Question

Vicenzo is the sole owner and manager of a startup company. As the business grows, he finds it more difficult to fulfill the needs of all the management positions. Although he is the creative genius behind the company, he lacks experience in other areas. At this point, Vicenzo should:
a. seek the advice of an investment banker.

b. hire a management team with expertise in complementary areas.

c. encourage his advisors to take an active role in managing the company.

d. form an alliance with another startup company.

Answer 1

Answer:

b. hire a management team with expertise in complementary areas.

Explanation:

Yes, at this very time, it has become very hard for the Vicenzo to handle his company by himself due to the growth of the company, which is definitely a good business sign which needs to tacked well. He should go for hiring a management team which should have different expertise. He should first make different departments in the company such as, marketing department, finance department, human resource department, procurement department, production department etc. Then afterwards, he should hire the suitable persons for each department. He should start by hiring HR department's people first because they can help him in the future hiring and human resource related tasks.