It is Time for New Entrepreneur to Develop the Upper...

Jeff was an excellent entrepreneur, but now that the development of the product had started, and Palm would soon be launching the product, the first job that Jeff would need to do was to create an upper management. It was getting essential, as Jeff would otherwise be forced to do everything by himself, which would be disastrous. He was clearly good at designing and development of the product. His various market contacts, and his reputation in the market would mean that he would also be very effective at getting funding. With these two key activities addressed, he must now find one or more managers who would be willing to handle the other key areas namely sales and marketing, financing and a good liaison to communicate with other partnering†¦show more content†¦This would have several benefits, first is that the reps would be pretty adept at reading the market and would effectively come up with bright and novel ideas, as well as discover the subtle market changes. The other b enefit is that the reps would be thorough of the product specifications and features- their individual growth curves would be much better by the time they are in the initiation phase of the sales growth curve. This will result in a much better understanding of the market and the product leading to short lagging times in the cash inflow. Do note that the skills required for a renaissance rep, namely, communication within the organization, tolerance to ambiguity, deep interest in the product technology and extracting valuable information from the customers is exactly what would be needed for the job of surveying the marketplace, and even systematically finding new segments of the market. This early recruitment would ensure that they are the first to find the cellular market. Once the product is passed the beta phase, he would already be in the latter stages of the initiation phase, but still he should avoid using his resources in sales yet. He should let the renaissance reps continue with their role, and since he had partnered up with Tandy, he should use their distribution channels to broaden the list of potential customers. He shouldn’t rush to start selling to the stores, and this would put a little financial pressure.Show MoreRelatedSmall Business Strategy And Offer A Model Approach1352 Words   |  6 Pagesbusiness is to gain and sustain a competitive advantage. This activity can be difficult and time-consuming, especially for a small business where there are many businesses already established in the same industry. Unfortunately, some new business owners do not understand how to gain a competitive advantage or they fail to recognize how important doing this can be for the success of their company. Some new ventures do not secure a market position where there is a reasonable chance of success. OtherRead MoreChallenges of Strategy Implementation1316 Words   |  6 Pagesstudy by Michael Beer and Russell A. 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