A decision that’s right for one venture may prove disastrous for another. Thus entrepreneurs can’t look to formulas to navigate the myriad choices arising as their enterprise evolves. Moreover, no two ventures take the same path. These include a clear strategy, the right workforce talent, and organizational controls that spur performance without stifling employees’ initiative. Why such dismal odds? Entrepreneurs-with their bias for action-often ignore ingredients essential to business success. Others fizzle after spectacular rocket starts. Of the hundreds of thousands of business ventures launched each year, many never get off the ground. They must continually acquire new skills-and continually ask themselves where they want to go and how they will get there. Entrepreneurs cannot build self-sustaining companies simply by “letting go.” While they sketch out the future, entrepreneurs must manage as if the company were about to go under. A venture may fail if its founders do not hire the best people, attract capital, invest in organizational infrastructure, and shape a culture to suit the venture’s strategy.įounders must also consider the evolution of their personal roles. Great strategies, however, don’t guarantee great execution. Only when entrepreneurs decide what they want from their businesses can they determine what kind of company they must build, what they are willing to risk, and whether they have a well-defined strategy. They may want, for instance, to attain a certain lifestyle, experiment with technology, or build an institution that can outlive them. Why all the conflicting advice? Because in a young company, all decisions are up for grabs.īased on his observations of several hundred start-up ventures over eight years, Amar Bhidé has developed a three-step sequence of questions that all entrepreneurs must ask themselves in order to establish priorities among the vast array of opportunities and problems they face: What are my goals? Do I have the right strategy? Can I execute the strategy?īefore entrepreneurs can set goals for a business, they must articulate their personal goals. Those are some of the suggestions that entrepreneurs sort through as they try to get their ventures off the ground. Box 549241, Suite 144, Waltham, Mass.Diversify your product line. Where to submit your re Processing Center, P.O. The regular workweek is 40 to 45 hours, and a four-day workweek is possible. Maternity leave is available after seven days of unpaid leave at 70 percent of weekly salary for as many as 90 days. Personal leave, which includes sick and vacation leave, is 15 days the first year. Tuition reimbursement is $3,500 annually, and corporate training is on an as-needed basis. There is also an employee stock-ownership program. Employees may contribute up to the federal maximum to a 401(k) account with the company matching the first 4 percent. There are no domestic partnership benefits. Employees are automatic enrolled in the company's Wellness Reimbursement Program, which reimburses workers and their families for all in-network medical expenses, such as co-payments. Discounts are available on premiums for dependents.
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Web site: Industry: Professional servicesīenefits, compensation and perks: The company pays 100 percent of employees' medical, dental and optical premiums effective the first day of the first full month of work. Address: 6354 Walker Lane, Metro Park, Alexandria, Va.
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