In particular, there is one classic model of business growth devised by academics Neil C. Churchill and Virginia L. Lewis in a 1983 Harvard Business Review. Their five stages of business growth are existence, survival, success, take-off and resource maturity.
It all starts with existence and the fundamental test to determine and solidify market fit for your product or service. When every new business launches, they are truly in the startup mode of stage 1. They do whatever it takes to build awareness and grow their customer base! The ownership may be an individual who opens a small, local business .
No matter what the product or service, priority no. 1 is identifying and growing the target customer base to best evaluate market fit. No business of any size operates without a customer base.
The importance of market fit is constant. It begins even before the new business opens it’s doors and never really goes away. In many ways, it is a fundamental requirement to determine if or when the startup business is even able to move to the next stage of growth.
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Source: Forbes - 🏆 394. / 53 Read more »