the-three-phases-of-a-business-venture-650x300 | Capital Office

The three phases of a business venture

The life of an entrepreneur is full of choices, whose significance is palpable beyond the corporate universe. Driving your own business is the realisation of a dream that invariably has an impact on your personal instance.

In fact, experts in entrepreneurship and business management say that creating a company that is able to grow and make an impact on the market, is a journey that begins with a dream and ends with success or failure. This depends on the acuity, sweat, self-criticism and conviction of an entrepreneur.

Men and women in business have to face a host of challenges daily between which are: a needs assessment, identifying opportunities, exploiting these elements and, of course, decisions to be taken to solve problems. However, one of the main challenges facing all corporate leaders is self-analysis. The specialist in corporate psychology describes some characteristics of entrepreneurs, which, as a coin show two faces, will have one positive and one negative.

Optimism, for example, can help you keep on fighting, but is also able to lead you to overestimate your power to predict the future and predict illogically promising scenarios.

Confidence and conviction, which are essential aspects in any business personality, can quickly transform into presumption and apprehension, respectively.
It can be helpful to split the business venture in three phases. Here we present them:

1. Birth Sleep / Contemplation. At this stage, the future entrepreneur identifies a need that can be met with a business project. The way it detects that opportunity is unpredictable, the truth is that it becomes a thought in your head; is incubated and leads them to wonder what would happen if a business developed from it? Do you have what it takes to undertake it? Can you combine it with another activity?

2. Preparation. At this stage, you should research absolutely everything that relates to your business idea from the target to its competition, not forgetting financing options. This is also a key moment of self-evaluation, because it is at this point that you should identify if the initiative is sound and feasible, and if you are really committed to it.

3. Implementation. In this period, the theory turns into practice. It`s when you`re officially open for business and start to operate. Here you begin to have contact with the public and to demonstrate the real impact you can have on consumers.

At this stage, self-criticism will help to find flaws or areas for improvement. It is all part of the daily challenges on the road to becoming a successful leader.

This post was brought to you by Robert Carter, you can read more helpful blog articles here.