Every business has a cycle of growth and every cycle of growth has its own threshold. So I am going to focus on few aspects of business growth cycle my own experience through Bermuda triangle.
Stage 1 – Existence
When we build business we play a role of owner where the priority is of existence of business and he puts all his energy in building business. At this stage he passionately working in creating the business without risk and the basic logic is as he started from scratch. His passion outperforms his risk of losing and is able to make his presence felt.
Stage 2- Survival
When we have an existence and have established our credentials, we look for survival. Why survival when we established our existence because we have to play 2 roles as owner and family. Balancing both roles is not easy –
As a Owner – at survival stage, where business is at growing and is fighting for existence. Here we have to re-invest in business to compete with both. With the change of time and technology which can be done by only investing in people and by delegating but as a owner we do not have a habit to delegate. To move to next stage, we need to delegate ownership of responsibility to a responsible person who can handle that task better with ownership.
Secondly as we grow, we have to give time to family. Family member, relatives and society associate with us. Prioritising our preference and growing social status make us insure to change. As we keep interacting with same likeminded people, but our business is changing continuously. We need to upgrade our self to adopt to changing time. In life one need to have positive and agile leadership who can match growth of your business.
Stage 3 – Success
We are in a transition form from survival to success. It’s a crucial stage for a founder as he has to play 3rd role as a businessman.
A founder now has a business, a owner of a business and have a family to handle. At this stage a founder needs to strategies business towards growth but for that he has to come out of running a business and act as an observer. But family intervention of 2nd generation, fear of losing control, feel irrelevant in business makes a founder not to bring changes which makes decision making power very slow as compared to change in time space and in technology. A Bermuda triangle is a time zone where a family business stuck and struggles to come out of that. Now with past examples and studies everyone can tell at what stage a of firm age you are in but what we need to know is how to handles these situations? That what we talk in my next blog. How to break ‘Chekarview’ of Bermuda Triangle like Abhimanyu broke In Mahabharat.Authored by:Sachin Haritash