Allan 1987 stages in starting a new ventures
Allan 1987 stages in starting a new venture:
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Pre-Planning Stage: This stage involves identifying the need for a new venture, researching the market, and developing a concept for the business.
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Planning Stage: In this stage, the entrepreneur develops a detailed business plan, including goals, objectives, strategies, and financial projections.
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Organization Stage: The entrepreneur establishes the legal structure of the business, obtains necessary licenses and permits, and sets up the organizational framework.
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Resource Mobilization Stage: The entrepreneur secures the necessary resources, including funding, equipment, and personnel, to start and operate the business.
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Launch Stage: The entrepreneur launches the business, introduces the product or service to the market, and begins to generate revenue.
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Establishment Stage: The entrepreneur establishes the business, sets up operations, and begins to build a customer base.
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Growth Stage: The entrepreneur grows the business, expands the product or service offerings, and increases the customer base.
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Maturity Stage: The entrepreneur stabilizes the business, refines the operations, and focuses on maintaining the customer base.
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Decline Stage: The entrepreneur faces declining sales, profits, and market share, and must decide whether to divest, restructure, or close the business.
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Exit Stage: The entrepreneur exits the business, either by selling it, merging it with another company, or closing it down.
These stages are not necessarily linear, and entrepreneurs may move back and forth between them as they navigate the challenges and opportunities of starting and growing a new venture.