As a business coach, my entrepreneurial clients seek my expertise for a variety of reasons. Some are start-ups who require my assistance putting them on the right path towards generating income for their business. Others, have come to me after having an “oh-no” moment and need my help sorting out a business problem that they may have gotten themselves into – either way, I have seen my fair share of business blunders and have experienced some of these myself during my early years in business. I have come up with 3 Mistakes Entrepreneurs Make During Business networking Transition for you to think about.
Business transitions are notoriously challenging times for business owners.
A businetransition happens when a company moves from one phase of its life cycle to another. For example, a business transition would happen when a company moves from a start-up phase to a growth phase after being in business for a couple of years. Businesses typically go through a life cycle and depending on which part of the life cycle they are currently in, they should have a definite focus.
While not every business goes through all phases, there are typically six stages of a business life cycle:
Mistake #1 – They don’t follow a clear business model
It seems straightforward, but many companies DO NOT follow a business model, and as a result, can get themselves into trouble. A business model is a theoretical way to balance your revenue generating strategies with the appropriate resources to deliver them.
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