Challenges of growth
成长的挑战

### 1. **Managerial Capacity Problem**:
### 1. **管理能力问题**：

- **Definition**: As a firm grows, it may not have enough managerial resources to support its new opportunities. Growth requires more managerial services to handle the increase in complexity.
- **定义**：随着公司的发展，它可能没有足够的管理资源来支持新的机会。增长需要更多的管理服务来应对复杂性的增加。

- **Challenge**: It is hard to quickly expand managerial capacity because hiring new employees is costly, and it takes time to integrate them into the company culture and operations.
- **挑战**：管理能力很难快速扩大，因为招聘新员工的成本很高，而且需要时间让他们融入公司文化和运营。

- **Adverse Selection**: With growth, it becomes harder to find the right employees and place them in suitable positions.
- **逆向选择**：随着业务的增长，找到合适的员工并将其安置在合适的职位上变得更加困难。

- **Moral Hazard**: New hires may not have the same commitment as the original founders, leading to a lack of motivation or effort.
- **道德风险**：新员工可能没有与原始创始人相同的承诺，导致缺乏动力或努力。

### 2. **Day-to-Day Challenges**:
### 2. **日常挑战**：

- **Cash Flow Management**: Growing firms need more cash to fund operations.
- **现金流管理**：成长型企业需要更多现金来资助运营。

- **Price Stability**: Growth might trigger price wars with competitors.
- **价格稳定**：增长可能引发与竞争对手的价格战。

- **Quality Control**: Growth can lead to quality issues if the firm cannot scale its resources accordingly.
- **质量控制**：如果公司无法相应地扩展其资源，增长可能会导致质量问题。

- **Capital Constraints**: A growing firm may struggle to access the capital needed to fuel further expansion.
- **资本限制**：成长中的公司可能难以获得推动进一步扩张所需的资本。