father knows best\ncurtis sittenfeld, fast company magazine\nsome parents dream that one day their son or…

father knows best\ncurtis sittenfeld, fast company magazine\nsome parents dream that one day their son or daughter will join them professionally, allowing them the opportunity to work with their kids. for paul furdyk, that dream has been inverted. in march 2000, at the age of 45, paul left his job at ncr canada ltd. in order to become v.p. of sales for buybuddy.com—a startup of which his 18 - year - old son is the founder.\n“i’m sure that i’m not the first parent, nor will i be the last, to be in this type of situation,” paul says. “technology has made it possible for youth to innovate very rapidly. we’re seeing earlier adoption, we’re seeing faster exploitation, and as a result, we’re seeing quicker entry into the business world for younger people. there will be a significant number of people who will be as successful as michael is early on in their lives.”\nfor paul, the decision to take a job with buybuddy.com, a consumer information and shopping web site, was an easy one. “they wanted someone more mature to come on board and help them with sales and marketing development,” he says. “it just seemed like it would be a good fit for me.”\nyet working with one of your children is not without complications. buybuddy’s management style is intentionally loose and casual. but, as paul himself observes, “parenting is a lot more hierarchical in nature.” however, paul says that this contradiction has not been a problem for him at all. “there’s a delineation—with parenting on one side and business on the other. from a business perspective, michael and i are on a peer level.”\nno matter how professional the two furdyk men are able to act, paul is still michael’s father. “i’m very, very proud,” admits paul. “every so often, i kind of pinch myself on the shoulder to make sure that this is real. i have to tell myself, yes, i am standing here beside my son.”\nmichael furdyk\nexploring\n1. what challenges do paul and michael face as they work together?\n2. in chapter 2, you met michael furdyk who cofounded a company called takingitglobal. here, you’ve learnt about another of his ventures. what challenges might leading two ventures at the same time pose? what characteristics and skills will michael need to overcome them?\n3. what do you think michael’s goals are?\n4. paul says that technology is making it easier for young entrepreneurs to enter the business world. discuss his idea with a partner. what evidence have you seen in the news or in your community that he is correct?\n5. how might technology assist you in achieving your goals?

father knows best\ncurtis sittenfeld, fast company magazine\nsome parents dream that one day their son or daughter will join them professionally, allowing them the opportunity to work with their kids. for paul furdyk, that dream has been inverted. in march 2000, at the age of 45, paul left his job at ncr canada ltd. in order to become v.p. of sales for buybuddy.com—a startup of which his 18 - year - old son is the founder.\n“i’m sure that i’m not the first parent, nor will i be the last, to be in this type of situation,” paul says. “technology has made it possible for youth to innovate very rapidly. we’re seeing earlier adoption, we’re seeing faster exploitation, and as a result, we’re seeing quicker entry into the business world for younger people. there will be a significant number of people who will be as successful as michael is early on in their lives.”\nfor paul, the decision to take a job with buybuddy.com, a consumer information and shopping web site, was an easy one. “they wanted someone more mature to come on board and help them with sales and marketing development,” he says. “it just seemed like it would be a good fit for me.”\nyet working with one of your children is not without complications. buybuddy’s management style is intentionally loose and casual. but, as paul himself observes, “parenting is a lot more hierarchical in nature.” however, paul says that this contradiction has not been a problem for him at all. “there’s a delineation—with parenting on one side and business on the other. from a business perspective, michael and i are on a peer level.”\nno matter how professional the two furdyk men are able to act, paul is still michael’s father. “i’m very, very proud,” admits paul. “every so often, i kind of pinch myself on the shoulder to make sure that this is real. i have to tell myself, yes, i am standing here beside my son.”\nmichael furdyk\nexploring\n1. what challenges do paul and michael face as they work together?\n2. in chapter 2, you met michael furdyk who cofounded a company called takingitglobal. here, you’ve learnt about another of his ventures. what challenges might leading two ventures at the same time pose? what characteristics and skills will michael need to overcome them?\n3. what do you think michael’s goals are?\n4. paul says that technology is making it easier for young entrepreneurs to enter the business world. discuss his idea with a partner. what evidence have you seen in the news or in your community that he is correct?\n5. how might technology assist you in achieving your goals?

Answer

Brief Explanations:

  1. Challenge in work - relationship balance: They need to balance their father - son relationship with their professional roles. The different management style at BuyBuddy (loose and casual) contrasts with the hierarchical nature of parenting, which could cause confusion.
  2. Time and resource management: Leading two ventures simultaneously requires excellent time - management, the ability to prioritize tasks, and the capacity to allocate resources effectively. Skills like leadership, strategic thinking, and adaptability are crucial.
  3. Possible goals: Michael may aim to grow his companies, gain market share, and achieve financial success. He might also strive for innovation and social impact, especially if his ventures are in areas like technology for good.
  4. Technology aiding young entrepreneurs: Technology has lowered barriers to entry, providing access to global markets, affordable marketing through social media, and tools for efficient operations. Examples include startups using e - commerce platforms to reach customers worldwide.
  5. Technology for goal achievement: It can provide access to information, automate tasks, and enable communication and collaboration across distances. For example, project - management software helps in organizing tasks, and online learning platforms can be used for skill development.

Answer:

  1. Balancing parent - child and professional relationships, and dealing with different management - style expectations.
  2. Time and resource management; Skills needed: leadership, strategic thinking, adaptability.
  3. Company growth, market share gain, financial success, innovation, and social impact.
  4. Technology has lowered entry barriers, provided marketing and operational tools. Examples: e - commerce platforms, social media marketing.
  5. Access to information, task automation, communication and collaboration tools. Examples: project - management software, online learning platforms.