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If You Are a Founder of a Company What Should You Do?

Essay by   •  May 13, 2019  •  Study Guide  •  444 Words (2 Pages)  •  8 Views

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If you are the founder of a fuel cell company that makes special batteries for electric cars- Your company has 77 employees. The company is down that ma e§ spite a atteries for: „act ceit company loss of case. If the company does not bring in enough money bneftoorethtrheeegi cornpany will 90 out of business. You have a working product and are just starting r attract customers. A large company has offered to purchase your company for ,r3ction of what it as worth. What do you do? af 4) .Analyze the case from the perspective of Project Management. I)) As an entrepreneur what do you do to get out of the situation? Answer: [WBUT 2013) 21 b3iteries for electric cars has already a good market and this will soon go on because of energy crisis in different fields as well as environmental pollution •N, e-% , If the companies of 77 employees face a recession for three weeks from the ne,Tettive of project management the following three things have to be undertaken. Check up the quality of human resource in the marketing department and arrange for heir special training for marketing of batteries for electric cars. b) If possible and require the dead woods may be replaced by live-wire, marketing staff. c The project report may be reviewed andprofit and loss account may be readjusted. 14 As an ent.rep.reneur one should take up the following steps to come out of the situation I) To have 3 brainstorming session with the senior managers to find out the reasons for- the slow down and immediately take up corrective means for cost reduction. bener productivity, qdality control and push selling. G).ve a push to all the employees by group wise discussion as well the circular es‘ ;117onning. that the company is not earning enough money during the last three eels andpaym ent of salary may be difficult at the end of the month. Think of alternativeproducts, expansion and diversification in similar lines Discuss with your own people as well as outside experts what and whether any new products can be manufacture With the same plant and machinery and manpower 'D Discuss the banks regarding increasing the limit as well as delay in payment of loans Stop or extra payments like Puja bonus, medical payment, house building loan.

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travelling allowance etc. Gig e the tpuers of your products from extra benefit to keep pace with your competitors. These benefits may be in terms of discount delayed payment of price reduction abo\ e certain limit of sales. Do not 20 with the same situation for an indefinite period Sian reducing the number of people by Voluntary retirement skill.

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