the team Flashcards
founder qualities which are significant to success and overcoming liability of newness
higher education
entrepreneurial experience
relevant industry experience
ability to network
DEFINITION new venture team
move a new venture from idea to fully functioning firm
ideal team composition
cross functional
worked together before
variety of ages
stages to hire right employees
job analysis
effective interview
check references
motivation theories
maslow’s hiearchy of needs physiological, safety, social, esteem, self-actualisation
herzberg’s two factor theory hygiene factors (dissatisfaction) motivator factors (satisfaction)
goal-setting theory SMART goals which allow individuals within a larger group to understand what is expected of them
CEO’s roles
have vision and forecast futures
DEFINITION board of directors
panel of individuals who are elected by a corporation’s shareholders to oversee the management of the firm
DEFINITION board of advisors
panel of experts who are asked by firm’s manager to provide counsel and advice on a ongoing basis
common pitfalls of teams
lack skills
don’t seek advice from advisors
believe there are no deficiencies
don’t ever think founders will leave
groupthink
catch 22 of team building
when bootstrapping, it is difficult to get the right team members. however, with a team in place the valuation is higher
importance of cultural fit
strong organisational culture can reduce the high propensity to fail
govern the way they interact with each other and stakeholders
shared values of collaboration, creativity and risk-taking which facilitates innovation
must have strong elements of trust
feeling a sense of pride and ownership to work and business is important
