Analyzing the different growth strategies available for different business ventures will help business ventures to. I will delve deeper into the different ideas and means available. Demonstrating my understanding of the external and internal effects they will have on each individual company, not only in terms of growth but also on its goals and objectives as a whole. I will make sure to compare the advantages and disadvantages of each strategy and highlight the importance of why they should be carefully chosen for each individual company. Making sure to identify and analyze the four main growth strategies; product development, diversification. Market development and market penetration. All of which fall within the Ansoff matrix, a theory that helps identify growth opportunities. Source: http://www.tutor2u.net/business/strategy/ansoff_matrix.htm This topic is essential as it will enable entrepreneurs to achieve and sustain growth, not only that, but efficiently. One of the most important reasons for a business strategy is that they help organize a business and overcome some of the early obstacles that every business will face, such as the fact that 50% of businesses close within four years. (CITE) Growth strategies are incredibly important to business ventures as they grow and are essential to the longevity of any business, especially new and smaller businesses, as if they don't grow, they will eventually decline and fail. It's also about using the business to improve benefits for your customers and create value. The main idea of ​​a business strategy is to achieve the company's goals and objectives. Some of these could be increasing market share, increasing revenue,......middle of paper......g and market share like Taobao did. Demonstrate that this strategy is effective for a specific business and in this case not for eBay. Product development is another part of the Ansoff matrix. Product development is a strategy for increasing the benefits offered to customers by improving existing products and services or developing new ones. The new product development process is a model that entrepreneurs use to streamline product development and create an easier scale for them. follow.Source: http://www.innovationreactor.com/innovation_reactor/2008/12/the-new-product-development-process-part-3.htmlProduct development is useful for entrepreneurial ventures because it poses only moderate risk , this is because the product is already known to be popular, but not just in the city or town the entrepreneur might be trying to enter.