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Understanding the Four Stages of Business Growth

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Establishing a business takes four phases. Just like a living organism, a business is thriving and it continues to grow until it becomes mature. As an entrepreneur, going deeper into the context of entrepreneurship is essential as you would encounter a lot of impediments when starting one.

The importance of understanding the four stages of business growth will allow you to have definite actions for various scenarios and circumstances, wherein the entrepreneurial skills will be applied. By acknowledging these stages, you will know what, why, and when to do the specific responses amid every phase of your business growth.

1st Stage: Startup

Business professionals find startup as the riskiest stage. As a golden concept: risk is a door to opportunity. Holding an idea and concept with you would be the emerging and compelling threshold of your business. In starting a business, business guidance is a challenge, that is why getting support in forming a business, for instance, from companies that offer formation services like Zenbusiness is crucial. Gathering sufficient capital and funds is also an important factor. On the other hand, an ideal marketing and business plan, strategic location, adept entrepreneurial background, and a burning passion would help you to triumph at this stage despite the risks. As the initial phase, this will serve as the lead towards the continuation or even modification of your business. Hence, an outstanding marketing strategy is needed to attract potential clients and/or customers.

Usual Impediments:

  • Low capital
  • Limited capacities
  • Modification of plans
  • Marketing and advertising

2nd Stage: Growth

The stage wherein you have surpassed the initial risks from the startup. In growth, a sufficient number of customers and an ideal cash flow are observed. Thanks to the startup phase as you have discovered and identified the challenges and you are now able to have a firm marketing and operation budget framework. Managerial skills should be applied here as this stage serves as the bridge towards the expansion of your business. Sustainable and constant investment is essential too. From the profits that your business has earned, be strategic on how you could double its number through an effective investment system and empowered workforce.

Usual Impediments:

  • Constant cash flow
  • Consistent workforce quality
  • Sustainable growth through investment
  • Effective business management

3rd Stage: Maturity

A known brand name, stable cash flow, long-term customers or clients, firm marketing strategy, secured investment, effective management, and efficient workforce — in the maturity stage, your business is now having a safe condition over the impediments and challenges. Year-over-year growth is observed and a harmonious union of workforce staff is found over the decades. Other business entities started to partner and invest in your business.

Usual Impediments:

  • Huge operational management
  • Lack of service or product innovation
  • Lack of care and motivation to employees
  • Criticisms both from internal and external views

4th Stage: Renewal or Decline

As the final stage, the business growth includes renewal or decline. Just like a living organism that adapts to the changing environment, a business also needs to renew itself when the time comes. This stage happens due to the nature of economic growth and trends that become a challenge for businesses that missed to innovate their products or services over the competitive markets.

Usual Impediments:

  • Changing economic landscapes
  • Competitive strategy of other businesses
  • Technological innovations
  • Lack of public relations

Conclusion

In order for your business to grow and succeed, you must have the passion to learn and be updated in the trend of the changing environment and consumer behavior. Indeed, being an entrepreneur and starting a business is a continuous learning process so make sure to always expand your knowledge and skills.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Turning Tragedy into Triumph Through Walking With Anthony

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On the morning of February 6, 2010, Anthony Purcell took a moment to admire the churning surf before plunging into the waves off Miami Beach. Though he had made the dive numerous times before, that morning was destined to be different when he crashed into a hidden sandbar, sustaining bruises to his C5 and C6 vertebrae and breaking his neck.

“I was completely submerged and unable to rise to the surface,” Purcell recalls. “Fortunately, my cousin Bernie saw what was happening and came to my rescue. He saved my life, but things would never be the same after that dive.”

Like thousands of others who are confronted with a spinal cord injury (SCI), Purcell plunged headlong into long months of hopelessness and despair. Eventually, however, he learned to turn personal tragedy into triumph as he reached out to fellow SCI victims by launching Walking With Anthony.

Living with SCI: the first dark days

Initial rehabilitation for those with SCIs takes an average of three to six months, during which time they must relearn hundreds of fundamental skills and adjust to what feels like an entirely new body. Unfortunately, after 21 days, Purcell’s insurance stopped paying for this essential treatment, even though he had made only minimal improvement in such a short time.

“Insurance companies cover rehab costs for people with back injuries, but not for people with spinal cord injuries,” explains Purcell. “We were practically thrown to the curb. At that time, I was so immobile that I couldn’t even raise my arms to feed myself.”

Instead of giving up, Purcell’s mother chose to battle his SCI with long-term rehab. She enrolled Purcell in Project Walk, a rehabilitation facility located in Carlsbad, California, but one that came with an annual cost of over $100,000.

“My parents paid for rehabilitation treatment for over three years,” says Purcell. “Throughout that time, they taught me the importance of patience, compassion, and unconditional love.”

Yet despite his family’s support, Purcell still struggled. “Those were dark days when I couldn’t bring myself to accept the bleak prognosis ahead of me,” he says. “I faced life in a wheelchair and the never-ending struggle for healthcare access, coverage, and advocacy. I hit my share of low points, and there were times when I seriously contemplated giving up on life altogether.”

Purcell finds a new purpose in helping others with SCIs

After long months of depression and self-doubt, Purcell’s mother determined it was time for her son to find purpose beyond rehabilitation.

“My mom suggested I start Walking With Anthony to show people with spinal cord injuries that they were not alone,” Purcell remarks. “When I began to focus on other people besides myself, I realized that people all around the world with spinal cord injuries were suffering because of restrictions on coverage and healthcare access. The question that plagued me most was, ‘What about the people with spinal cord injuries who cannot afford the cost of rehabilitation?’ I had no idea how they were managing.”

Purcell and his mother knew they wanted to make a difference for other people with SCIs, starting with the creation of grants to help cover essentials like assistive technology and emergency finances. To date, they have helped over 100 SCI patients get back on their feet after suffering a similar life-altering accident.

Purcell demonstrates the power and necessity of rehab for people with SCIs

After targeted rehab, Purcell’s physical and mental health improved drastically. Today, he is able to care for himself, drive his own car, and has even returned to work.

“Thanks to my family’s financial and emotional support, I am making amazing physical improvement,” Purcell comments. “I mustered the strength to rebuild my life and even found the nerve to message Karen, a high school classmate I’d always had a thing for. We reconnected, our friendship evolved into love, and we tied the knot in 2017.”

After all that, Purcell found the drive to push toward one further personal triumph. He married but did not believe a family was in his future. Regardless of his remarkable progress, physicians told him biological children were not an option.

Despite being paralyzed from the chest down, Purcell continued to look for hope. Finally, Dr. Jesse Mills of UCLA Health’s Male Reproductive Medicine department assured Purcell and his wife that the right medical care and in vitro fertilization could make their dream of becoming parents a reality.

“Payton joined our family in the spring of 2023,” Purcell reports. “For so long, I believed my spinal cord injury had taken everything I cared about, but now I am grateful every day. I work to help other people with spinal cord injuries find the same joy and hope. We provide them with access to specialists, funding to pay for innovative treatments, and the desire to move forward with a focus on the future.”

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