The primary objective of the first stage of your business is to develop, refine and validate the product with very early adopters. During this stage, you are considering to run your international business through distributor channels or to hire your first business development employees. The primary objective in the second stage is to validate the market’s acceptance of the product by going after additional early adopters and broadening the customer base. At this stage of the company’s development these should be considered interim decisions, and the infrastructure should only be expanded as is necessary to meet the needs of this stage. The decisions management will begin thinking about run the gamut from product extensions, to distribution, to manufacturing, to development, to target market expansion, to raising new capital to fund growth, etc.
Your employees’ talents and skills drive your business success. And in smaller businesses, the hiring decisions you make can have a much bigger impact on your overall business health.
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