The New Venture Team M3

Module 3 Graham Royce October 2008 The New Venture Team & The entrepreneur as Manager

The TEAM a single most important success factor to your business ,[object Object],[object Object],[object Object],[object Object],[object Object],Review the following

[object Object],[object Object],[object Object],A number of concepts have been derived from the idea of the entrepreneur such as entrepreneurship, entrepreneurial and entrepreneurial venture

[object Object],[object Object],[object Object],[object Object],The New Venture Team

[object Object],[object Object],[object Object],[object Object],[object Object],Team DNA

[object Object],[object Object],[object Object],[object Object],[object Object],Vision Clear vision of your company Clear vision of team What is the teams understanding of success What’s the teams vision of the future What will it look like in 12 months What role will each founding team member play How many what skills are required Skills Investors will want to see the team skills The team will need to juggle roles The team will to do everything from sales to evangelist Who is best qualified to lead the team Commitment Track record to asses the staying power Sweat equity Late night long hours travelling Accountability Responsibility Support Encouragement to Motivate Synergy Mutually advantageous compatibility Results greater than the team Fit together like piece of a puzzle It will feel comfortable Ask the team how it feels

[object Object],[object Object],[object Object],[object Object],[object Object],Can the team deliver (track record) Have they done it before (Passion to complete) If so say so! Network!

[object Object],[object Object],[object Object],[object Object],To Make it Work

The Entrepreneurial Team ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Investors often bet on the jockey not the horse

Entrepreneurial Assessment (Recap) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Tricycle Ltd - LEAP 2007/8 ,[object Object],[object Object],[object Object]

A Successful Entrepreneur Should Be Three People in One --From THE E-MYTH REVISITED by Michael E. Gerber Thrives on change Lives in future Craves control The visionary, the dreamer Entrepreneur Clings to status quo Lives in past ,[object Object],in events ,[object Object],[object Object],Manager ,[object Object],[object Object],Lives in present Likes to be in ,[object Object],The doer Technician

Typical Small Business Owner From THE E-MYTH REVISITED by Michael Gerber

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Remember what is the Definition of Entrepreneur

Remember the definition of Entrepreneur ,[object Object],[object Object],Historical Diagram of Entrepreneurial Progress

Compelling Interest ,[object Object],[object Object]

New Venture Team Opportunity Recognition ,[object Object],[object Object],[object Object],[object Object],[object Object]

New Venture ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Recap from Module 1 Opportunity ,[object Object],[object Object],[object Object],Can you answer these

Opportunity Recognition V = Vision

Venture Team ,[object Object],[object Object],Oscar Fingal O'Flahertie Wills Wilde (16 October 1854 – 30 November 1900) was an Irish playwright , poet , and author of numerous short stories and one novel .

An Opportunity is External ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Divergent or imaginative thinkers tend to note opportunities or problems. Curiosity and attention are essential for noticing what’s wrong or what is an opportunity. Awareness of Opportunity

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

More Principles of Innovative Opportunity Seeking ,[object Object],[object Object],[object Object],[object Object],[object Object]

Principles of Innovative Opportunity Seeking ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Customer Opportunity ,[object Object],[object Object],[object Object]

Heuristic Model for Opportunity Identification etc. Market Demands Environmental Forces Cultural Forces Personal Experiences Technology Social Forces Personal Attributes Elaborate Evaluate Eureka! Go ahead or Quit VISION PREVISION Modify DEVELOPMENT DECISION This is the text book model

Basic Opportunities ,[object Object],[object Object],[object Object],[object Object],[object Object]

Fahy Analytical Ltd - LEAP 2007/8 ,[object Object],[object Object],Reused the filtered grit and sold it to grave stone masons who carve the grave stones with it rather than silica sand

New Business Road Test ,[object Object],[object Object],[object Object],[object Object],[object Object],The New Business Road Test John W Mullins ISBN 0-273-70805-8

Final Words About Venture Team & Opportunities ,[object Object],[object Object]

[object Object],Definition:- A Manager is the person responsible for planning and directing the work of a group of individuals, monitoring their work, and taking corrective action when necessary. For many people, this is their first step into a management career Entrepreneur slide 16 (Undertaker)

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The Entrepreneur can also be considered as: Entrepreneurs are not characterised by every action they take, but by a particular set of actions aimed at the creation of new wealth with there ventures

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Quotes from Padraig O'Ceidigh – Chairman, Aer Arann Entrepreneur as Manager

Goals for Entrepreneurs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],Goals for Entrepreneur as Manager

[object Object],[object Object],[object Object],Goals for Entrepreneur as Manager

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Team Management Issues

The Myth of First to Market It is really the first to market acceptance in a specific market niche. Discipline Check Record Evaluate Partner PLAN

Check & Understand Team Entrepreneur & Manager ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Customers Important!!!!!! ,[object Object],[object Object]

Financial Resources ,[object Object]

Success Criteria as Well as Money!!! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Conclusion’s When you have time study the slides you will see a common theme they all link

[object Object],[object Object],[object Object]

The New Venture Team M3

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