According to Global Entrepreneurship Monitor, there are four entrepreneurship phases.
- the potential phase
- nascent phase
- new-business phase
- established-business phase
While most students who have never created a new business before are potential entrepreneurs. And people who engage in setting up a new business are “nascent entrepreneurs”. When you are running a new business that has existed for less than 3.5 years, you are the owner-manager of a new business in the market. After the threshold of 3.5 years, you transform to the owner-manager of an established business.
So where are you now as an entrepreneur?