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Four Quarters and Five Stages

04 April 2024 by GI Team

 

Where are you?

Life can be separated into four quarters. 0-24, 25-49, 50-74, and 75-100.

You may be at the stage where retirement is on the horizon. Why not lean into longevity, instead? In a recent study, it was reported that 71% of Americans 65 and older say that the best time of their lives is right now, and 83% say it’s more important to them to feel useful rather than youthful. You can choose to view Quarter 3 as a new phase of mature and active adulthood – you can choose to redesign retirement.

It’s said that we can, over time, change the shape and pace of both our personal and professional aspirations if we understand that we are increasingly healthy, active and engaged well into our 70s (if not later). So, I want to implore you to take a moment to think about this:

What do you know about business?

What knowledge have you accumulated over the years? How much does all your experience weigh? By now, you are a well-seasoned professional, with a keen sense of awareness. Revive your mindset, don’t wind down just yet. Now is the prime time to exercise your business acumen.

 

Don’t Retire, Start a Business

It’s a common misconception that the entrepreneurial spirit is for the young. Perhaps, we think this way because we associate entrepreneurship with words like ‘demanding’, ‘risky’, ‘resilience’, and ‘failure’. We, quite falsely, think that a younger person is better suited to handle the gruelling commitments and potential failures of entrepreneurship.

We have sensationalised 30 under 30 lists. However, there’s a ton of research proving that a 50-year-old is almost twice as likely to achieve entrepreneurial success than a founder in their first or second quarter of life. There are enough stories to be inspired by, too: Leo Goodwin started Geico at 50 – it’s now one of the most recognised insurance companies in the US. At 52, Ray Kroc transformed someone else’s business into McDonald’s, and at 62, Harland Sanders franchised his Kentucky Fried Chicken recipe. I’m sure you’ve come across the Huffington Post – Arianna Huffington launched it when she was 55.

As a business coach, I often find that my more experienced clients are some of the best to work with. This is because they have seen and intimately understand the intricacies of business. These veteran professionals know exactly when to power through and when to ask for help. They are well acquainted with their strengths and their weaknesses, thus making it easy to identify when a different perspective is needed to unlock the next level of success in their business.

 

The Five Stages of Entrepreneurship and Business Growth

The process of growth is demanding and often painful.

Several of our clients have been in business for 10+ years before seeking out a business growth consultant. This is not odd. These business owners are after continued business success and know that they need an outside perspective to help them achieve it.

Have you heard of the 10/5 rule? It states that if the business is not making a revenue of £5 million by the time it’s a decade old, then it may benefit from a rethink of the organisational structure and processes to ensure it sees the next ten years, profitably.

Most SMEs experience a common set of roadblocks – during onboarding, I help these businesses identify which stage of business they’re ‘stuck’ at, and how to get unstuck.

As I thought about the five stages of business growth, I wanted to explore what it looks like for a start-up and what it looks like for a decade-old business.

 

Now, think about this: Across almost all industries, 70% of new businesses fail between years two and five.

If you’re well-versed in the language of business and have experience in the five stages of business growth, you could very well have a greater chance to be a part of those new businesses that succeed.

Lean into your longevity – of life and service – and tap into your entrepreneurial spirit. Here’s 10 proven management frameworks to consider as you also consider embarking on this new endeavour. It wouldn’t be a leap of faith because you’re experienced in business growth, it would be a calculated decision with the potential to reap new rewards, wealth and success.

 

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Next steps…

Book a complimentary breakthrough business discovery call and gain the clarity you need to take your business forward →

 

GI Team

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