Harvard Simulation Journal PDF

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Simulation journal assignment from driving business opportunities class...

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Lexi Hinson Southern New Hampshire University BUS-400: Harvard Business Review Simulation and Journal Dr. Keller 11/05/2021

I think that the company I created, Brooks Honey Farm, prospered in terms of value. We, as a company, managed to grow from a small family-owned honey business that began sales in a small local shop, to a regional national business. We expanded from just honey and diversified into personal products, gourmet foods, apparel, and cosmetics as our generations grew, which created a competitive advantage for our company. This competitive advantage helped create the opportunity we had of becoming a household name and leading producer in all of India. During the growth of our company, we were able to bring in outside investors and qualified professionals who helped to make this opportunity come true. Through the simulation, I tried to put myself in the owner's shoes and really think “If it was actually me, my family, and my company, what would I do?” My thought process during the simulation focused more on the benefit and health of the company and its profits in the long term and short term, rather than only focusing on family and keeping them satisfied. At one point, there was discussion about hiring outside professionals instead of hiring or keeping family members. However, those family members had no experience, therefore they would not be an asset to the company nor be eligible to make appropriate decisions. It's imperative to think and make decisions based on the benefit of the company, not just to keep good ties with family members. A small mistake of hiring an unqualified family member could cause the company to tank and/or experience losses. In the simulation, I learned that owning a business of your own can be extremely difficult, especially when it is a shared family company. Making decisions can be tough and you might find yourself unable to determine the best decision for your company, so you are forced to get the opinions of others. I learned that it can be exhausting and overwhelming running a big business with minimal staff, so it is okay to expand and hire others even if they are outside professionals. I

also learned that even with family-owned businesses, it is okay and probably better for the financial and overall health of the company to hire qualified professionals over family members....