ENT 600 Discussion Posts
Week 7: Post 2 of 2 – Discuss Scaling Issues as a Startup Evolves Through Various Stages to Maturity
One of the biggest lessons I have taken away from entrepreneurship is that starting a business and growing a business are two very different challenges. A startup can initially operate through the founder’s personal involvement, informal communication, and flexible decision-making. On the other hand, as the company grows, these approaches can become difficult to maintain.…
Week 7: Post 1 of 2 – Discuss Investor Dilemmas
In The Founder’s Dilemmas, Wasserman describes investor dilemmas as a tradeoff between the resources an investor can provide and the risks that come with giving someone else an ownership stake and influence over the business (Wasserman, 2012). This issue stood out to me because securing funding can help a new venture grow much faster, but…
Week 6: Post 2 of 2 – Keeping Top Performers
Once a business finds people who consistently perform well, another challenge begins: learning how to keep them. In the conclusion of How to Hire A-Players, Eric Herrenkohl emphasizes that businesses need to focus not only on finding A-players but also on keeping the high-performing employees they have already invested time and resources into hiring (Herrenkohl,…
Week 6: Post 1 of 2 – Hiring Dilemmas
One of the biggest challenges, as an entrepreneur, after reading this week’s chapter, is deciding whom to hire and when. Chapter 8 of The Founder’s Dilemmas describes hiring as a major decision for founders because employees can provide skills and resources the founder may lack. However, hiring is not simply about finding someone who looks…
Week 5: Post 2 of 2 – Recognizing and Appreciating People Who May Offer
When hiring employees for your company, it can be tempting to focus primarily on what someone already knows how to do. However, I think entrepreneurs also need to consider what skills can be taught after someone is hired and what personal qualities may be much harder to develop. Chapter 6 of How to Hire A-Players…
Week 5: Post 1 of 2 – Role Dilemmas
Founders often have to make difficult decisions about who is responsible for what and who has the authority to make important decisions. I think role dilemmas are especially important because a business can have a great idea and motivated founders, but unclear responsibilities can create problems as the company grows. To me, having clearly defined…
Week 4: Post 2 of 2 – Role of Founders in Building Teams
I truly enjoyed reading this week’s topic, as I learned that one of the biggest responsibilities a founder has is recognizing that they cannot build a successful company by themselves. In the beginning, it is easy for founders to fall into the mindset of “I can do everything myself because it is my business.” As…
Week 4: Post 1 of 2 – Benefits and Risks of Homogeneous Teams
When building a team for a startup, it can be tempting to surround yourself with people who have similar backgrounds, experiences, and ways of thinking. There are definitely some benefits to having a homogeneous team, especially in the early stages of a business. When people have similar perspectives and understand each other well, communication can…
Week 3 Blog Post: Building Social and Financial Capital
Building a successful business requires more than a good amount of startup money and a good idea. Entrepreneurs also need access to resources, relationships, and funding to turn an idea into a company. Two important resources are social capital and financial capital. Social capital refers to the value entrepreneurs gain from relationships and networks, while…
Week 2 Blog Post: Maintaining Control Versus Maximizing Wealth
One of the most difficult decisions an entrepreneur may go through is how much control they are willing to give up to grow their business. The idea of “maintaining control versus maximizing wealth” creates a conflict between being the decision-maker and maximizing the company’s financial value. While maintaining control can make you feel good about…
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