In order for an entrepreneur to plan appropriately for his business, it is important for him to understand the various aspects that are associated with the growth of a business. The first of the considerations is the stage of the life cycle. All businesses have the same business life cycle. Different stages of life cycle call for different strategies. Entrepreneurs should be aware of these stages and most importantly, they should be in a position to know the stage of business life cycles that their business is in. such knowledge would help them to make proper decisions for the business since decision making is critical in healthy functioning of a business (Jinnett & Pinson, 2006).
Another consideration is crisis. Businesses are faced with crisis in many instances. Crisis situations require immediate action because they can result into dire outcomes in businesses. Crisis helps an entrepreneur to learn how to learn new behaviors and help them to think in a diverse manner. It impacts on an entrepreneur both in his business and in his personal life. In business, crisis helps him to know how to deal with similar situation in future show the crisis recur while in the personal life, crisis help him to determine deal with contingencies fast as they arise (Jinnett & Pinson, 2006).
As businesses mature, it is important for entrepreneurs to measure their growth. Different businesses experience different rates of growth. Some businesses will have a higher rate of growth while others will experience slow growth. Different rates of growth require faster planning. Entrepreneurs should be in a position to determine how fast the growth of their businesses is in order to make informed decisions of their businesses (Jinnett & Pinson, 2006).
Jinnett, J. & Pinson, L. (2006). Steps to Small Business Start-Up. Chicago, IL: Kaplan