Chapter 6 Building the Founding Team

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Presentation transcript:

Chapter 6 Building the Founding Team Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © Size of the company Revenue derived Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Advantages of having a team for a start-up Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Things to keep in mind when creating a start-up Evaluate your skills Use your strengths Ask for feedback of your actions Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Building a powerful team Create a staffing plan Find people to fill positions Your personal network Your advisors’ Network Your extended Network Professors Alums Friends Family Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Do Nots of double employment Do not use your employer’s resources Do not expropriate intellectual property from your current employer Do not solicit your employer’s customers until you quit the job Do not conceal the fact that you are founding your own venture Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © Types of Compensation Compensation name Advantages Disadvantages Founder Shares Attracts co-founders Dilutes owner’s equity Option pool Ties employees’ goals to those of the company Employees may leave the company if the price falls Restricted stock Vested over time, expensed at current share price Expensed at current price Stock appreciation rights Low cost to the company Phantom stock Employees do not receive equity Needs cash to be exercised Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © External Team Members Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Problems that new venture teams face Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©