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START UP STAGE

COMPANY STAGE CHARACTERISTICS

This is the birth stage of the venture.  It may also be a succession in which a new management is charged with driving the business forward. The founders are usually technically or entrepreneurially oriented. Communication is frequent and informal. Long hours of work are rewarded with modest salaries and the promise of ownership benefits. Decisions and motivations are highly sensitive to market feedback.

Activities are typically constrained by limited financial resources Ingenuity substitutes for capital resources. Flexibility with an absence of policy on “how things are done” generates creativity.

The imperative is to specify/make the product (concept), prepare a business plan , get market feedback and peer advice , find and access production capacity and fund this product concept validation stage from own resources, credit cards, potential customers and earnings from related/previous work capabilities.

COMPANY GROWTH GOALS & DRIVERS

MARKETING & SALES

Growth Goals (measureable objectives)

  • Is there a market for my product (idea)?
  • How do I make my product appealing and different?
  • How do I sell it?
  • Who do I sell it to?
  • What’s my pitch to investors, funders, stakeholder targets?
  • What is my business model?
  • How do i punch above my weight?

Growth Drivers (strategies and tactics to achieve the goals)

  • Creatively devise and specify the new product concept that is different.
  • Undertake market opportunity assessment to validate market, identify early adopters and fine-tune the product concept.
  • Define your ‘positioning statement’ and create the ‘brand personality’ to carry it into the market
  • You must punch above your weight
  • Test adopter commercial interest in the concept/prototype through research and test-selling.
  • Don’t spend too long creating the product and adding features – take it out to the market place for early feedback
  • Segment your market so that you can target the most likely (and attractive) customers to buy
  • Make it easy for buyers to know about your product and to buy

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