An independent business is perhaps the dream of many budding entrepreneurs around the globe. By definition, business is the activity of making money by producing or trade of products and even services. A business does not necessarily refer to a company or corporation. It need not have a formal organization or be a part of the corporate world. It can range from a street peddler to a multinational company.
However, broad the spectrum of the scope is all the business pass through more or less the same phases or stages. The prospect of starting and running one’s own business is exciting. Days have come where you can start a business as a teenager. Still, it is important to realize the life cycle of any business to manage the proper functioning.