The Path of Business: Journey of a Business Owner
Growing a business is not as easy as starting one. Recent data from the Bureau of Labor Statistics show that roughly 50% of establishments fail to survive in their first four years.
The actual number counts more than 100,000 of privately held businesses. We decided to challenge ourselves by answering the question, “What does the journey of a business owner look like?” What is the path of business which both aspiring and emerging entrepreneurs must know to avoid getting lost in the field?
The Path of Business infographic presents the different challenges and areas of focus for every stage in the journey. Ideas, cautions, and input from experts are also available.
1. Seed
The beginning of the journey starts with a conception of an idea. This is the stage when aspiring entrepreneurs make the decision to turn their dreams into a reality. They spend a lot of time narrowing down the concept for their business.
The goal is to design a well-targeted blueprint that will attract the right clientele. They ask themselves the important question, “Is there a need for my product/service”?.
Five core dimensions to consider:
- Customers – Who are they and what do they need?
- Product or service – What need will it fill and how is it going to look like and function?
- Team – Is the business something that can be done solo or does it require the help of other skilled individuals?
- Financials – What is the best way to fund the business and make sure that it has all the necessities?
- Business model – How should the business operate to become profitable? Any legal steps to take in the process?
According to the Startup Genome Report, these dimensions move interdependently. They indicate how fast or slow the business will run towards growth.
Ideas may come from friends, family, colleagues, and gurus — they are everywhere. It is so important to make sure that once a decision is made, to remain focused.
Too many entrepreneurs experience ‘ESS’ – entrepreneurial squirrel syndrome. Regardless of their level of intent, distraction often swoops in and sidetracks the best of intentions.
There are many programs entrepreneurs can implement to remain focused, but it’s up to each person to find something that works best for them. Is it reading the 12-week year by Brian Moran or learning more about Deep Work from Cal Newport?
Whatever it is that helps your focus, do that and do it consistently. Books, like the two mentioned above, are great ways to generate new ideas.
2. Startup
Now that a concept has been identified, it is time for them to put them to action. The preparations have been made and the game is on!
It is the stage when ideas are validated. Questions like “Are the ideas working?” and “Is the business generating money?” appear.
Resources are utilized to acquire clients and to maintain the production of goods (or services) and income.
How long will it take to succeed? “It takes at least 4 years just to get pointed toward a real business,” says Startups.co Founder Wil Schroter.
He adds, “and I’d argue it takes 7-10 years to make your startup truly the success that you had in mind when that idea came to you.”
There is no shortcut. Neither is there an overnight success. Instead, there are implementation, adjustments, and tons of effort in the development of a business.
3. Growth
Entrepreneurs at the onset of this stage experience the pains of meeting the increased demand. People have acknowledged their presence in the field and are now desiring to purchase their product.
This rise in production summons the need to:
- Hire and manage additional workers
- Ensure all systems are equipped to supply
- Improve the quality of client experience
Unfortunately, not all businesses make it. 90% of Internet startups fail, due primarily to self-destruction.
Many of them struggle through premature scaling. They go ahead of their actual stages and step bigger than necessary.
4. Establishment
Entrepreneurs who make it to this stage in their journey are great champions. They have stamped their brands in the industry and have acquired loyal clients — but not without blood, sweat and tears.
The path does not end here, however. New businesses, opportunities and trends continue to emerge and challenge the veteran entrepreneurs.
Their long-awaited victory may end sooner than expected. A case in point is the pioneering social networking website called Friendster.
Before Facebook ever came to be, there was Friendster.
What happened?
According to author Mike Fisher, “Friendster had a very specific vision for how its product should be used, and it squashed any attempts by users to deploy it differently.”
Facebook saw the opportunity in the limited user control. That was how they beat Friendster and became a giant in the social networking industry.
5. Expansion
At this stage, entrepreneurs open their businesses to more growth opportunities. They reach out to more people by finding new markets that align with their brand.
They also look for new channels where they may distribute their products or services. Partnerships outside of their locality are sought for these reasons.
The goal is to acquire a larger market share that will solidify their brands in areas where expansion is possible.
6. Decline
They have made it. Entrepreneurs who have reached this point in their journey have achieved a high level of performance since they started.
Their names echo in multiple locations and niche categories. But changes in the economic, social, and market conditions caught them unprepared for a downhill shift in their finances.
