Team

Question 1

Definition of an Entrepreneurial Team

Answer 1

At least two individuals actively involved in the creation
and development of a business

That have:

• A Key role in strategic decisions
• An Equity stake of at least 10%

Question 2

Why do Entrepreneurial Teams matter?

Answer 2

More than two thirds of innovative new ventures in Germany are started by entrepreneurial teams

Question 3

Entrepreneurial Journey for teams (3 steps)

Answer 3

1. Finding Team Members
2. Setting up the team
3. Managing Difficulties

Question 4

Team composition (Heterogenity us Homogenity)

Answer 4

Heterogeny of competences is often beneficial

Homogenity of vision and values is crucial!

Question 5

Criteria for selecting Team members

Answer 5

1. Complementary Competence Profiles

2. Friendship and availability

Question 6

Steps in setting up teams (Four Parts)

Answer 6

Part 1: Foundation:

• What are preferred work times styles ways of communication?
• What are individual’s strengths and weaknesses?

Part 2: Team Roles and Expectations

What are the goals and visions
Should there be a leader?
Who does what?
Setting decision making processes

Part 3: Contributions and Rewards

How to measure member’s contributions
How to reward contributions

Part 4: Future Development

Integrating new competencies
How could you break up
How to work with investors

Question 7

Two Views about conflicts

Answer 7

Conflicts reduce trust and venture performance

vs

conflicts increase exchange of ideas, decisions and venture performance

Question 8

Equity distribution

Answer 8

Typically, teams split quickly and agree on an equal split