If we equate Product Life Cycle (PLC) stages with #entrepreneurship we might divide the stages as follows:
Introductory Stage – A vague Business Idea to Key Business Idea stage
Any business idea after a few cycle of transactions reaches to its core strength, it goes through many transitions in the process – This is the Key Business Idea
Growth Stage – Business Model Evolution
Key Business Idea helps the entrepreneur to rework his business operations and hence the business model is evolved.
Saturation Stage – Revenues reach a top sealing
A critical stage for any entrepreneur as he cannot foresee any further growth. Innovation in processes or new product can help to revive his enterprise.
Decline Stage – New Business Idea – (Integration in the same domain)
An entrepreneur at this stage needs to work on backward-forward integration keeping his core strength in mind. It will help him penetrate current market further or develop a new market for his product.
(Statutory Warning: While this sounds interesting and appealing, it needs a bag full of patience and faith to endure the grind. Only those succeed who can keep their spirits high and their steam intact. Rest should not try this)
