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  • Essay / The Entrepreneurship Life Cycle - 1177

    This stage of development depends greatly on how customers have adopted the products and services offered by the company. Entrepreneurs should consider meeting new customer demands by adopting new technologies from the start. Building trust with available customers in terms of meeting their demands and expanding the company's network by seeking new opportunities is at the heart of business development. By testing potential product and service development, the entrepreneurial firm can better evaluate and plan for future success. It also brings together design, thinking and methodology, making it easier for stakeholders to propose creative development during the discussion process to meet customer needs. This is best illustrated by Apple's evolution from a struggling personal computer company in its early days to the integrated consumer electronics giant it is today. This is largely determined by managing cash flow from key business activities to enable the business to grow its operations and reach. At this stage, the business is mainly managed by the efforts of an individual entrepreneur with a lot of risk, especially for small businesses, with the risk being slightly reduced for large businesses (Andries and Debackere, 2007). Once the business has been launched at the startup stage, it can grow to a reasonable size depending on the