Asked by Marin Webster hannon on May 01, 2024
Verified
In Scenario 14-2, when Larry hired his first employees, he went through the transition to enter the ______ stage of growth.
A) existence
B) survival
C) takeoff
D) success
Survival
The ability of a business or individual to continue operating or existing despite facing challenges or adversities.
Growth Stage
A phase in a product's life cycle characterized by rapid sales growth, increasing profit margins, and expansion of the market share.
Partnership Agreement
A legal document that outlines the rights, responsibilities, and profit and loss distribution among business partners.
- Identify the key stages of business growth and the challenges associated with each stage.
Verified Answer
TW
Teelyly WangchiaxaMay 07, 2024
Final Answer :
B
Explanation :
When Larry hired his first employees, it signifies the transition from the "existence" stage, where the business is being established and the owner is the primary worker, to the "survival" stage. In this stage, the business has proven that it is a workable business entity and focuses on establishing a stable customer base and sufficient cash flow to cover expenses, which includes hiring employees to support operations.
Learning Objectives
- Identify the key stages of business growth and the challenges associated with each stage.