Company growth must be planned by both old and young firms. It requires the choice of one or more of the above mentioned strategies to promote growth. Product and process innovations, the differentiation of products and markets, the use of market niches, and networking with other companies are important strategies for start-ups. Growth along the supply chain is a special case in vertical networking strategies. Buying out entire companies is also suitable as a growth strategy, but it presupposes the availability of sufficient capital, and the solution of acculturation problems. Growth can be seriously threatened by the management mistakes discussed above, but also promoted by growth strategies that are well implemented.
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- The mind of the entrepreneur: Your entrepreneurial journey begins by embarking on your own hero’s journey!
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