The first three stages of the Enterprise Creation stage which emerged are: Discovery, Modeling, and Startup which form the new venture formation stages. The next three Existence, Survival and Success develop the business into a sustainable business entity. The last three stages: Adaption, Independence and Exit provide the entrepreneurship pathways for the entrepreneur.

Stage 1 – Discovery: This first stage is centered around the focal competency of Opportunity recognition, creation and evaluation. These are the processes by which entrepreneurs identify and evaluate potential new business opportunities.

Stage 2 – Modeling: The second stage is about developing the business logic to create a business model. This is split into three parts and starts by setting out a Strategy, formulating a business model and setting the business processes to achieve the strategy.

Stage 3 – Startup: The fourth stage is starting the enterprise. Once the resources detailed in the business plan are mobilised the entrepreneurial process can be affected and implementation can take place. In this stage the business may be trading or begin to research or develop a product.

Stage 4 – Existence: At this stage the business has two core focuses; to gain enough customers to create a profitable business and, at the same time establishing production or product quality. The majority of businesses fail at this stage due, in part, to either one or both of these factors.

Stage 5 – Survival: At this stage the business should be a viable entity in terms of cash flow and resources, it has enough customers and satisfies them sufficiently with its products or services to gain repeat sales.

Stage 6 – Success: Entrepreneurs at this point have a number of options: capitalize on the company’s accomplishments, expand or, keep the company stable and profitable.

Stage 7 – Adaptation: Businesses which reach this stage normally have a number of factors pushing them to adapt, these are normally grounded in changes either to the micro or macro environments.

Stage 8 – Independence: A business at this stage should now has the advantages of size, financial resources, market share and managerial talent.

Stage 9 – Exit: The last of the Enterprise Creation stages is focused on exiting the business and making their separation permanent. An exit strategy will give the entrepreneur a way to reduce or eliminate their stake in the business and, if the business is successful, make a substantial profit.