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HBS Managing the Future of Work
Bonus episode: Introducing HBS's latest podcast, Think Big, Buy Small
Aug 14, 2024
Rick Ruback and Royce Yudkoff, both Harvard Business School faculty, dive into the world of acquiring small businesses. They discuss the advantages of acquisition over traditional startups, emphasizing better risk-return ratios. The conversation highlights their new show inspired by a popular course, aimed at sharing relatable success stories from entrepreneurs. Listeners will learn strategies for business search processes and funding options, making the journey of entrepreneurship through acquisition accessible and engaging.
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Quick takeaways
- Acquiring an existing small business offers entrepreneurs a more favorable risk-return ratio compared to starting a new venture from scratch.
- The search process for acquisition requires a full-time commitment and meticulous planning, debunking the myth that it can be pursued part-time.
Deep dives
Advantages of an Acquisition Strategy
An acquisition strategy offers significant advantages over the traditional startup model by providing a more favorable risk-return ratio for entrepreneurs. When acquiring a successful small business with a proven track record, entrepreneurs can build upon an existing operational framework rather than starting from scratch. This approach reduces uncertainty about the market viability of a business idea, as the established business model has already demonstrated success over time. Entrepreneurs can then infuse creativity and energy into the acquisition, modernizing the business and driving growth while relying on a strong foundation.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode