Kap9primerentrepreneuruka

Kap9primerentrepreneuruka - AprimerinEntrepreneurship...

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A primer in Entrepreneurship Prof. Dr. Ulrich Kaiser stitute r trategy d usiness Economics Institute for Strategy and Business Economics University of Zurich Spring semester 2008
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Chapter 9: Building a New Venture Team Table of Contents I. Creating a New Venture Team A. The Founder or Founders B. Recruiting and Selecting Key Employees C. The Role of the Board of Directors II. Rounding Out the Team – The Role of Professional Advisors A. Board of Advisors B. Lenders and Investors C. Other Professionals University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 2
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I. Creating a New Venture Team 1. A new venture team is the group of founders, key employees, and advisers that move a new venture from an idea to a fully functioning firm. 2. Usually the team doesn’t come together all at once. Instead, it is built as the new firm can afford to hire additional personnel. 3. The team also involves more than paid employees. Many firms have boards of directors, boards of advisers, and professionals on whom they , , p y rely for direction and advice. University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 3
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I. Creating a New Venture Team Liabilities of Newness 1. New ventures have a high propensity to fail. 2. The high failure rate is due in part to what researchers call the liability of newness, which refers to the fact that companies often falter because the people who start the firms can’t adjust quickly enough to their new roles and because the firm lacks a “track record” with outside buyers and sellers. 3. Assembling a talented and experienced new venture team is one path g p p that firms can take to overcome these limitations. University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 4
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I. Creating a New Venture Team Elements of a New Venture Team University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 5
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I. Creating a New Venture Team A. The Founder or Founders 1. Size of Founding Team a. The first decision that most founders face is whether to start a firm on their own or whether to build an initial founding team. Studies show that teams or partners start 50 to 70 percent of all new firms (CH: 47 percent). b. It is generally believed that new ventures started by a team have an advantage over those started by an individual, because a team brings more lent, resources, ideas, and professional contacts to a new venture than talent, resources, ideas, and professional contacts to a new venture than does a sole entrepreneur.
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This note was uploaded on 01/03/2012 for the course ECON 101 taught by Professor Bela during the Spring '10 term at FIU.

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Kap9primerentrepreneuruka - AprimerinEntrepreneurship...

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