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The Importance Of Business Management

Satisfactory Essays

I received a slightly higher portion of the equity due to my idea premium and other past work I had put into the idea. While I do like that we broke up the equity right away, I would prefer to do so slightly differently. I would have liked to see 20% of the equity reserved for investors and other key hires. I believe this 5% of equity should have come from Sam’s share. While it is hard to estimate at the beginning, it became quite obvious that Zach and I did a majority of the work over the semester. In business, I am sure it is the same way where some people do more work than others. I feel that taking 5% of Sam’s equity and adding it to the portion reserved for investors and key hires would be the most beneficial for the business as a …show more content…

As I mentioned above, the biggest lesson that I learned is that I do not know as much about business as I need to in order to be a successful CEO. One of the ways that I can help get around this flaw is by hiring an advisory board. By hiring industry professionals, Unshackled could gain critical knowledge without having to go through all of the trials and tribulations for our self. The board would have to sign an NDA to ensure none of our confidential information is leaked, but I believe bringing in outside help would be extremely beneficial. Another change that I would make if we were starting over would be to keep the app simpler from the start. Originally, Unshackled was intended to be just an app that compiled the already public coupons and put them into one convenient and accessible location. Eventually we settled on including a GPS based interactive map and promotions exclusive to Unshackled. Throughout the semester, however, my group contemplated numerous other features that I think were frivolous and unnecessary. For instance, we were going to have a hierarchy of available deals, free-to-paid versions , in-app purchases, flash sales , and a rating system. I do not think that any of these features would have actually increased the value of our app. Therefore, after much debate, we decided to get rid of them. Throughout the semester I learned that especially early

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