Jung talks about the five different phases that a start-up will entail in its journey from inception to transition. Phase one is the start-up and the inception. Phase two is a period of growth. Phase three is the unfortunate setback that every venture will invariably face. Phase four is a stage for rejuvenation. The fifth and final phase is a transition for either you as an entrepreneur or the company overall, he says.
Phase one is the start-up and the inception. Phase two is a period of growth. Phase three is the unfortunate setback that invariably every venture faces. I call phase four rejuvenation, rebirth. And the fifth and final phase, a transition for either you as an entrepreneur, or the company overall. In our case, with IGN, that transition culminated in the sale to NewsCorp at the end of 2005. So five distinct phases, five sets of challenges.
Lecture by Mark Jung on Entrepreneurship for Stanford University students, April 18, 2007. Mark Jung, former Chief Operating Officer of Fox Interactive Media, explains that entrepreneurship is a journey that has to be experienced with all it's hardships. One should not be afraid to make mistakes, he emphasizes.
- Entrepreneurial Thought Leaders Lecture
- Stanford University's Entrepreneurship Corner (ecorner)
Original Course Name: Entrepreneurial Thought Leaders Lecture.