development phase

What Are the Key Activities in the Development Phase?

During the development phase, entrepreneurs engage in several key activities, including:
Market Research: Understanding the target market, identifying potential customers, and analyzing competitors.
Business Planning: Developing a comprehensive business plan that outlines the business model, revenue streams, and financial projections.
Product Development: Creating and refining the product or service, often through prototyping and MVP (Minimum Viable Product).
Funding: Securing initial capital through sources such as bootstrapping, angel investors, or venture capitalists.
Team Building: Assembling a skilled and dedicated team to execute the business plan and drive growth.

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