Middle East economies are to a large degree built upon the work of successful entrepreneurs. If you have a startup vision, there are many different things to be aware of. You may find that the following four stages are a part of your journey.
Stage 1: The Startup Entrepreneur
You’ve got loads of ideas, lots of energy and little focus. They go to every single workshop that they can, jumping from opportunity to opportunity. It’s like they are digging holes looking for gold.
The objective of stage 1 is to get your minimum viable product. Think about all your ideas, pick out which one has got the best legs, get it to a point where you can take it to market, and then start to sell it and get some cash flow.
Stage 2: The Proven Entrepreneur
At this point, you’re trying to make everybody happy, trying to over-serve clients. At the start you swap time for dollars. You might even be working for someone else to get cash flow while you build up your little thing on the side. Do what you need to do to deliver value. Cash flow is the biggest thing that will fuel every business.
The objective at this level is to make sure that you build undeniable proof that you can deliver for your clients. You get case studies and testimonials, and you position yourself as an expert.
Stage 3: The Systematic Entrepreneur
Leads are coming in and you’re not chasing the work nearly as much at this point in time. But you are still very task driven.
This is where many people get stuck. Many of the skills that got you through stages 1 and 2 are now holding you back. You’re getting in there and getting things done, but at this point the objective is to systemise, duplicate yourself and start to create the automated cash flow.
Stage 4: The Complete Entrepreneur
Finally, you’re creating passive income, and you’re starting to buy back time. You’re seeing business as a series of systems. When you look at a business, you see all of the moving parts, the mechanics in there. You’re able to spot the inefficiencies.
At this point, you start to use the cash flow that you’ve got coming in to invest into different assets. You might look at buying and selling assets—that’s when you start to get big capital gains and you get the big deals. When you ultimately get to big deals, you’re selling the business opportunity, you’re selling a franchise, and you’re finally creating wealth.