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Exploratory phase

The exploratory phase is the first stage in the life cycle of a business or any product or service.

Expanded Definition

In the first stage a start-up company begins with a germ of an idea, tries it out, refines the products or services to the needs of the customers, and resolves start-up problems. Once those initial challenges are resolved, the business moves into a developmental or growth phase where it seeks capital to ramp up production and grow the business to its natural limits.

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