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|On the Scene|
|Thursday, February 04, 2010|
BY KEVIN MANAHAN
Growing big and growing fast is no easy feat for a startup. Particularly in this economy, just getting investment is difficult. But some entrepreneurs do manage to quickly grow their businesses, or even enter established companies and take them to new heights — but not without some bumps along the way. Still, their success stories are valuable resources for anyone thinking of dipping into the entrepreneurship pool.
While Khanna and his brother opted not to take a salary in the early years while the money flow was still dry, their co-founder chose to pocket his earnings from the get-go. Over the years it became clearer that Khanna’s friend wasn’t as committed to Saber’s long-term success as the other two were and was eventually let go, a difficult process because of his relationship with his co-founders and the lack of role definitions early on.
Khanna learned from the mistake, however, and eventually made it a point for each potential employee — regardless of their level of work — to be brought on as a 90-day hire and undergo a rigorous screening process to make sure they were strong cultural fits with the company's mission. Originally a consulting company, Saber grew into a $24 million government solutions company by 2005 and was sold two years later by Khanna.
The solution? Focusing on a unique service offered by SnapNames that didn’t exist anywhere else at the time: a technology for domain acquisition that allows buyers to bid for expired domain names. In addition, Bhagwan brought in operation systems that he had picked up from Intel and implemented them among the staff to help re-establish expectations and responsibilities. The result was a significantly more productive staff, without having to change the headcount.
But a word of caution from Compton when seeking investment from friends or family, a common startup source: Make sure they understand the possibility that they could lose their money, and that they’re not putting everything they have on the line. If not, you might want to skip Thanksgiving dinner if your venture doesn’t go according to plan.
Kevin Manahan is the online editor of Oregon Business.
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Is your business ready to join us in the call for action? This opening panel includes Oregon businesses who will discuss why they signed the Oregon Climate Declaration, the investments they are making to reduce carbon emissions, and how their actions are affecting their companies.
Get ready for two days of special events produced with the EPA, Portland Timbers and ISOS before and after the GoGreen Conference on October 16.
hubbub health uses behavior change science to rethink wellness programs.
In Ashland, a public-private partnership results in online resources to help diversify the local economy.
How sports tourism is driving economic growth and making cities across Oregon a better place to live.
If you have given a former employee access to your company’s electronic information by virtue of assigning a desktop or laptop computer and you suspect he or she of having taken electronically stored data, there are several steps to follow to preserve electronic forensic evidence from spoliation.
The official launch will be Jan. 14.
In a switch on the traditional trade show, representatives from UO departments and local and state agencies will host tables to connect with businesses and vendors. The fourth Reverse Vendor Fair will take place Wednesday, Feb. 25, in Eugene.