Starting a business is exciting and ambiguous – and that’s the fun. It’s a time of possibility, experimentation, imagination, and showing the world what you can do. But, it can also feel slow, frustrating, and full of traps and distractions, leaving potential entrepreneurs to question their self-worth and to wonder why they started in the first place. As a small business coach, I’ll help you cultivate an entrepreneur’s mindset, so you can start and grow your businesses with confidence and step boldly into the role of business owner. Subscribe to get access to weekly tips, small business interviews, and more.
📈 What Stage Is Your Business In?
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Hi Reader, The business lifecycle charts the predictable pattern of how a business evolves over time. Each stage comes with its own challenges and opportunities. Most local entrepreneurs operate without this context, blaming themselves when they get stuck. Context, however, helps us understand the story we’re in. In short, to understand why you’re struggling, it helps to know where that struggle comes from. It’s not you. It’s the nature of bringing an idea to life. Here’s a quick overview of how I think of the stages: Stage 1: Idea. This stage is characterized by clarity; it’s about untangling & improving your idea; deciding if you’re ready to act Stage 2: Startup. This stage is characterized by viability; it’s about getting the business off the ground & proving that it works. Stage 3: Growth. This stage is characterized by expansion; it’s about embracing the uphill climb; stretching skills & comfort zones. Stage 4: Maturity. This stage is characterized by management; it’s about continuous improvement; developing organizational controls. Stage 5: Renewal. This stage is characterized by reinvention; it’s about preserving what makes you great & adapting to a changing world; sometimes a little creative destruction is in order. Stage 6: Exit. This stage is characterized by release; it’s about letting go with gratitude & finding true north again. Here's hat that might look like visually: The curve paints a general picture, but don’t be fooled. While there’s often an upward swing, it still feels like a squiggly, twisty-turny mess. Knowing where you are in the business lifecycle helps you identify where your struggles come from and what opportunities to seize. Context puts you in control of the story. Until next time, Michael
Michael Schefman | 321 Liftoff Copyright © 2024 by 321 Liftoff LLC |
Michel Schefman, 321 Liftoff
Starting a business is exciting and ambiguous – and that’s the fun. It’s a time of possibility, experimentation, imagination, and showing the world what you can do. But, it can also feel slow, frustrating, and full of traps and distractions, leaving potential entrepreneurs to question their self-worth and to wonder why they started in the first place. As a small business coach, I’ll help you cultivate an entrepreneur’s mindset, so you can start and grow your businesses with confidence and step boldly into the role of business owner. Subscribe to get access to weekly tips, small business interviews, and more.
Hi Reader, Summer is the perfect time to set work aside and recharge. Yes, I know there’s a lot going on in the world these days – that’s all the more reason to hit pause and savor a small moment or two. Step away from your laptop, turn off notifications, and let yourself unplug completely. A true pause allows you to reset your perspective. Here are 3 ideas to help you make the most of it: 1. Soak in the outdoors. Take a hike, visit a park, or enjoy your morning coffee outside. Sunlight and...
Hi Reader, What if constraints weren’t barriers, but tools for innovation? Think of NASA designing rocket boosters – they used gravity constraints to reach escape velocity. Or Apple asking, “What if a computer could fit in your pocket?” They used size and mobility as key constraints. Your business has constraints too (so does your life): time, budget, energy, etc. Instead of seeing them as problems, embrace them. Constraints force focus and spark creative solutions. For example, if you only...
Hi Reader, Customers rarely decide to buy something on a whim – they go through a process. Understanding this process can help you build better sales and marketing strategies. The 5 stages of the Purchase Decision Process are: Problem Recognition: What’s their pain point? Information Search: How are they looking for solutions? Evaluation of Alternatives: What makes you stand out? Purchase Decision: How easy is it to choose you? Post-Purchase Behavior: Do they feel good about their choice?...