“In my experience, in Africa there is space for innovation. And you don’t have to look far, especially when you are at a disadvantage. Look around you. You might be experiencing a problem that is a need in the community.” – Sizwe Nzima, founder of Iyeza Express in Khayelitsha, South Africa.
Understanding the different stages of the business lifecycle and the challenges you’ll face at each stage will help you prepare for the opportunities and obstacles that your business will need to conquer in order to succeed.
A business will go through the stages of a business lifecycle similar to a tree’s lifecycle. As a seedling that sprouts and matures, the tree will require different amounts of resources through the stages of its lifecycle. Understanding the different stages of the business lifecycle will help you prepare for the obstacles that your business will need to conquer in order to succeed.
During the growth of a small business, a company will go through the stages of the business life cycle and encounter different challenges that require different financing sources. For example, the business will require a different strategy when it comes to market penetration, business development, and retaining market share. As the business matures, operations and priorities will change therefore requiring business financing to also change as well.
Content source: Sheen Chen