Building a New Venture Team and Planning for the Next Generation Chapter 16

Leadership the process of influencing and inspiring others to work to achieve a common goal and then giving them the power and the freedom to achieve it. Servant Leadership is a leadership style in which a leader takes on the role of servant first and leader second.

Building an Entrepreneurial Team How to Hire Winners - commit to hiring the best talent - elevate recruiting to a strategic position in the company

Create Practical Job Specifications Job analysis - the process by which a firm determines the duties and nature of the jobs to be filled and the skills and experience required of the people who are to fill them. Job description - a written statement of the duties, responsibilities, reporting relationships, working conditions and methods and techniques, as well as materials and equipment used in a job.

Job Specification a written statement of the qualifications and characteristics needed for a job stated in terms such as education, skills and experience.

Plan and Effective Interview Involve others in the interview process Develop a series of core questions for every candidate Ask open ended - not yes/no - questions Create hypothetical situations and ask how they would be handled. Ask for a recent success and failure.

Job Design Flextime - employees have a set number of hours but flexibility about when to start/stp work Job Sharing - 2 or more people share a full-time job Flexplace - employees work at a place other than the traditional office Telecommuting - employees work remotely

Motivating Employees - Rewards & Compensation pay-for-performance compensation systems profit-sharing plan open book management stock options cafeteria benefit plan

Management Succession: Passing the Torch of Leadership Step 1 - Select the Successor Step 2 - Create a survival kit for the successor Step 3 - Groom the successor Step 4 - Promote an environment of trust and respect Step 5 - Cope with the financial realities of estate and gift taxes