The Entrepreneurship Life Cycle

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Entrepreneurship is the process by which an entrepreneur ventures into a newly created business by focusing on its early stages and its general development process with the aim of making a change, for value, profit or the betterment of society and life. As is typical to the constant changing in the high technology sector, the entrepreneurship lifecycle and the progress undertaken by an entrepreneur is exemplified by Gehrich (2012) This is further expanded on by Andries and Debackere (2007), who outlined the process of initiating the business idea at the start-up, following which what happens during the development process and subsequently the final stage which mark the end of the entrepreneurship life cycle. Apple is a prime example of an entrepreneurial …show more content…

This development stage greatly depends on how customers have adopted the products and services being provided for by the firm. Entrepreneurs should consider meeting new customers’ demands by embracing new technology on the onset. Building the trust with the available customers in terms of meeting their demands and increasing the network of the firm by looking into new opportunities is core for business development. By testing out potential product and services development, the entrepreneurial venture can better gauge and plan for its future success. It also brings together the design, thinking and methodology, thus making it easier for the stakeholders to come up with a creative development during discussion process to meet the needs of the customers. This is perfectly exemplified by Apple’s evolution from a struggling company specialising in personal computers at its beginning, to become an integrated consumer electronics giant it is today. This is determined largely by the cash flow management of key business activities in order to build up the company to scale its operations and reach. At this stage, the enterprise is majorly managed by individual entrepreneur effort with a lot of risk in especially for the small enterprise with the risk involved slightly reduced for larger enterprise (Andries and Debackere, 2007). After the business has been launched at the start-up stage, it may develop into a reasonable size depending on the

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