What stage involves introducing a business to the market and attracting potential customers?

The stage that involves introducing a business to the market and attracting potential customers is known as the existence stage. During this phase, entrepreneurs focus on launching their products or services, establishing a brand presence, and generating initial interest among potential customers. This is crucial as it sets the groundwork for the business's future growth. The primary objective is to gain visibility, create awareness, and start building a customer base, which is essential for moving forward to subsequent stages of development.

In contrast, the other stages pertain to different aspects of a business's lifecycle. The survival stage typically refers to managing the business in a way that it remains operational despite initial challenges. The takeoff stage signifies a period where the business begins to grow rapidly once it has established a foothold in the market. Maturity represents a later phase when the business has stabilized, and growth may level off, reflecting a more saturated market.