Congratulations! You’ve got your business idea and you are ready to take the plunge. You have a lot to do in a short amount of time and need to test the viability of your concept and get it to market before your competitors. This stage includes anything from idea development to start-up and making your first few sales. You're not breaking even, but you are getting there.
Remember it’s a marathon and not a sprint and getting your business through the development “valley of death” over across to market acceptance will test you for all your worth. It is exhilarating, emotional and exhausting all at once, but boy is it worth it!
In this stage you are heavily reliant on key members of a small but vital team and laying the foundation for sustainable success is crucial.
This leg of the race aims to produce a product or service and get the market to respond positively.
You will need a well-defined product, differentiated from your competitors that will solve current consumer frustrations. This needs to be backed up by your ability to produce a quality product or service, underpinned by a reliable supply of materials or resources.