The Business Lifecycle Personal Statement Example | Topics and Well Written Essays - 1000 words - 1

The Business Lifecycle - Personal Statement Example I have been very keen on how businesses are started and what entails the whole startup process and I have found out that one of the most important issues to be tackled is the legal issues. I was thinking like there was no problem provided that the business I’m intending to start is a legal one, but to my surprise, my research has shown me otherwise. Company law, a book by CR, Datta, clearly shows that there are a lot of legal issues to be looked into before a business is allowed to operate. Some of them are the registration of the business name, application for health and sanitary permits and seeking permission for building premises to be used by the business. The business should also adhere to Acts and statutes governing what they practice. A look into the Horizon Electronics business plan also confirmed the same to me since they have clearly documented their adherence to the relevant regulations, registration, and drafting of contracts. In my research and coursework, I have also learned that a business has to undergo various stages before it is termed as mature. Charlie Gilkey in his book the business life-cycle offers an overview of stages of a business life cycle. He names them as the inspirational stage where an entrepreneur has a business idea but has not yet implemented it, the entry stage where then entrepreneur has decided to start a business and is actively building the market, the growth stage where the entrepreneurs have a business plan and are growing their revenue streams with new clients and customers, the crucible stage where the demand for goods and services outstrip the entrepreneurs ability to meet them, and finally the cruise stage where the entrepreneur has found solutions to the problems and is moving ahead (Gilkey, 2010). In my view, business requires a lot of hard work and sacrifice especially in its initial stages of development. This is because I have come to learn that there are many challenges associated with this stage of a b usiness. One of the major challenges is that of finding a market for your output. It is a fact that without a market for the output, the core objective of doing business: making profits will not be attained. Proper market research (an organized effort to gather information about customers) should, therefore, be performed before the business is commenced. I tend to believe that it is very essential for this to be done keenly because it also gives an outline on how to market the product. Market research also provides information about the prevailing market trends in the industry and the current market prices for similar goods.