Flashcards in Team Deck (8)
Definition of an Entrepreneurial Team
At least two individuals actively involved in the creation
and development of a business
- A Key role in strategic decisions
- An Equity stake of at least 10%
Why do Entrepreneurial Teams matter?
More than two thirds of innovative new ventures in Germany are started by entrepreneurial teams
Entrepreneurial Journey for teams (3 steps)
1. Finding Team Members
2. Setting up the team
3. Managing Difficulties
Team composition (Heterogenity us Homogenity)
Heterogeny of competences is often beneficial
Homogenity of vision and values is crucial!
Criteria for selecting Team members
1. Complementary Competence Profiles
2. Friendship and availability
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
Two Views about conflicts
Conflicts reduce trust and venture performance
conflicts increase exchange of ideas, decisions and venture performance