In your response to your peers, address the following:
● Compare and contrast your experience with that of your peers.
● What recommendations would you make for your classmates based on their decisions?
We made it to week 8! As much as I enjoyed this past term, I am ready to start my last and final
class at the beginning of the year.
My decisions over the three simulations did not vary and the outcomes were relatively the same.
I did notice the names in the family and country of origins change but the narrative stayed the
same. In all three simulations, I believed the Grandfather, in this case I’ll use Rafeal, lacked the
understanding of how to start a business and relied heavily on working hard. He made decisions
based on emotion and thought that his family would be the only ones operating the business.
However, I, like Edoardo, saw the company expanding beyond the capabilities of the family to
operate it successfully and competitively.
I removed myself from family obligations by making decisions to bring in outside management
in the form of COOs and felt that that was the cornerstone of how the company would turn out.
This decision took feelings out of the equation and allowed for growth by launching their IPO,
investing in new research and development, and eventually branching out into an entirely new
field of products. Due to these reasons, I would not have change any of my decisions because the
company grew at a rate higher that they ever dreamt and allowed the family to stay in good
relations. These decisions allowed the company to eventually become a Fortune 500 company
and create generational wealth for the family from a product their grandfather originated in the
1970’s. However, if I were to make one change and this change was not prompted in the
simulation, it would be to rethink the pesticides used around the harvest area. In 2020, it was
reported that the global bee population was declining, and pesticide use was believed to be a
contributing factor. If Texas Nectar took greater care regarding the environment, they could have
reduced their impact on the bee population.
Congrats to everyone on finishing the term and Happy Holidays.
We made it! Happy week #8!
The first time I did a simulation, I focused on the family relationships and the vision of the
patriarch. The final simulation showed that the company needed to grow and become more
modern to compete in the global market. To achieve this, I hired outside workers. We initially
were more of a mom-and-pop operation, and the global economy would eventually take a hit.
But, after we hired outside, we were able to establish a foothold in the international market. We
were able to diversify our product line and create skincare and other beauty products that were
not only beneficial but also profitable. I would give the younger son more control, and I would
also like to have two chief executive officers, one from the family and one from an external
source. I chose this because the company performed better when it kept its original product, but
it ventured into the market with new marketing and products. The chief executive officers of
different companies should be able to manage teams focused on keeping the company’s
originality while also moving it into new markets. Family-owned businesses tend to benefit from
outside influence as it allows them to avoid conflicts of interest and unclear mandates.
Good Luck everyone-