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Flashcards in Team Deck (8)
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1

Definition of an Entrepreneurial Team

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%

2

Why do Entrepreneurial Teams matter?

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

3

Entrepreneurial Journey for teams (3 steps)

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

4

Team composition (Heterogenity us Homogenity)

Heterogeny of competences is often beneficial

Homogenity of vision and values is crucial!

5

Criteria for selecting Team members

1. Complementary Competence Profiles
2. Friendship and availability

6

Steps in setting up teams (Four Parts)

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

7

Two Views about conflicts

Conflicts reduce trust and venture performance

vs

conflicts increase exchange of ideas, decisions and venture performance

8

Equity distribution

Typically, teams split quickly and agree on an equal split