Insights On The Five Stages Of Small Business Growth

Even during the best of times, starting a small business is tough. During the Covid-19 pandemic, it became a quest for survival. Whilewere closed amid the lockdowns, many have reopened their doors or launched anew as consumer demand roars back.

Each of the 31.7 million small businesses in the U.S. has its own unique flavor, challenges and path to success. Some never expand beyond a single founder; others could scale to become the next unicorn. Along the way, many founders will face common sets of challenges as they reach new levels of success.

For that reason, we’ve decided to bring you some real-life examples that illustrate the five stages of small business growth: existence, survival, success, take-off and resource maturity.researchers Neil C. Churchill and Virginia L. Lewis in 1983. Our goal is to bring each stage to life and start a conversation around the opportunities and experiences that business leaders encounter.

Every day this week, we’ll bring you insights from our contributors on each stage of growth. Today, we start at the beginning: the initial stage of launching a business and figuring out everything from product fit to customer acquisition.

Thanks for sharing forbes

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Agile: Taking Your Small Business To The Next LevelTake your small business to the next level with this business process methodology:
Source: Forbes - 🏆 394. / 53 Read more »

Opinion: 401(k) red flags a small-business owner should see — before the IRS doesOPINION: If you're a small-business owner, you should pay special attention to Form 5500, which details the health of your company’s 401(k) retirement plan. And not one, but two government agencies look at it every fiscal year, Amanda Thurman writes. thanks
Source: MarketWatch - 🏆 3. / 97 Read more »