Management Team Essay

A new ship team is defined as the group of founders, key employees, and advisors that move a new affect from an idea to a fully structural degenerate (Barringer & Ireland, 2010 p. 286). This team comes together for the social club as m oney allows or when they are need and unremarkably consist of a get on with of advisors, a board of directors, and other professionals on whom the party can rely on for direction and advice. putt together the new venture team can keep the gild from failing if the founding people do not adjust quickly in their new positions and if the founders do not have good communication with buyers and sellers (Barringer & Ireland, 2010).A factor that is critical to a new venture team as opposed to another kind of team is the decision of whether or not a build a company with a new venture team or to build the company on their own. Team ventures do have the advantage over single entrepreneur be consume the team brings more(prenominal) talent, resources, id eas, and professional contracts to the company. I believe I could bring educational experience and ideas to a new venture team. Having more than one founder also benefits everyone involved because the team can offer psychological validate to one another (Barringer & Ireland, 2010). Disadvantages of having a team versus a single entrepreneur are the team members whitethorn not get along and if partners start the company as equals conflict can arise when study offices are appointed by investors such as chief executive officer (CEO). coat and prime(prenominal) are two factors that are critical when putting a new venture team into place. Size affects the company in several ways when there is a team. As Barringer and Ireland state, (2010) teams that have worked together in the first place have an edge over companies with only anentrepreneur, because the team worked together before and they understand and trust severally other. These types of teams also communicate with one another a bout logical argument than teams that do notknow one another. Teams that are diverse in their abilities and experiences have different points of view about aspects of the company, such as technology, hiring decisions, and hawkish tactics, which can lead to decisions not being made. Teams can also be to large which can cause communication problems and conflict. Quality of a firm depends on the founders knowledge, skills, and experiences. These resources are more blue-chip than current assets or performance to a company, because of the potential they have for the company. The quality of former experience and higher(prenominal) education are attributes than will give the entrepreneur the chance to succeed (Barringer & Ireland, 2010).Since hiring for a new company can be very expensive, founders mustiness hire not only people that are drug-addicted for the position but also fits the position. When a business becomes a union a board of directors must be hired. The board of director s consists of a panel of individuals who are elected by the shareholders to oversee the management of the corporation (Barringer & Ireland, 2010, p.294). The board is composed of inside and outside directors. An inside director is one that is also an officer of the firm and an outside director is someone not employed by the firm. The board of directors would have to be equal to provide guidance and support to the managers. They would not only have to be able to heed and debate but also have skills and experience in the type of work they are overseeing so that questions could be answered. There are many things to look for in a board of directors decisiveness, mutual keep an eye on and regard for each other and strong ethics are just a few. Research conducted by Ensley, Pearson, and Amason (2002), under the upper echelon perspective, reports that there is evidenceof a relationship between top management fundamental interaction with employees and the companys performance.An advisory board should also be hired to offer valuable business advice. An advisory board is a panel of experts who are asked by the firms managers to provide hash out and give nonbinding advice on an ongoing basis, but assume no legal responsibility for the firm(Barringer & Ireland, 2010). A carefully chosen advisory board can offer experience and expertise in a variety of fields for a company. Some advisory boards consist of members that have as much if not more experience and expertise as the founders. Some founders also hire members they went to college with based on their academic performance ( Penrose, 2002). Advisory board members must have good communication and writing skills so as to be able to interact with each other, either in person, by telephone, or by e-mail.Putting together the right new venture team can be beneficial to the entrepreneur. The board of directors and the board of advisors, if put together correctly, can give the right advice through experience and expertise to the managers and higher aim personnel to make the company profitable.