Entrepreneurs often believe that the journey of building a business is a linear one, when in reality it is composed of distinctive phases, each with its own challenges. Recognizing these growth stages can significantly enhance the probability of success since it allows entrepreneurs to concentrate on the most important aspects at each phase. A framework can be beneficial in understanding this entrepreneurial progression which is typically divided into three vital stages: the leap, growth, and scale.
The leap phase is characterized by the entrepreneur’s decision to commence a business. This stage could involve starting the business part-time while still employed or fully immersing oneself in the new venture. The leap phase demands courage, conviction, and risk tolerance. Without taking this leap of faith, the business venture will never materialize. A significant number of entrepreneurs get stuck in this phase due to their inability to implement their ideas into action.
Following the leap phase is the growth stage, where an entrepreneur figures out how to sell their product or service, attract customers, and deliver the service, usually handling most tasks themselves. This stage often involves hiring an assistant or bookkeeper to help with tasks that the entrepreneur may find draining or time-consuming. The primary goal in this growth phase is to establish repeatable systems for sales and delivery