Chapter 7: Building and Founding Team

Question 1

Power of the Team

Answer 1

Teamwork is necessary in building revenue, providing contacts, skills, social support, expand innovation, and feedback on buisness concepts and ideas.

Question 2

Where do you fit?

Answer 2

Evaluate your skillset by exploring your resume, strengths and weaknesses from yourself and third parties to determine which position would work best for you in the company.

Question 3

Bootstrapping at early stages of venture:

Answer 3

You may need to work part time as an entrepreneuer while making a salary at your full time job and then working part time at another job while working as a full time entrepreneuer. Determine in the beginning which team mates you need to work full time and which team mates you are okay working part time.

Question 4

Compensation

Answer 4

Three ways of paying which are through giving equity, salary, and insurance and health plans. Giving up equity can either be in the form of founding equity or ownership of the company when it being developed, or option equity where ownership of the company is promised in the future it’s current price.

Question 5

Restricted Stock

Answer 5

ownership of the company purchased by employees at a particular price whose value increases as the company growns.

Question 6

Stock appreciation

Answer 6

Stocks are purchased during early company development but are only given to those that purchase (employees public etc.) if they increase in value

Question 7

Phantom Stock

Answer 7

Bonus given to people in addition to stock based on whether it had increased in value or not

Question 8

How to build a team

Answer 8

Organize a staffing plan letting you know which roles you need, what skills are needed for those roles and when you need those roles filled. Begin to hire based on this staffing plan