BUSINESS DEVELOPMENT

Stages of Business Development

Stages of Business Development

Introduction

Business requires continuous changes according to dynamic environment. Business should be treated differently at every stage of business development (Buhler, 2001). Focus should be making business profitable at every stage of development cycle. A business goes through stages of expansion similar to the cycle of life from toddler to children. Parenting guidance that work for toddler cannot be applied to your teenager (Zahorsky, 2011). So keeping in view the business and competition, decisions should be taken accordingly.

Stages of Business Development

After understanding of business development, now we look at the different stages of Business Development. According to Zahorsky there are seven stages of business development. Every business has to go through this life cycle (Zahorsky, 2011).Stage 1: Seed

When an entrepreneur thinks of starting a new business it's a Seed stage. When thoughts about starting a new business come to mind it means an inception of new business is about to come. This is just thought or an idea. The main challenge in Seed stage is that the company has to identify its target market. Company does not have much resources, time and money to explore. It has to target specific niche in order to grow in the future. At this stage, the focus of the company is on matching business opportunities with its skills, passions and experience. At this company also decide that which strategy should be followed, advices from business professionals also taken at this stage. Since it's the inception stage, company does not have proven market or customers. In order to start operations business, company relies on cash from owners, friend and family. Money can be obtained from suppliers, banks or government grants. 

Stage 2: Start-UP

After all the brainstorming and taking necessary initiatives, now business is born and exists legally. Company has identified its customers and ...