IntroductionAn entrepreneur starts a new business not only to succeed, but ultimately to grow the business. Before an entrepreneur begins a growth and wealth creation strategy for his or her business, several fundamental pieces of the puzzle must be in place. This article will explore five of these fundamental principles and describe the importance of each. It will then compare three growth strategies available to a business. Improvements When an entrepreneur brings a product or service to market, they may fill a need and attract customers to the business, but the product or service may still need work. Although no product or service can ever reach a perfect state, working to achieve this goal is something an entrepreneur must do before embarking on a growth strategy. This ensures that the entrepreneur puts in place the best possible product or service on which to base their growth. Working to bring the best possible product or service to market cannot involve changes to the product or service itself. “The key is to listen to customers and determine what improvements they would like to see in existing products or services” (Baron and Shane, 2008). Customer feedback provides the entrepreneur with the opportunity to make improvements to the products and services offered by the organization. Reviews can identify the purchases they make and the value those purchases provide them. Feedback can also help identify ways to encourage customers to purchase more from the organization. Based on the feedback, the organization could make changes to the product or service to make it more valuable to its customers. Purchase-based feedback isn't the only feedback an entrepreneur should pay attention to when looking to grow. The organization...... middle of paper ......trepreneur. (2013). Diversification. Retrieved from http://www.entrepreneur.com/encyclopedia/diversification Hill, B. (2013). About business financial planning. Retrieved from http://smallbusiness.chron.com/business-financial-planning-2675.htmlKearns, S. (2012). How to improve your product or service. Retrieved from http://blog.intuit.com/marketing/how-to-improve-your-product-or-service/ Matthews, D. (2012). Growth Plan II: Writing a business growth plan. Retrieved from http://esellermedia.com/2012/11/27/plan-for-growth-ii-writing-a-business-growth-plan/ Odland, S. (2012). 5 ways to control costs. Retrieved from http://www.forbes.com/sites/steveodland/2012/02/15/5-ways-to-control-costs/Sugars, B. (2010). 10 tips to get you started. Make sure you have a clear vision and plan and stick to it. Retrieved from http://www.entrepreneur.com/article/204982