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5Entrepreneurship
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
5-3
Forming Founding Team
• Choose cofounders wisely
• Secure help from outsiders
• Develop strong working relationships
5-4
Human Resources
• Knowledge• Skills• Talents• Abilities• Social capital• Of co-founders and early
employees are key to success
5-5
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
5-6
Personal Characteristics of Founding Team Members
• Conscientiousness• Agreeableness• Openness to experience• Extraversion• Emotional stability
5-7
Added Resources
• Board of Directors• Key employees• Advisers• Investors• Consultants• Government programs
5-8
Is Bigger Better?
• 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.
5-9
Temporary Employees
Advantages• Reduced fixed costs• Flexibility• Secure specialized
knowledge
Disadvantages• Lack commitment and
motivation• Carry information to
competitors
5-10
Flexibility and speed of acquiring new sets
of knowledge
Permanentemployees
Commitment andretention
Temporary employees
Temporary or Permanent?
5-11
Founding Team Relationships
Three factors are crucial in developing strong working relationships among the team:
• Clear initial assignment of roles
• Careful attention to perceived fairness
• Effective communication
5-12
Roles
• 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.
5-13
Self-Serving Bias
• 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
5-14
Self-serving biasFeelings of perceived unfairness
Friction and conflict
Perceived Unfairness
5-15
Effective Communication
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
5-16
Stress Management
Life events
Emotional reactions
Physiological states
Cognitive appraisal
Stress
5-17
Stressors
• Demands of job
• Juggling roles
• Responsible for others
5-18
Dangerous Effects of Stress
• Physical illness
• Lower productivity
• Desk rage
• Burnout
5-19
Stress Management
Physical tactics
• Healthy diet
• Exercise
5-20
Stress Management
Behavioral tactics
• Reduce excessive worrying
• Incompatible reaction procedure
• Relaxation techniques
• Step back from stressful situations