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Flashcards in the team Deck (11)
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1
Q

founder qualities which are significant to success and overcoming liability of newness

A

higher education

entrepreneurial experience

relevant industry experience

ability to network

2
Q

DEFINITION new venture team

A

move a new venture from idea to fully functioning firm

3
Q

ideal team composition

A

cross functional

worked together before

variety of ages

4
Q

stages to hire right employees

A

job analysis

effective interview

check references

5
Q

motivation theories

A

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

6
Q

CEO’s roles

A

have vision and forecast futures

7
Q

DEFINITION board of directors

A

panel of individuals who are elected by a corporation’s shareholders to oversee the management of the firm

8
Q

DEFINITION board of advisors

A

panel of experts who are asked by firm’s manager to provide counsel and advice on a ongoing basis

9
Q

common pitfalls of teams

A

lack skills

don’t seek advice from advisors

believe there are no deficiencies

don’t ever think founders will leave

groupthink

10
Q

catch 22 of team building

A

when bootstrapping, it is difficult to get the right team members. however, with a team in place the valuation is higher

11
Q

importance of cultural fit

A

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