The entrepreneurial life cycle (2): The seven stages

Please choose the most appropriate answer for each sentence.
  • 1

    Opportunity Recognition: This ..... period is quite literally the 'pre-start' analysis; it often occurs over a considerable period of time ranging from one month to ten years.

  • 2

    Opportunity Focusing: This is a 'sanity check', a go/no-go stage gate for part-time entrepreneurs because it ..... out shaky ideas and exposes gaping holes.

  • 3

    It is important to include objective, ..... viewpoints because different people can investigate the same opportunity and come to opposite conclusions.

  • 4

    Commitment of Resources: Most entrepreneurs see commitment as incorporating their business or quitting their ..... job.

  • 5

    But this stage actually starts with developing the business plan; the process will take between 200 to 300 hours, so squeezing that amount of time ..... evenings and weekends can make this stage stretch over three to twelve months.

  • 6

    Market Entry: The entrepreneur is committed with a very simple organization, the resources were correctly ..... according to the business plan, and the first sales were made.

  • 7

    If the business model was profitable, reasonable objectives were met, and the venture is on track for attaining true economic health, then the entrepreneur can chose between a capital ..... for growth or remaining small with self-financing.

  • 8

    Full Launch and Growth: Or the venture could remain small, for the simple fact that not all small ventures can or will become big companies; they are not fast growth potential because there is not enough room in the market for growth or their production and management systems are not ......

  • 9

    Maturity and Expansion: Now the venture is a market leader at cruising altitude; this professional management team is implementing the venture's growth strategy through global expansion, acquisitions, and mergers as cash is plentiful and inefficiencies are completely ..... out.

  • 10

    Liquidity Event: This ..... stage is focused on capturing the value created in the previous stages through a business exit; typical exits are an initial public offering or being acquired by a larger publicly traded corporation.

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