Introduction
bOK System Corporation was born out of an idea by Aydin who was angered by the high costs of phone calls. Other than calling cards, there was no other option that facilitated the use of cell phones at low costs. Students were adversely affected because they could not afford the large sums of money needed to make calls. After conceiving the idea to introduce another option that could enable people to make calls at low prices, Aydin started bOK. However, he faced many challenges that led to the failure of the startup because of the high demand that could not be handled by the system.
Main Body
If I were the CEO of bOK, I would use three options to implement the idea. These would include obtaining venture capital, bringing in a new CEO, and quitting all other engagements to concentrate on developing bOK. Many startups fail because of two main reasons. Lack of knowledge to implement all necessary strategies in order to stabilize the startup, and inadequate funding stalls operations of the startup. According to research, many startups collapse within two to three years after launching (Bradberry, 2011). The rationale behind bringing in a new CEO would be to involve a professional with a different perspective on the matter. One of the requirements would be that the CEO should possess experience in the development of startups.
On the other hand, the rationale behind obtaining venture capital would be to facilitate adequate funding of all business operations. These operations include wages, operating permits, and professional consultancy. I would quit all other engagements and focus on developing bOK because it is a viable startup whose short stint in the market proved that it has a bright future. I would not consider either selling the firm or quitting to try a new idea. Quitting other engagements would help me concentrate on solving problems that made bOK fail. These problems included inadequate marketing and adoption of a poor business model. The demand that bOK experienced after its launch was an indication that if a good business model was adopted and adequate marketing conducted, the startup would grow tremendously. These three options would bring in new ideas and solutions that would enable bOK to launch its services again and appeal to many people. I would choose these options because they lean towards the revival of bOK.
I would implement these options in several ways to revive the startup. First, I would advertise the post of the CEO and list all requirements and qualifications for the position. Some qualifications would include extensive knowledge of startup businesses, at least five years of experience in management, and work experience in the telecommunications industry. The management of any startup determines its future success (Sullivan, 2000). To ensure that bOK gets a highly qualified CEO, I would seek the services of a hiring agency. I would give all requirements of the position to the agency to ensure that they hire a qualified person who would propel bOK to prosperity. One advantage of using a hiring agency is that there is no bias in the hiring process (Sullivan, 2000). Second, I would obtain venture capital to ensure that the operations of the firm are executed smoothly. Operations such as hiring, employee remuneration, and acquisition of operation permits require money. In addition, venture capital would facilitate the revival of the firm in case it fails again. Venture capitalists focus on marketing efforts and management of startups (Bradberry, 2011). A qualified CEO would attract venture capitalists to the business. In addition, venture capitalists look for executives with quality leadership traits such as reliability, creativity, and innovativeness (Sullivan, 2000). Hiring a qualified CEO would be a positive step towards ensuring that bOK does not fail a second time.
Recommendations
I would give several recommendations to bOK’s founders. First, they should consider hiring a new CEO who will focus on the business alone without engaging in other activities. Many businesses fail because owners do not dedicate enough time to their improvement. Second, they should hire professionals from the telecommunications industry to assist them to implement the idea. These professionals should possess adequate knowledge on ways to develop a system that could serve many users without compromising its stability. Third, they should hire a marketing team to cater to the corporation’s marketing and sales needs. bOK is a brilliant and innovative idea. However, without a proper plan, the startup is likely to fail again. Fourth, they should conduct adequate market analysis to ensure that they are conversant with aspects of the market such as competition, government policies, and legislation, and other market forces. In addition, research will determine market size, target customers, and the amount of funding required. Fifth, Aydin should quit her job and focus her entire time on developing bOK. This will give him enough time to solve problems that the corporation faces and find creative and innovative ways of surmounting competition in the market. With help of a new CEO, Aydin could revamp the corporation and propel it to success. The founders should not give up because the idea is viable and has a bright future.
References
Bradberry, J. (2011). 6 Secrets to Startup Success: How to Turn Your Entrepreneurial Passion into a Thriving Business. New York: AMACOM Div American Management Association.
Sullivan, R. (2000). The Small Business Start-up Guide. New York: Information International.