Journey

This is the initial stage of a project. At this point the business is at idea level and the development of a product or service is an ongoing process. The business plan is still not completely defined. Working at this stage with the help of mentors and professionals could help the startup to pick up the right track.

Any business idea be in product or service sector, can only be as successful as its business pitch. This is the most marketing oriented phase of a business. Saying the right things in the right manner to show the exact business benefits the idea can draw is the only way to make a pitch attractive. The further success of a business being dependent on this phase, it’s inevitable to take guidance from the experts and veterans.

While the guidance for the pitch preparation would have come from the experts, whether the pitch finally achieved its goal or not can only be found out after a 360 degree evaluation by a panel of mentors – each one looking at the pitch from the angle of their area of expertise. This is the defining step for the business to enter its market phase.

This is where the startup begins to grow through the ecosystem’s support. The product is pushed into the market such that customers start to buy. Detecting which are the most important characteristics or functionalities is one of the most important tasks in this phase. At this point there is a need for financial boost, which usually comes from funds and investors specialized in this phase of the company’s life cycle.

In this stage the startup is already built, more or less consolidated and with some stable income. This is where the product or service begins to make improvements and become more competitive. Here is where the startup must focus on its growth and increase both profits and the number of customers. Besides external financing the company’s own cash flow should solve many of the day-to-day needs. Guidance for controlling the cost structure is vital here.

Soon as the company is consolidated, it is the right time to take the leap. It is important to open up to new markets and segments with a very clear and measured strategy. The risk of error is highest during this phase and hence it requires even greater financial support. In addition to investment, reaching agreements with large established companies in different countries or sectors may be an easier.