Ntrepreneurship class: (WK8) Benchmarks for an Effective Team
PLEASE LOOK AT ALL DOCUMENTS. THE FICTIONAL BUSINESS TO INCLUDE FOR THE PURPOSES OF THIS ESSAY IS SPECIFIED IN THE OTHER DOCUMENTS (ESSAYS) TO LOOK AT.
Expect to take approximately (1-2) pages (doublespaced, 12-point font) to complete this assignment. Your work will be graded on completeness, clarity, originality, interest, grammar, spelling, and punctuation. No plagiarism; this assignment is turn into TURNITIN.COM
Benchmarks for an Effective Team
Choosing partners/employees to start a new venture is one of the most critically important tasks that an entrepreneur must undertake. It is a difficult task because its often not possible to understand a persons character until that person has spent some time working with the entrepreneur in the company. The stressful environment of a startup often reveals traits and responses that were not apparent when the person was originally selected. Everyone from investors to bankers to potential customers looks at the founding team of the new venture to determine whether its members have the ability to execute their plans. Therefore, it is vital to choose partners and employees who have complementary skills and experience and who do not have a history that might be detrimental to the company.
Finding partners and employees with complementary skills means making sure that the team is not overloaded with people who all have the same expertise. A team of three engineers or three finance analysts is less attractive than a team with more diverse skills. Research supports this argument saying that teams with diverse skills make better strategic choices that lead to higher performance.
1) Identify the members of your founding team/employees or at least the expertise needed to start your business (Marketing, Human Resources, Accounting, Legal, Operations, etc.). You may identify actual people you know and describe their skills, or identify needed skills and describe how you would go about finding that right employee.
2) Determine what expertise is missing from the management team and how you will supply it.
3) Identify at least one type of independent contractor that the new venture could use.
Note: reference our textbook:
Bryd & Moegginson. (2013). Small Business Management; An Entrepreneuras Guidebook 7th ed. McGraw-Hill, Irwin. Print.
Please see other document(s) to complete this assignment accurately according to the instructions above.