Four Stages of development are common to all entrepreneurial business. An entrepreneunial business is one that creates its own products, does its own marketing, and determines its own destiny.
These four stages are:
1. Infancy: This involves taking your business from an idea to actively generating reasonable cash flows. This stage takes you from zero to $1 million in annual revenue.
2. Childhood: This involves taking your business from $1 million, where there is generally little or no profit, to $10 million in sales, at which point you can expect between $1 million and $2 million a year in profit.
3. Adolescence: This stage takes your business over $10 million threshold to revenues of upto $50 million and annual profits of between $2 million and $5 million.
4. Adulthood: At this stage, your business is free to grow to the $100 million level, which is the goal. At this point, there is nothing stopping the business from growing beyond that as well.
Each of these four stages has its own unique characteristics, problems, challenges, and opportunities.
For example, in the stage one infancy, the main problem is that you won’t really know what you’re doing yet. The main challenge is making the first profitable sale. The main opportunity is achieving the minimum critical mass of customers.
In stage two, childhood, the main problem is that you are only breaking even and may even be losing money. The main challenge is to create many additional profitable products quickly. The main opportunity is to increase cash flow and become profitable.
By the time you reach stage three, adolescence, the main problem is going to be that your systems are strained by growth, and your customers are noticing. Your main challenge is turning what looks like chaos into order. Your main opportunity will be learning how to establish useful protocols and manage processes and procedures.
At stage four, adulthood, your main problem will be that sales begin to slow down or even stall.
The main challenge will be reinvigorating your company so that it is entrepreneurial once again. And your main opportunity will lie in getting the business to run itself so that you can work where, when and how you want to.
To lead an entrepreneurial business to lasting sucess, you need a blueprint to take your business to the next level of its growth.
In this notes you will learn how to:
Indentify where your business is now.
Determine a path to get your business to the next level, and then chart the next path to reach the following level.
Be in charge of all this growth and profit from it.
Surround yourself with helpful, work-loving people.
Swap the job you have now for the very best job in the world.
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