Insights On The Five Stages Of Small Business Growth
Tuesday, October 05, 2021
Even during the best of times, starting a small business is tough. During the Covid-19 pandemic, it became a quest for survival. While roughly one-third of small businesses were closed amid the lockdowns, many have reopened their doors or launched anew as consumer demand roars back.
Each of the 31.7 million small businesses in the U.S. has its own unique flavor, challenges and path to success. Some never expand beyond a single founder; others could scale to become the next unicorn. Along the way, many founders will face common sets of challenges as they reach new levels of success.
For that reason, we’ve decided to bring you some real-life examples that illustrate the five stages of small business growth: existence, survival, success, take-off and resource maturity.