Business Activity || An overview of Business Growth.

Entrepreneurship has been recognized as the main driver for economic growth and also a major poverty reduction worldwide. This is due to the fact that social and economic value are added through innovation and this generate employment which is very critical in increasing the overall productiveness of the economy.

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The more enterprise produce the more input in labour and raw material form and also other supplies are required. Thus, it is essential for businesses to grow in order to serve the interest of the owners and also contribute positively to the economic development of that regions and nations (Acs, 2006 and Autio, 2007). This has provide a challenge for the managers and owners of the business to design and also implement effective strategies which will ensure the growth as well as the survival of the business.

The sad reality is in most developing countries such as Nigeria and many other African counties, the government has not live to their expectation in providing enabling environment in which businesses is expected to flourish. However, the overall responsibility for growing a business is in the hand of the owner or manager of the business. The main aim of this post is to educate my fellow entrepreneur on the concept of business growth.

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Concept of Business Growth

Business growth simply means expanding firm’s products, services or expanding its target markets or in many cases combining the two mentioned above. If an organization sees an increases in volume of activities of enterprise that is a clear indication of growth. In many instance business growth include taken advantage of a gap in the market, this allow you to gain competitive advantage over rivals in the same business line.

The normal way is most venture started small due to their limited knowledge of the market and lack of resources (money and skilled employee). It is expected that the entrepreneur as time passes gain more knowledge, skills and also additional resources about the business and in turn, the volume of activities of the business is expected to expand. I good way to also source for opportunity is to capitalize on the changes in the environment.

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The behavioral traits of entrepreneur differ based on evidence from theorists, this strongly influence entrepreneur desire to grow his business. Evidence have shown some derive satisfaction from their business been excellent and will tend to keep pushing to make it better while other tend to be satisfied or comfortable with average result and the last group of people are “easy come easy go” they accept whatever comes their way and makes little effort to change it.

While explaining the pattern of business growth, most theories depend on “The life cycle approach” in this approach, it posits that just as humans pass through different stages of physiological and psychological development which are from infancy to adulthood, likewise in businesses it also evolve in a predictable ways and also encounter some problems in their growth” (Bhidé, 2000). Study has shown that businesses passes through different stages just like human growing and these stages include infancy, growth and maturity. Although, some scholars suggest more or fewer stages of this development.

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There is no consensus on the definite number of stages but proposition that all businesses follow is set sequence and not all supported by the empirical evidence. The main thing is that all companies started form one point and they mature and become bigger and bigger with time but this growth is determine by the company resource and management. There are companies that have survive decades or centuries due to good management.

Conclusion

Business growth is a concept some business doesn’t take as serious as they should. Some are contending with their local sale and income instead of extending their product line and distribution outside their jurisdiction. This reason has led to some business failing in sort period because of lack of great vision for the business.

Due to length of this post I have decided to split it into different parts so the next post I will be talking about reason for business growth and types of business growth, I am sure you don’t want to miss it so see you guys soon.

Thank you for reading

Business name:	Ai'nu Farm
Owner's name:	@weasell
Business address:	Zaria, Kaduna State, Nigeria.
About us:	Click Link.

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