After 30 years of working with entrepreneurs all stages of growth, I have identified three stages of entrepreneurship:
Early Stage of Entrepreneurship
In the three stages of entrepreneurship, the early stage is where you’re likely a new entrepreneur or Solopreneur, in your first 1-2 years of business. During this time, you need guidance, support, and systems designed for both immediate and long-term success. Focus should be placed on lead generation and sales to establish a viable business and pay your bills. It can feel overwhelming as you are pulled in many directions. There is much to learn and do at once. Only the most determined, organized, and strategic entrepreneurs thrive at this stage.. Support from community, friends, family and business professionals is essential to your success and your sanity.
Expanding: Moving Beyond the Early Stages of Entrepreneurship
As you move into the three stages of entrepreneurship, the expanding phase is when your client base and revenue are growing, and the demands of your business are increasing. Staying focused on marketing, sales, and client retention can be challenging. Community support remains important, and at this stage, bringing on an assistant is a necessity if you want to maintain your success and sanity. You can’t do everything on your own anymore. Once you bring on your VA, ensure the systems and tools you implemented as a Solopreneur support team collaboration. Documenting your processes and procedures should be one of your VA’s key responsibilities. You should now be running your business like a “real” business.
The Mature Stage of Entrepreneurship
In the final of the three stages of entrepreneurship, you are now an experienced entrepreneur with consistent clients and steady revenue. You may now consider yourself a Small Business Owner rather than just an Entrepreneur. You’ve likely built a team of employees or contractors, or are in the process of doing so. While community support is still important, your needs have evolved. It’s time to find a networking group with members in a similar growth phase. Revisiting your operational infrastructure is crucial to support your current goals and a growing team environment. If your infrastructure no longer fits your needs, it’s time to update it. Additionally, if you haven’t been documenting your processes and procedures, now is the time to make that a priority. At this stage, your business’s success depends on the success of your team.
Focus on empowering them to be the best versions of themselves. And ask yourself: do you have the leadership skills and desire to guide them?
