Problem Solution PAGE \* MERGEFORMAT 1
Problem Solution: Gene One CorporationToshira D. McCoyUniversity of PhoenixProblem Solution: Gene One CorporationBiotechnology refers to "techniques that use organisms or their cellular, subcellular, or molecular components to make products or modify plants, animals, and micro-organisms to carry desired traits" (Paugh et al, 1997, page 9). The biotechnology industry has developed dramatically throughout the decades. Companies, such as Amgen and Gene One, have been recognized for its developments of drugs and produce through genetic research. Gene One specializes in the creation of produce without use of pesticides. Consumers can enjoy products, s ...view middle of the document...
" The company consists of individuals who each have a passion about working in the biotech industry. For example, Chief Executive Officer Don Ruiz, invested $2 million as well as his extensive biotech knowledge into the company.Currently, all the employees are accustomed to operating on a private level. Due to the decision to go public, the leaders now have a huge possibility of problems to deal with. For example, many of the employees have been committed to the company for years. Once the leaders' decision is communicated to these individuals, the fear exists that many workers will leave the company. Two key players, Angela Thomas and Teri Robertson, have announced their intentions to resign from Gene One because of doubts about the company's ability to move into a bigger market.Simply, different beliefs and values exist in this organization. The individuals that started the company are willing to take the necessary measures to strengthen the organization. Due to the possibility that certain individuals will leave, the leaders will have to modify the organization's staff by hiring more specialized and committed persons.The best way to obtain these objectives is through cohesiveness of Gene One's executives and employees. "Cohesiveness is a process whereby a sense of 'we-ness' emerges to transcend individual differences and motives" (Kreitner and Kinicki, 2004). All involved persons must realize that they are all working towards a common goal: the success of Gene One. Without togetherness, the company is doomed to fail in today's industry. Table 1 (see page 13) provides a more detailed listing of all issues involved in this situation. The issues present a variety of opportunities for Gene One.Opportunity IdentificationThe decision to go public involves the reorganization of a company's culture as well as its business structure. As a publicly traded company, the majority of success is derived from the acceptance by society. As mentioned beforehand, many of Gene One's present employees are considering resigning from the company. The need to hire new workers that are skilled in the biotechnology industry and possess a strong commitment and desire to achieve is obvious.An initial public offering requires the company to transition from private to public. "The transition stage of development can be equated with the "re-birth" or "restart" of organizations. This stage of development is of vital importance in board and small business research due to the requirement by the SEC of a board of directors during an IPO" (Finkle, 1998). The leadership team of Gene One realizes that directors must be independent and one person must be a chief financial officer or certified public accountant. Currently, Michelle Houghton is the only employee who has this experience. An IPO presents the opportunity for Gene One to modify its current leadership. Table 2 (see page 14) explains each of the opportunities in more detail. Consequently, upper management must take i...
