Which Stage Is Your Small Business?
Small businesses have many definitions. These definitions change from person to person, depending on their perception. Each one sees it differently. Even the success of small businesses is not defined in the same way. Rather it can be said that small businesses pass through various stages and each stage with a specific goal. These goals are realistic and achievable which make stepping forward easy.
Entrepreneurs start the business where usually they are the only employee with minimal or almost no investments and take to a level where they have 100s of employees. Each stage takes entrepreneurs through new challenges and new experiences. Here is the breakdown of 7 stages of small businesses success- and their critical success factor at each stage. Young and female (women) entrepreneurs shall especially look for these steps. Working on these steps would not only make a clear path for them but also help in reducing the failures.
1. Solopreneurship
Number of Employees: 1
Annual sales: $ 0 – $ 100k
The Success Factor: Time investment
Number of Businesses in America: 22 Million
2. Partnerrship
Number of Employees: 2 – 3
Annual sales: $ 100k – $ 300k
The Success Factor: Salesman ship
Number of Businesses in America: 1.7 Million
3. Steady Operation
Number of Employees: 4 – 10
Annual sales: $300k – $ 1 Million
The Success Factor: Marketing and Service
Number of Businesses in America: 1.9 Million
4. Local Success Story
Number of Employees: 11 – 25
Annual sales: $ 1 Million – $ 5 Million
The Success Factor: Set The Vision
Number of Businesses in America: 900k
5. Managed Organization
Number of Employees: 26 – 100
Annual sales: $ 5 Million – $ 20 Million
The Success Factor: Hire To The Vision
Number of Businesses in America: 200k
6. Mature Company
Number of Employees: 101 – 200
Annual sales: $ 20 Million – $ 40 Million
The Success Factor: Strategic Planning
Number of Businesses in America: 60k
7. Corporate Player
Number of Employees: 201 – 500
Annual sales: $ 40 Million – $ 100 Million
The Success Factor: Leader Development
Number of Businesses in America: 30k
Do share with us, how is entrepreneurship experience? Share at which stage of entrepreneurship are you? Did some thing go wrong at any stage, why?
An enthusiastic, hard working, self motivated serial & social entreprepeur. Skillfull in Entrepreneurship, Social Media and Internet Marketing. A youth counsellor and startup consultant. Youth charmer with superb motivational skills. Examplary when it comes to “talk what you do”.
