Early-stage entrepreneurship encompasses a spectrum of stages in the entrepreneurial life: ranging from the “idea-in-the-shower-phase” to business planning through to prototyping and launch.
This period of time is crucial in the life of an entrepreneur. Not only do decisions taken at this time impact upon the eventual success potential of the start-up, but more importantly they play a significant role in helping the entrepreneur decide whether or not she actually wants to be an entrepreneur. Early-stage entrepreneurship is therefore important because this period will determine whether:
- the idea the entrepreneur has convinces her to launch the venture, and
- impacts directly on probability of success of the venture if the answer to (1) was “yes”
Therefore developing skills at dealing with the issues arising in early-stage entrepreneurship will lead to:
- more entrepreneurs
- higher success rates