Anything that grows have lifecycles & so must ur #startup, there are many things that influence growth, in relation to ur startup there are 6 specific stages as you develop, time spent in each stage will be different for every startup, -complete each stage b4 moving to the next
It really matters to know your present start-up stage. “Knowing where you are in your journey will help you manage your time and resources efficiently,” - Rahul Varshneya
Stage 1: Concept and Research - we all have that million dollar idea but you need to write it down and find out more information, maybe your innovative idea has already been implemented or is it even what the market wants? Do you have potential customers? #startupnotes
Stage 2: Commitment - ask yourself “do I have the time” then create #prototype, develop a process, find a team bcos you can’t do it alone, if you can secure funding 🕺🏾🥳 if NOT then BOOTSTRAP aka grinding aka suffa head aka God is your central bank (you get it) #startupnotes
Stage 3: Traction or validation, this will typically be in the 1st year of a start-up, the stage where you to get the word out about your #product and hopefully gain your 1st paying customers, the moment of truth- if you have a viable business #startupnotes
Stage 4: Improvement stage, if you made it this far then typically year 2, make sure that you are listening, receiving,asking for feedback from early adopters, then using that feedback to continue improving your #product or #service #startupnotes
Stage 5: Scaling or Growth - this can be internally #team #features #services or externally #customerbase, #marketsize this stage can between year 2 to 3 and last for years, this isn’t the profitable stage but the SUSTAINABILITY stage - #startupnotes
Stage 6: Established, congratulations 🥳🥳🥳 You’re no longer a start-up, I will say year 5+ you may see reasonable growth, but you still need to focus on increasing #customer #retention #testing and #marketing #strategies #strengths- no time to rest - #startupnotes
My summary notes after coming across something by Chelsea Segal CEO of Targetwise
