• This is a discussion of the logical progression for growing a business, which starts from the initial idea and grows into a viable business venture.
• The phasing approach should explain how the development phases minimize risk, aid learning/analysis at the earliest possible stages, and create a proper progression of the business venture.
• The goal of developing phases is to show how much risk is required for each phase compared to the expected outcome or return on the investment; phasing allows for learning during each step and creates a decision point prior to moving on to the next phase on whether to proceed, modify the business, or exit (with potentially a smaller overall loss).
• Potential planning and development stages/phases:
o Idea stage
o Concept stage
o Test marketing stage
o Product/service development stage
• Include anticipated resource requirements for each stage of development
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