1. Startup Stage: The initial phase where the entrepreneur launches the business. This stage involves a lot of planning, research, and initial marketing efforts. 2. Growth Stage: Here, the business starts to increase its customer base and revenue. This stage often requires additional funding and resources. 3. Maturity Stage: The business is well-established with stable revenue streams. The focus may shift to maintaining market position and optimizing operations. 4. Expansion Stage: This stage involves diversification, entering new markets, or introducing new products/services. 5. Exit Stage: The entrepreneur may decide to sell the business, merge with another company, or go public.