During this course your group developed a new product or a new service. We believe your organization will add some significant value to Qatar and its vision will be aligned to QNV 2030. But we are aware that all new start-up companies face several common leadership challenges.
Four common challenges are listed below that needs a proper response from the leadership team. Your group is the leadership team of your organization and will explore all of the four challenges and examine its relevance and importance to your organization’s survival and growth.
After you explore and examine the issues as a group, then answer ANY TWO of the THREE questions given below. Your answer must be based on researching TWO articles from reputed magazines or journals and the references need to be provided and specific to your organization’s situation. Remember the focus is on what leadership actions and solutions are need to overcome these challenges.
Common Leadership Challenges faced by new companies
New companies involve converting innovative new ideas into profit. That means understanding the pulse of the market and customer and being prepared for a rapid growth of the potential. But new companies also face special leadership challenges that can lead to success or failure. For this assignment five common challenges that leaders of a new organization face are provided. Explore them and think of leadership strategies and actions that will be appropriate and helpful to overcome the challenges.
- Getting the right talent and keeping them: new companies struggle to attract and retain top talent due to limited resources and competition from established companies.
- Managing Uncertainty and Risk: This includes the uncertainty and risk your organization is likely to face and which can be disturbing to you as leaders, have already been identified by you.
- Scaling Operations: As your organization grows, it will face the challenge of scaling (growing in size) its operations effectively.
- Limited Resources: New companies (and even old ones) have limited financial resources, which can be a major challenge for leaders. How can you as leaders make the best use of resources?
ANSWER THE FOLLOWING QUESTIONS (ANY TWO):
- What are some strategic actions you as leaders can use to attract and keep top talent in your organization though you have limited resources and competition?
- How can you as leaders remain motivated and guide your team to make good decisions to mitigate risks?
- How can you as leaders manage the change from being a small team to a bigger workforce and still maintain productivity and the organization’s original culture?
