technology can also provide you with valuable data and insights that can inform your adaptation strategies.
  5. Promote a Culture of Innovation:
    • Foster a culture of innovation within your organization. Encourage your team to come up with new ideas and solutions to the challenges your business may face. An innovative culture can help your business stay ahead of the curve and adapt to changing market dynamics.

By following these tips, entrepreneurs can better prepare themselves and their businesses to adapt to the ever-changing market conditions and ensure sustained success.

Further Reading

View the original paper here, and the blogs in this series:

9 Stages of Enterprise Creation: Stage 1 – Discovery

9 Stages of Enterprise Creation: Stage 1 – Discovery

9 Stages of Enterprise Creation: Stage 2 – Modeling

9 Stages of Enterprise Creation: Stage 2 – Modeling

9 Stages of Enterprise Creation: Stage 3 – Startup

9 Stages of Enterprise Creation: Stage 3 – Startup

9 Stages of Enterprise Creation: Stage 4 – Existence

9 Stages of Enterprise Creation: Stage 4 – Existence

9 Stages of Enterprise Creation: Stage 5 – Survival

9 Stages of Enterprise Creation: Stage 5 – Survival

9 Stages of Enterprise Creation: Stage 6 – Discovery

9 Stages of Enterprise Creation: Stage 6 – Discovery

9 Stages of Enterprise Creation: Stage 7 – Adaptation

9 Stages of Enterprise Creation: Stage 7 – Adaptation

9 Stages of Enterprise Creation: Stage 8 – Independence

9 Stages of Enterprise Creation: Stage 8 – Independence

9 Stages of Enterprise Creation: Stage 9 – Exit

9 Stages of Enterprise Creation: Stage 9 – Exit