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Hrm/531 Week 4

Decent Essays

(4) Factors that can overcome the issues :
1. Stay focused on the customer experience.
2. Devote time to creating future value
3. Cut through the financial fog.
4. Get your culture right
5. Don’t let potential acquirers sweep you off your feet

(5) Explain each of the factors :
1. Stay focused on the customer experience.
When operations are overwhelmed by waves of new business, remember that a positive customer experience is at the heart of every healthy venture. Invest resources–capital, people, technology, training, etc.–to be sure you deliver on your promises. You can manage risk and preserve flexibility by hiring temporary staff or outside partners to help with delivery. Most importantly, ensure that an accurate customer feedback loop is in place, so that you can understand the value customers are receiving.
2. Devote time to creating future value
A common ailment among startups is a near-sighted focus on daily crises, at the expense of tasks that will build the company over the long term. Come up for air and then think clearly about what a healthy, valuable business will look like 18-24 months out. What needs to be done today to build for tomorrow? What are three things I can accomplish this quarter to ensure success twelve months …show more content…

Founders should be aware that these exploratory dances always require more time and energy than anticipated, and most of them will not result in an acceptable offer. Of course, you want to respond to interesting inquiries, just don't let the allure of a potential payday distract you from sharpening your product, building your customer base, and improving the health and capacity of your company. These are the only foolproof areas of focus. Paul Graham said it nicely in his 2006 essay: “The way to succeed in a startup is to focus on the goal of getting lots of users, and keep walking swiftly toward it while investors and acquirers scurry alongside trying to wave money in your

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