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7 Key Stages in the Journey of Entrepreneurship

January 15, 2016

Entrepreneurship is a journey which every business owner goes through differently. Every entrepreneur goes through the 7 key stages of the entrepreneurial journey and each pave through it at a different pace.

Some move fast through the process, stumbling into success in a matter of weeks after executing a brilliant idea. Others move slowly, spending decades perfecting the art of entrepreneurship.

Here are seven key stages of an entrepreneurial journey perfectly outlined:

  1. Intimidation

Many entrepreneurs start dreaming about becoming an entrepreneur and their immediate reaction is that they can’t do it, or they are not ready. Overcoming this level of intimidation and fear can be difficult but we believe, as entrepreneurs grow more experienced this intimidation will fade away, holding less power over decisions and direction.

  1. Novelty

Novelty possesses some entrepreneurs during the planning phase. “When you haven’t had time to see if the business will be successful or not, and you haven’t had to overcome any major trials, you can relish in the fact that you own your business”. Simply being an owner and an entrepreneur is exciting and makes business owners thrilled to come to work every day.

  1. Overwhelming

Though some enter the world of business ownership staying well informed and knowing the fact that it’s not all sitting back and collecting profits, most entrepreneurs vastly underestimate the demands of entrepreneurship.

When an entrepreneur starts facing hurdles it is natural to feel overwhelmed. But as they start moving past these obstacles the overwhelming moments begin to have less power.

See: Do You Have All It Takes to Get Started as an Entrepreneur?

  1. Rhythm

As long as entrepreneurs stick with their ventures they will eventually fall into a nice groove. “You will no longer be thrown by the obstacles and surprises that come your way. You won’t be intimidated by new ground and you won’t fear failure as much,” states the firm. “Instead you’ll go about your responsibilities with pride and confidence.”

  1. Failure

Every entrepreneur fails at something, even if it isn’t detrimental to the whole venture. No matter who you are, failure will rattle you – but it’s a stage that anyone can work past if they have the right attitude and enough commitment.

  1. Rejuvenation

After an entrepreneur experiences failure they enter a rejuvenation stage. You could have lost the entire business or just one client, but after some time you realise that there’s no reason a single failure means you’re finished. The firm belief at this stage that entrepreneurs must remember is their love for the business and why they got into entrepreneurship in the first place.

  1. Temperance

After years of experience and possibly multiple cycles of failure and rejuvenation, all the little things unique to entrepreneurship start to feel less significant. You might not be as excited as you used to be but you also won’t be as scared or intimidated. This is where entrepreneurs learn to take calculated risks, spot problems before they start failing attempts and even experiment in new directions.

Also read: How to overcome fear of failure in Entrepreneurship?

Image credit: knowlarity.com

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