2-2 Harvard Business Review Simulation and Journal

docx

School

Southern New Hampshire University *

*We aren’t endorsed by this school

Course

400

Subject

Business

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by UltraAtomNightingale32

1 2-2 Harvard Business Review Simulation and Journal Business Administration, Southern New Hampshire University BUS 400: Driving Business Opportunities Professor Michael VanPatten January 21, 2024

2 When thinking about decision making and how it aligns with the blue ocean strategy its important for a leader to think outside the box with their product but also keep it at a low cost. The blue ocean strategy provides business owners and leaders with the opportunity to develop their own market and move away from over-saturated ones. During this simulation I found that family-owned businesses encounter many different decisions through the years. When it comes to value creation and gaining a competitive advantage, I feel I could have done better. I think that I made decisions that were very conservative and safe due to fear of going bankrupt or not being profitable during difficult times such as the recession that occurred in 2009. The company saw that there was a need for honey and that there was an untapped market when it first started. Homestyle Honey Farm was able to grow the income by a factor of 10, which I think is impressive since he was able to balance family and the business successfully. The family decided to navigate into another sector with the honey product and be successful in that as well, which helped them to diversify their earning potential and expand their business opportunities. In the beginning the family wanted to keep the overhead costs low to be able to increase their earnings and make the product price reasonable for the customers that they have. There were some issues between the family during each generation, and not all of the business decisions made would end up making the family happy. The business started in the family, but as the growth began it was important that they also include outside options to help the business thrive and carry on for the years to come. To make sure that the success of the business was able to happen, I had to make a few difficult decisions that the family did not approve of initially. The next big decision came when they were growing, and they needed to decide whether to hire professionals or keep the major roles in the family. I

3 decided that it would be best for the company and family to hire outside professionals. Something that I am not sure about was when the company was having funding issues due to the fast growth, I chose to acquire external funds. I think that I chose this due to the continued success of the company and the desire to continue to grow and sometimes this requires resources outside of the self-funds. The family was very much against hiring an outside for a new CEO when Ravi stepped down. Although he wanted to pass it down to his daughters, none of the three were really going to help the company thrive into the future but I made the family decision and not business decision and appointed his daughter Avni as CEO. Throughout the simulation I had to think like a CEO but also remember that this was a family business. Family is important, but being qualified to is important as well for the company to continue to thrive. What I have discovered is that managing a business becomes more challenging as you grow. As the business grew more decisions needed to be made to ensure the future would be possible. Family businesses are even more difficult with decisions because you need to think what is best for the business and that can cause family disagreements. At the end of the simulation, I achieved Regional Business. The family relationship is low, and the family feels disregarded and powerless. The Ownership value is Medium and most of the shareholders have stayed with the company. The business has survived for decades and has a strong customer base, but its growth has slowed. The business leadership has not been able to compete with the threats from other domestic and international competitors. I know that for the second round I would make a couple different decisions to allow for the company to become known not only regionally but Global International.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

4 References : Family Business Simulation: Honey Heritage . (n.d.). Forio.com. https://forio.com/app/harvard/family-business/#/

Related Documents

Discussion Board 1 busi607.docx

assignment #7.docx

1-2 Project Analysis.docx

7-2 Final Project White Paper.docx

3-2 Milestone One Elevator Pitch.docx

week 3 Discussion Questions.docx

BUS 400 Milestone Two Zachary Colby.ppt

6-1 Harvard Business Review and Journal.docx

READING COMPREHENSION.docx

Week 5 Discussion Reply Summary.docx

Week 3 DT External Environment, Power, Weakness, and Decision Models.docx

Week 4 Discussion Reply Summary.docx

Recommended textbooks for you

Management, Loose-Leaf Version

Management

ISBN:9781305969308

Author:Richard L. Daft

Publisher:South-Western College Pub

MARKETING 2018

Marketing

ISBN:9780357033753

Author:Pride

Publisher:CENGAGE L

Understanding Management (MindTap Course List)

Management

ISBN:9781305502215

Author:Richard L. Daft, Dorothy Marcic

Publisher:Cengage Learning

Principles of Management

Management

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax College

Purchasing and Supply Chain Management

Operations Management

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
MARKETING 2018
Marketing
ISBN:9780357033753
Author:Pride
Publisher:CENGAGE L
Understanding Management (MindTap Course List)
Management
ISBN:9781305502215
Author:Richard L. Daft, Dorothy Marcic
Publisher:Cengage Learning
Principles of Management
Management
ISBN:9780998625768
Author:OpenStax
Publisher:OpenStax College
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning