Thus, in my view, entrepreneurship is an evolution of an idea through a series of developmental stages culminating in a self-sustaining business. A business is an entity which exchanges goods and services with people outside the business (customers) for money, social good, or something of equal value. Here is a summary of the key stages along the way:
- Idea and seed stage.
- Startup and development stage.
- Funding and rollout stage.
- Growth and scaling stage.
Another way of determining when an entrepreneur becomes a business owner is to look for the mindset change required to build and maintain a successful business. Every entrepreneur needs to compare his strengths and aspirations to this business mindset:
- Satisfaction from business success versus the big idea.
- Seeking a stable environment now versus a better future one.
- Relish repeatable activities and processes versus new challenges.
- Long-term attachment to the business versus the idea.