9-37.

How did the “liability of newness” affect Justin Gold as he attempted to formally launch his
entrepreneurial venture?

As we all know liability of newness refers to high risk of failure, because of founder or founders
unpreparedness of adapting the markets needs, learning and developing themselves fast enough. Justin
Gold shown his readiness to form a business. Liability of newness affected him in different ways. He was
unexperienced student who worked hard and read many books about business, star-ups, how to
manage firms and etc. if he did not work on himself and didn’t responded fast to new challenges. he and
his company had many possibilities to went down and failed, but because of his stamina and self-
development his company survived. also, unlike many people he was open for advices. he was asking for
advice and one of the first he did when he started forming his team was putting together a board of
advisors. He also learnt the market. He went out to local grocery shops. Also, he made the list of
companies which he could communicate with and work with. Thanks to observing to markets need he
came up with new idea to make small gel packs of his products.

9-38. What key employees did Gold recruit to be members of his new-venture team?

When Justin started building his team he recruited some kay employees. At first, he started with CEO.
He found and hired experienced executive director (Lance Gentry). Also, he built up a board of advisors.
Also, he found professional manufacturers lined up to produce his product.

9-39. What criteria did Gold establish and use when forming a board of advisors?

He used to main criteria. The first one was that they had to be experienced and the second criteria was
that they had to have time for him and his company

9-40. What characteristics describe the new-venture team

that Justin Gold has established?

Justin’s established team can be described with different characteristics. Team is innovated. Members
are experienced, they are devoted to their work. They treat the company like it is their own, and this is
kind of truth because that have their part from stock. Also, their working environment are friendly and
team describe themselves as a family.

Mariami Ketiladze

Gvantsa Chikovani

Nika Kalandadze

Giorgi Gotsadze

Grisha Oshkhereli

Konstantine Gagnidze