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In business, big or small competition never fails to exist. It is the driving force that makes your business succeeds. Like in the animal kingdom, in the business world there is also such thing as “survival of the fittest”. Many businesses falter because of certain circumstances of which the owners was not able to correct that brought to their downfall. In this modern-fast-paced world we live today, turnover of commodities is so quick. Businesses need to adapt to this kind of trend in order for their business to survive. However, there are still many instances that cause businesses to get bankrupt. There is a theory called the Organization Life Cycle (OLC). It is a developmental organization that was formed analogous to the Stages of Human Development. This is a paradigm that explains the life cycle of which each business big or small will go through. It has five stages; each step has its own focus and challenges that should be dealt with in order to move on to the next stage of business life. This structural organization would enable us to understand the reasons why some businesses falter and some progress.
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