Week 4

Question 1

How to chose proper teammates?

Answer 1

Evaluate your skills, use your strengths and identify your weaknesses.
- how can you contribute to your venture?
- self-reflection & self-awareness
- personality tests (e.g. MBTI)

Question 2

Advantages of a good team?

Answer 2

• capacity, support, network effect
• bolster your strength and complement your weaknesses

Question 3

Does the CEO have to same?

Answer 3

At 3 year point most founders are no longer CEO, idea generators do not have to be the leader

Question 4

External team members

Answer 4

Outside investors
Lawyers
Accountants
Board of advisors
Board of directors
(All who have vested interest in the ventures success)

Question 5

Compensation

Answer 5

Salary: short -term, stable, covers immediate needs, fixed potential, liquid.
Most employees are compensated with salary, benchmarks on recruitment sites like glass door.com, provide incentives via performance bonuses

Equity: long-term, unstable, high-potential ROI, shows commitment, non-liquid.

Other compensation to consider:
-health-care, pet benefits, vacation plans, MP.

Goal is to motivate employees