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Assembling the Team: Acquiring and Utilizing Essential Human Capital
Entrepreneurship 5 Assembling the Team: Acquiring and Utilizing Essential Human Capital
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“Two are better than one;…if they fall, the one will lift up his fellow: but woe to him that is alone when he falleth, for he hath not another to help him up.” --Hebrew Bible
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Forming Founding Team Choose cofounders wisely
Secure help from outsiders Develop strong working relationships
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Human Resources Knowledge Skills Talents Abilities Social capital
Of co-founders and early employees are key to success
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Success of Founding Team
Prior experience in industry Prior experience as entrepreneur Broad social networks Broad range of knowledge and special skills Communication Social competence
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Personal Characteristics of Founding Team Members
Conscientiousness Agreeableness Openness to experience Extraversion Emotional stability
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Added Resources Board of Directors Key employees Advisers Investors
Consultants Government programs
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Is Bigger Better? On balance, the benefits of increasing the number of employees outweigh the costs. New ventures that start with more employees have a greater chance of surviving. Profitability is positively related to size.
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Temporary Employees Advantages Reduced fixed costs Flexibility
Secure specialized knowledge Disadvantages Lack commitment and motivation Carry information to competitors
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Temporary or Permanent?
Flexibility and speed of acquiring new sets of knowledge Temporary employees Commitment and retention Permanent employees
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Founding Team Relationships
Three factors are crucial in developing strong working relationships among the team: Clear initial assignment of roles Careful attention to perceived fairness Effective communication
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Roles The set of behaviors that individuals occupying specific positions within a group are expected to perform, and the authority or jurisdiction they will wield. Divide responsibilities and authority according to expertise and knowledge.
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Self-Serving Bias The tendency to attribute successful outcomes largely to internal causes, but unsuccessful ones largely to external causes Often leads people to conclude that they have not been treated fairly
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Perceived Unfairness Feelings of Friction and Self-serving bias
conflict Feelings of perceived unfairness
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Effective Communication
Constructive Is considerate Doesn’t threaten Is timely Doesn’t blame Is specific Focuses on performance Offers concrete suggestions for improvement Destructive Is harsh Contains threats Is not timely Blames Is not specific Focuses on recipient Offers no concrete ideas for improvement
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Stress Management Emotional reactions Life events Cognitive appraisal
Physiological states
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Stressors Demands of job Juggling roles Responsible for others
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Dangerous Effects of Stress
Physical illness Lower productivity Desk rage Burnout
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Stress Management Physical tactics Healthy diet Exercise
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Stress Management Behavioral tactics Reduce excessive worrying
Incompatible reaction procedure Relaxation techniques Step back from stressful situations
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