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Entrepreneurship

Entrepreneurship. Assembling the Team: Acquiring and Utilizing Essential Human Capital. 5. “Two are better than one;…if they fall, the one will lift up his fellow: but woe to him that is alone when he falleth, for he hath not another to help him up.” --Hebrew Bible. Forming Founding Team.

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Entrepreneurship

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  1. Entrepreneurship Assembling the Team: Acquiring and Utilizing Essential Human Capital 5

  2. “Two are better than one;…if they fall, the one will lift up his fellow: but woe to him that is alone when he falleth, for he hath not another to help him up.” --Hebrew Bible

  3. Forming Founding Team • Choose cofounders wisely • Secure help from outsiders • Develop strong working relationships

  4. Human Resources • Knowledge • Skills • Talents • Abilities • Social capital • Of co-founders and early employees are key to success

  5. Success of Founding Team • Prior experience in industry • Prior experience as entrepreneur • Broad social networks • Broad range of knowledge and special skills • Communication • Social competence

  6. Personal Characteristics of Founding Team Members • Conscientiousness • Agreeableness • Openness to experience • Extraversion • Emotional stability

  7. Added Resources • Board of Directors • Key employees • Advisers • Investors • Consultants • Government programs

  8. On balance, the benefits of increasing the number of employees outweigh the costs. New ventures that start with more employees have a greater chance of surviving. Profitability is positively related to size. Is Bigger Better?

  9. Advantages Reduced fixed costs Flexibility Secure specialized knowledge Disadvantages Lack commitment and motivation Carry information to competitors Temporary Employees

  10. Temporary or Permanent? Flexibility and speed of acquiring new sets of knowledge Temporary employees Commitment and retention Permanent employees

  11. Three factors are crucial in developing strong working relationships among the team: Clear initial assignment of roles Careful attention to perceived fairness Effective communication Founding Team Relationships

  12. The set of behaviors that individuals occupying specific positions within a group are expected to perform, and the authority or jurisdiction they will wield. Divide responsibilities and authority according to expertise and knowledge. Roles

  13. The tendency to attribute successful outcomes largely to internal causes, but unsuccessful ones largely to external causes Often leads people to conclude that they have not been treated fairly Self-Serving Bias

  14. Perceived Unfairness Self-serving bias Friction and conflict Feelings of perceived unfairness

  15. Constructive Is considerate Doesn’t threaten Is timely Doesn’t blame Is specific Focuses on performance Offers concrete suggestions for improvement Destructive Is harsh Contains threats Is not timely Blames Is not specific Focuses on recipient Offers no concrete ideas for improvement Effective Communication

  16. Stress Management Emotional reactions Life events Cognitive appraisal Stress Physiological states

  17. Demands of job Juggling roles Responsible for others Stressors

  18. Physical illness Lower productivity Desk rage Burnout Dangerous Effects of Stress

  19. Physical tactics Healthy diet Exercise Stress Management

  20. Behavioral tactics Reduce excessive worrying Incompatible reaction procedure Relaxation techniques Step back from stressful situations Stress Management

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