Chapter 8 The Founding Team.

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Chapter 8 The Founding Team

Overview The founding team Professional advisers Board of directors Outsourcing with independent contractors Copyright © Houghton Mifflin Company

Advantages of a Founding Team Intense effort of start-up shared Less likely to abandon Proceed further when all functional areas covered Provides more credibility for new venture Information analysis and decision-making is improved Copyright © Houghton Mifflin Company

The Entrepreneur’s Team

Characteristics of an Effective Team Expertise covers the key functional areas of the business: finance, marketing, operations Someone has experience in the industry Good credit ratings Solid industry contacts with sources of capital Passionate about the business Have time to spend on the business Copyright © Houghton Mifflin Company

Professional Advisors Attorney—advocate Accountant—not an advocate Banker Insurance Broker Boards of Directors Boards of Advisors Personal Board Copyright © Houghton Mifflin Company

Functions of Board of Directors Select and hire or fire the CEO/senior manager Nominate directors Audit the company’s records Review performance against projections Prepare and monitor the strategic plan Copyright © Houghton Mifflin Company

Functions of Board of Directors (cont.) Approve sale of assets, major acquisitions Monitor compliance Declare dividends Step in, in times of crisis Copyright © Houghton Mifflin Company

Mistakes to Avoid When Forming a Team Forming team casually Including team members with different goals Using only insiders Using family members as professional advisors Giving founding team all stock in lieu of salary Copyright © Houghton Mifflin Company

Outsourcing Raw Materials Supplier Manufacturer Raw Materials Virtual Company Manufacturer Supplier Distributor Retailer Retailer Retailer Copyright © Houghton Mifflin Company

Using Independent Contractors A worker is an employee if s/he... Must follow your instructions Receives training from you Cannot hire, supervise, or pay own assistants Has a continuing relationship Must follow set hours of work Works only for you Must submit regular reports & is reimbursed Relies on your tools and materials Copyright © Houghton Mifflin Company

The Virtual Entrepreneurial Company

Take-Aways List what students took away from the discussion in real time Copyright © Houghton Mifflin Company

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