Final answer:
The correct order of the five stages of business development is approachable, viable, doable, sustainable, scalable (option 1).
Step-by-step explanation:
Business is the practice of making one's living or making money by producing or buying and selling products.
It is also "any activity or enterprise entered into for profit."
The five stages of business in order are as follows:
- Approachable,
- Viable,
- Doable,
- Sustainable,
- Scalable
The stages reflect a country's progress from a traditional economy to a modern, industrial economy.
It's important to remember these stages as they help us understand the growth trajectory of an economy over time.
When setting goals for business or economic development, it is crucial to consider the Five W's: who is involved, what you want to accomplish, where it will happen, when it needs to be done, and why you want to do it.
This approach ensures that the goals are achievable, relevant, and time-bound—essential components that contribute to the success of both business planning and economic development strategies.