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.