Ideation: This is the initial phase where the entrepreneur identifies a business idea based on market needs, personal interests, or emerging trends.
Validation: In this stage, the entrepreneur tests the feasibility of their idea through market research, surveys, and prototyping.
Planning: This involves creating a comprehensive
business plan that outlines the business model, target market, financial projections, and operational strategies.
Launch: The entrepreneur sets up the business infrastructure, secures funding, and officially launches the product or service into the market.
Growth: During this phase, the focus is on scaling the business, acquiring more customers, and expanding market reach.
Maturity: At this stage, the business stabilizes, and efforts are concentrated on sustaining growth and optimizing operations.
Exit: Finally, the entrepreneur may decide to exit the business through a sale, merger, or initial public offering (IPO).