Phases of the Entrepreneurial Process

There are a total of 7 phases in the journey of any startup.

Investigation Phase: This is where we identify an opportunity. We start with researching the viability of the idea, the market size and the feasibility of executing it. This involves a thorough analysis of the idea.

Planning Phase: Once we feel that the idea has passed the test, we start making a plan to execute it. We list down the requirements in implementing the idea. A business plan is made, clearly stating what we require to execute and how we intend to do the same.

Start-up Phase: We start executing as per the business plan. The initial hiring is done, prototype is built and some sales activity starts.

Operating Phase: We try to scale up the business and look at establishing systems and processes which can enable the business to move faster.

Problem Phase: This is when we face our first major set of problems. This is the stage when an entrepreneur has to assess the business and its growth and pivot the business if necessary.

Renewal Phase: After implementing the solutions identified at the end of the problem phase, the business is allowed to run again. Again the emphasis is to assess whether the problems faced by the business have been resolved and whether the business is back on a growth trajectory.

Retirement Phase: As in most cases, this is where the entrepreneur feels that he/she should exit the business as greater value can be created by selling/transferring the business to some one else (generally a bigger company in the same space).

These are the 7 phases of the birth and growth of any startup. Missing any phase can prove to be detrimental.