Get premium membership and access questions with answers, video lessons as well as revision papers.
1.Pre – Start Phase
This is the preliminary stage for the business. Here, the entrepreneur does a lot of ground work to assess the viability of the venture he is about to get in to. He will carry out due diligence to ensure he has taken all important factors into account before setting off the business. He will incur expenses to execute some of these important activities. He may for instance require the services of a legal representative to acquire land. He may also hire the services of a surveyor if he wants to build his own premise. If he will hire personnel to assist in running the business, he should ensure that he has sufficient funds to pay them for at least 6 months. He may need to get a loan to do this.
2.Start - up Stage
At this stage, the entrepreneur has already set the business up. The business is operational
despite the set backs that befall all businesses that start up at the initial stages. The entrepreneur realizes that he may need to make adjustments in order to survive. He may see the need to insure the property in case he hadn't, he may also realize that he does not need an extra staff hence he may cut down on that, sales may be slow in picking up, so he may decide to come up with new marketing strategies, he may see the need to have proper records for tax purposes e.t.c
3.Early Growth Phase
During this phase, the business will experience rapid growth as customer needs become the
main focus for the entrepreneur. It is at this stage that he will realize there is need to gain a competitive edge in order to make more sales. The entrepreneur at this stage may think seriously about automating his operations, hiring professionals like accountants, perhaps even expanding the business. The signs that these requirements are necessary will be felt by the growing need to meet the increasing and dynamic needs of the customers.
4.Later growth phase
This is the phase that determines whether the business has managed to meet its long term
objectives and a period to assess how successful the short term objectives have been met. At
this stage, the entrepreneur is more concerned about corporate governance issues and how this
impacts on customer needs. He will also be concerned with the management of the business in
various departments such as finance, sales and marketing e.t.c. The entrepreneur will have his
sights on a higher level of competition with other firms that belong to a higher circle, hence he see the need of turning the business into a public limited company in order to compete as such levels.
skymucdan answered the question on October 11, 2017 at 08:36
- Mention four reasons why the extractive level of production is the highest income earner in Kenya(Solved)
Mention four reasons why the extractive level of production is the highest income earner in Kenya
Date posted: October 11, 2017. Answers (1)
- What is business environment?Differentiate between operating and remote environment (Solved)
What is business environment?Differentiate between operating and remote environment
Date posted: October 11, 2017. Answers (1)
- Outline four factors that may assist a firm to expand its scale of operations (Solved)
Outline four factors that may assist a firm to expand its scale of operations
Date posted: October 11, 2017. Answers (1)
- Chanza industries want to open a warehouse for her products.Give the management some advice on four factors it should consider in establishing the warehouse(Solved)
Chanza industries want to open a warehouse for her products.Give the management some advice on four factors it should consider in establishing the warehouse
Date posted: October 11, 2017. Answers (1)
- Differentiate between entrepreneurship and entrepreneur(Solved)
Differentiate between entrepreneurship and entrepreneur
Date posted: October 11, 2017. Answers (1)
- State four benefits of using the social media to a business person(Solved)
State four benefits of using the social media to a business person
Date posted: October 11, 2017. Answers (1)
- Kenya has recently expanded its external trade with Asian countries.Outline four benefits Kenya gets from his expansion(Solved)
Kenya has recently expanded its external trade with Asian countries.Outline four benefits Kenya gets from his expansion
Date posted: October 11, 2017. Answers (1)
- Highlight four circumstances under which the per capita income statistics would be appropriate in comparing living standards between two countries(Solved)
Highlight four circumstances under which the per capita income statistics would be appropriate in comparing living standards between two countries
Date posted: October 11, 2017. Answers (1)
- Give four reasons for the decline in fertility rates in Nyeri county in the recent years(Solved)
Give four reasons for the decline in fertility rates in Nyeri county in the recent years
Date posted: October 11, 2017. Answers (1)
- Outline five benefits that a member of consumer cooperative society enjoys(Solved)
Outline five benefits that a member of consumer cooperative society enjoys
Date posted: October 11, 2017. Answers (1)
- The demand for soda in Mt.Kenya region has increased by over 30% within one year.State four factors that may have led to the change in...(Solved)
The demand for soda in Mt.Kenya region has increased by over 30% within one year.State four factors that may have led to the change in demand
Date posted: October 11, 2017. Answers (1)
- State four factors that have led to the increased use of pipeline transport in Kenya(Solved)
State four factors that have led to the increased use of pipeline transport in Kenya
Date posted: October 11, 2017. Answers (1)
- Mwangi is employed as a filing Clerk in Mwanzoni hospital. Highlight four challenges the hospital is facing in its filling from Mwangi's incompetences(Solved)
Mwangi is employed as a filing Clerck in Mwanzoni hospital. Highlight four challenges the hospital is facing in its filing from Mwangi's incompetence
Date posted: October 11, 2017. Answers (1)
- Identify four components of the business studies as a subject of study under 8-4-4 system(Solved)
Identify four components of the business studies as a subject of study under 8-4-4 system
Date posted: October 11, 2017. Answers (1)
- List the five distinct aspects which the Project Manager should consider when preparing a project communications plan. (Solved)
List the five distinct aspects which the Project Manager should consider when preparing a project communications plan.
Date posted: October 10, 2017. Answers (1)
- List and describe a source of conflict arising within each of the following parts of the project life cycle(Solved)
List and describe a source of conflict arising within each of the following parts of the project life cycle
Date posted: October 10, 2017. Answers (1)
- Discuss the tools and techniques that project managers can use to ensure knowledge and lessons learned from previous projects are not lost, and can be...(Solved)
Discuss the tools and techniques that project managers can use to ensure knowledge and lessons learned from previous projects are not lost, and can be shared for the benefit of future projects.
Date posted: October 10, 2017. Answers (1)
- Explain, making four points, why it is important to conduct effective project closeout(Solved)
Explain, making four points, why it is important to conduct effective project closeout
Date posted: October 10, 2017. Answers (1)
- Explain what is meant by the term project closeout(Solved)
Give a brief explanation of the meaning of project closeout and give the key elements.
Date posted: October 10, 2017. Answers (1)
- Differentiate between Limited liability Company and Private liability Company(Solved)
Differentiate between Limited liability Company and Private liability Company
Date posted: October 10, 2017. Answers (1)