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Business English Exercises
 

The entrepreneurial life cycle (2): The seven stages

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Home > Teaching Business English > Business English Lessons, Advanced Level # 229
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Opportunity Recognition: This ......... period is quite literally the 'pre-start' analysis; it often occurs over a considerable period of time ranging from one month to ten years.


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Opportunity Focusing: This is a 'sanity check', a go/no-go stage gate for part-time entrepreneurs because it ......... out shaky ideas and exposes gaping holes.


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It is important to include objective, ......... viewpoints because different people can investigate the same opportunity and come to opposite conclusions.


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Commitment of Resources: Most entrepreneurs see commitment as incorporating their business or quitting their ......... job.


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But this stage actually starts with developing the business plan; the process will take between 200 to 300 hours, so squeezing that amount of time ......... evenings and weekends can make this stage stretch over three to twelve months.


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Market Entry: The entrepreneur is committed with a very simple organization, the resources were correctly ......... according to the business plan, and the first sales were made.


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If the business model was profitable, reasonable objectives were met, and the venture is on track for attaining true economic health, then the entrepreneur can chose between a capital ......... for growth or remaining small with self-financing.


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Full Launch and Growth: Or the venture could remain small, for the simple fact that not all small ventures can or will become big companies; they are not fast growth potential because there is not enough room in the market for growth or their production and management systems are not ..........


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Maturity and Expansion: Now the venture is a market leader at cruising altitude; this professional management team is implementing the venture's growth strategy through global expansion, acquisitions, and mergers as cash is plentiful and inefficiencies are completely ......... out.


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Liquidity Event: This ......... stage is focused on capturing the value created in the previous stages through a business exit; typical exits are an initial public offering or being acquired by a larger publicly traded corporation.


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