1.) How did your company do at the end of the first time you completed the
simulation compared with your last run-through?
Well, to put in the most simple terms, it was terrible. I was not making rationally
based decisions based on the concepts in this course. Instead, most of the
decision-making I made was based on my personal values and judgment, and I
believe that is ultimately why my first run of the simulation did not succeed. Up
until module two, when we did the first simulation, there were tools I could have
used to guide my decisions, like the blue ocean strategy, but instead, I chose
those personal values, which was a big mistake.
2.) How did the company's growth change over the course of the three run-
throughs?
The growth of my company was paramount with each iteration of the simulation
that I took. I previously mentioned that I had not used the blue ocean strategy for
my first one, which, as we know, is a "term created in 2005 to describe a new
market with little competition or barriers standing in the way of innovators. The
term refers to the vast "empty ocean" of market options and opportunities that
occur when a new or unknown industry or innovation appears" (Young, 2022). I
also think when it came to applying DEI and CSR principles, this also allowed
the company to grow. Keeping these concepts in the back of my mind while
making decisions about the company ultimately led to its success, in my
opinion.
3.) Which of your decisions do you think affected the company and its growth
more than others?
Two things I think certainly helped the company out were conducting a formal
search for a new CEO and ensuring the family did not consist of board members.
During these simulations, I thought as I progressed how biased our family in the
honey business could be and that to succeed, I would have to diversify my team.
Additionally, I thought new product lines such as personal honey products were
a great idea.
4.) Were these decisions made with the family in mind?
My decisions were made with family in mind because those people were
holding me back from making good decisions. This is not to say that I don't
value family, but to grow our business to scale, I had to make touch decisions
involving their involvement which, if too involved, might have derailed our
successes in the honey industry.
5.) Which decisions served your company well and how?
The blue ocean strategy, CSR, and DEI principles served the company well.
Also, the diversification of our honey products allowed us to enter a new
market, which made us even more profitably as we departed from just selling
our original honey product.
6.) Are there any decisions or actions you would take differently now that you
know more about how they affect a business?
Absolutely, it would be to listen to my business mind rather than my personal
opinions. I think that so many people choose not to get into business with family
because of the tumultuous relationship it can cause between them. Sure some
can work out just fine, but for me to take my honey business to the next level, I
need a diversified group of people that are not impacted by any emotions or
feelings. Business is business, and you do what's required to ensure it succeeds.
References:
Young, J. (2022, January 14). Understanding the calm waters of Blue Ocean
Market Opportunities. Investopedia. Retrieved June 23, 2022, from
https://www.investopedia.com/terms/b/blue_ocean.asp
less