Support from their clients and fund sources are most important to help them stay longer in the game.
7. Exit
Entrepreneurs at this stage face two options: to see their business go bankrupt or to have an exit strategy. They come to realize that they cannot hold onto their businesses forever.
New business ventures may come in the horizon as well as opportunities for them to advance their careers.
At this stage, the real value of their businesses are determined and plans for proper transition are set in place.
Lack of Direction, Poor Performance
There are different reasons why a startup fails. Not all businesses thrive in the same environment. Not all are created the same.
But out of the 20 prevailing reasons for startup failure, many of them point to the glaring signs of self-destruction.
Many entrepreneurs move blindly along the journey despite their eagerness to face the risks associated with building a business. They struggle to scale efficiently, behaving either behind or ahead of their actual stages.
We hope that by identifying the seven major turning points in the path of business, aspiring and emerging entrepreneurs become more confident and equipped to stay in the course.
Let us know what you think about The Path of Business: Journey of a Business Owner. Feel free to leave comments and suggestions below!
About Jaime Jay
Meet Jaime Jay – a man who wears many hats, and wears them all admirably. He's a master connector, an entrepreneur extraordinaire, and a published author who knows how to get things done.
Before he found his way to the business world, Jaime served his country as a brave paratrooper in the U.S. Army. But that's just the beginning of his many accomplishments.
He's the founder of the renowned Bottleneck Distant Assistant Services firm, and his book "Quit Repeating Yourself" has become a must-read for entrepreneurs everywhere.
When he's not busy building his empire, you can find him on his beloved Harley Davidson, cruising through the countryside and taking in the invigorating effects of Uitwaaien – a Dutch practice that involves facing the wind to boost health and relieve stress.
He enjoys spending his free time outside building stuff with his wife, Nikita the dog and their two kittens (for now at least) Tommy and Tater.
He is ‘over-the-moon’ happily married to his wonderful wife Sara, his amazing daughter, Jessica, who is serving our country as a United States Army soldier. Jaime and Sara are the proud grand parents of two beautiful little girls.
Victoria Dorsano2023-09-17Bottleneck has been such an amazing support for my business! They have a seamless process to ensure you find the right fit for your DDA. I am so thankful I started working with them! I'm now able to accomplish so much more in my business with a personal DDA and editing team on my side. Thank you!!
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Karen Ravano2022-09-24I am grateful and blessed to be part of this team. It’s such a wonderful experience because i gain more experience and help me enhance my basic skills. This will be my stepping stone to my career as a newbie in this kind of industry. It would help to reach my goals.
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Jeff Peñaflor2022-09-14I started last March 24, 2021 as a Dedicated Distant Assistant and it was an awesome experience. In this new journey, as Security Administrator of Bottleneck Distant Assistants, I have been supported by the team, A LOT !!!! All help that I need, the whole team is there to support me. I know that there are a lot of room for improvements with my skills and what I know, but because of BNDA, I became equipped with all the weapons I need to conquer the daily challenges especially with my tasks. With BNDA, they will not just help you to aim high, but soar the skies!
Tinoe D2022-09-09I don't remember the last time I loved what I was doing until Bottleneck came into the picture. I love working for bottleneck, they are professional. The management makes the workplace fun and they're very flexible. I definetly recommend that you make that important switch and be part of something big today by joining BNDA.
Michael Goodcliffe2022-09-09Jaime and his team are incredible at what they do! Joining them has been one of the best decisions in my life! I whole heartedly recommend them to anyone who are looking to scale and improve their business. Their highly 'Dedicated Distant Assistants' are well trained. They are top notch!
GM Simon2022-09-08Working with Bottleneck is not just having one or two assistants working alongside you. You have the support of the whole team behind them as well.
Ma. Edeliza Silot2022-09-07Aside from the knowledge gained, the trainers are highly commendable.
Sara Knox2022-09-07What an awesome business! Finally, a way to hire the RIGHT person for my administrative tasks and they are remote! No office space to consider, W2's, 1099's or payroll. Jaime and his team of remote workers are top-notch! I hired my first assistant in May. I recently suffered a motorcycle accident and it left me unable to work for 2 weeks. But my assistant stepped right in to guide our CEO on all matters financial. It’s so nice to have that stress eliminated from my life!
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Quit Repeating Yourself provides guidance for entrepreneurs, business leaders, and managers to help prevent unknown challenges from ruining their business.
