Entrepreneur's Development Stages

Ambitious Entrepreneur

You've decided to go into business for yourself.  You don't want to work for anyone.  You want to be your boss.  You've written a fantastic business plan.  Apart from your own money, you've been lucky enough to raise additional money from your friends, family and relatives.

You did ask your bank manager for a loan but she said, as a matter of policy the bank does not finance any start-up business.  The reason, she explains, is that so many businesses fail.  She'll be happy to look at your loan application in about three years.

That does not deter you in any way.  You are confident in your own abilities and in your business plan.  You have no doubt that you have a strong capital base.  You are rearing to go. You want to get your business started as soon as possible.

Informed Entrepreneur  

You've owned your business for three or more years.   In that time, you've discovered that writing a business plan is a relatively easy task compared to its implementation.  It seems you invariably need more time to get jobs done than anticipated.  Costs are almost always higher than budgeted.  Employees are capable of higher productivity but for some don't deliver.

You have discovered that your entrepreneurial vision, high energy level and previous business experience haven't prepared you fully to create a profitable, thriving business.

Now, you also know that you may not be making full use of the two most valuable resources at your disposal: your banker and your accountant.  Their advice and guidance are yours for the asking.  Yet very few entrepreneurs consider their accountants and bankers as business partners.

You've also realized that you must employ a management style that is appropriate for the size and complexity of your company.  As the company grows, you must also change your management style.  You have believed all along that you must make all business decisions if you want to maintain full control.

Now, you understand the benefits of delegating and "managing by facts."  As a result, you are willing to change.  You are determined to succeed as an entrepreneur.

Accomplished Business Owner  

You've built a successful, profitable business that continues to grow steadily.  You fully understand business dynamics and the critical importance of having a disciplined management structure and empowering your managers as well as employees.  You pay close attention to linking responsibility, authority and accountability.  While your company is operating with high degree of efficiency, you emphasize continuous improvement.  A bright future is assured.

Organization Builder  

You head a much larger, diversified company covering a broad geographic area.  This foundation allows you to explore many opportunities for further growth.  Since you have a competent and motivated management team in place, you are no longer required to worry about the day to day operational details.  Your focus is on nurturing your managers and "management by facts."

Business Leader  

You've realized the ultimate dream of every entrepreneur.  Not only have you become a highly successful business owner, but you've also become a role model for other entrepreneurs. Your counsel and guidance are sought and you don't hesitate to share your knowledge and experience with the business community at large.  You contribute generously to deserving causes both financially and in your own time.