Over the semester I’ve been trying to give you ideas and things to consider if you ever were to decide that you wanted to start your own business. I think I have covered as much of that as possible and then some. My last post of the semester is going to focus on what to do when you finally have your shot, particularly, how not to blow it. With the level of immediacy that exists in today’s society as result of new communicative technology, it obvious as to why small start-ups can grow so quickly and fail just as fast. One good review can really give business a bump. So the question is, do you play it safe and make gradual gains or go big and expand operations?
The first thing that most businesses do is look over every aspect of their business and decide if they can recreate the quality of the goods or services at a larger scale. Sometimes firms misinterpret their assets and decide that it would be possible for a replication. One of the examples I found in my reading was a restaurant that received the “Restaurant of the Year” Awards from the Portland Oregonian. Immediately they tried to open more restaurants and eventually the large expenses forced them to shut down. I think that it is very interesting how much value we place on tangible assets when there is so much more to Business. The intangible assets that really make a business or any project’s success relies heavily on how easily we can access knowledge or what is known in the business world as “Knowledge management.” Making sure that there are ways for different subsidiaries is going to be extremely helpful if a business decides to expand and no amount of money or other assets can be substituted for it.
The first way you can mess up your shot is to overvalue your assets and not recognize the things that help you succeed that are very difficult to measure. This problem exists everywhere in society. We as human beings tend to become so focused on one of the many tools that can help us succeed that we forget about the other factors that must be present to do so. This bias to focus on just one positive, and ignore all of the negatives due to overvaluation can be detrimental to the success of any business or project. Is there anywhere in society that you see such a problem existing? Why is it that we consciously ignore many negatives when presented with just one big positive?
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