We focus on the short term rather than the long term. We prefer rules and regulations to relationships Edit
- Because our focus is on short term returns we tend not to build long lasting networks which can yield benefits over the long term. In particular in a world where some foreign cultures value relationships over contracts our short term rules-based focus tends to see us not naturally selected as partners and input sources.
So, what does this mean?Edit
How do we not do this?Edit
This is where you tell your story on how you overcame this impediment, and stopped being in such a rush.
"Too many examples to write. I will focus on the most recent one as it is quite topical. For too many NZ businesses, often in the technology sector these days but not limited to only there, we are in a rush to get the early exit. The quick flip, the bach, the boat and the BMW. This has been the benchmark of success, someone values my company and wants to pay me a few mill to buy it. Whoohoo we are in the money, success! The short term gain of relative wealth is so so attractive, and perhaps our failure to back ourselves to go bigger, or perhaps the fear we will fail further down the track makes the early exit seem like a great outcome. But imagine if we built more $100m companies, $1b companies? Is that idea so crazy, or is it the thought of 20 years of hard slog to get there with some risk we won't make it? We have walked away from two offers of acquisition of Vend in our short two or three years. I can see how tough the call is to make. Damn hard, but we want to build something bigger. Besides, I would get bored pretty quick after an exit, and starting something new sounds like hard work. Building a long term sustainable business is a lot of fun. Still hard work but fun." - Vaughan Rowsell, Vend CEO.