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Entrepreneurial Management

Entrepreneurial Management. Entrepreneurship I Class #9. Developing the entrepreneurial management team. Establishing the culture Hiring, firing and promoting Leadership role of the CEO Developing leaders Getting management buy-in Setting up communication channels Make work “fun”.

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Entrepreneurial Management

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  1. Entrepreneurial Management Entrepreneurship I Class #9

  2. Developing the entrepreneurial management team • Establishing the culture • Hiring, firing and promoting • Leadership role of the CEO • Developing leaders • Getting management buy-in • Setting up communication channels • Make work “fun”

  3. Entrepreneurial culture • What is an entrepreneurial culture? • Why is it different from a corporate culture? • Can it be “created?”

  4. Mostly unstructured Little politics CEO is a Leader CEO knows most operational details Relatively flat organizations Highly structured Very political CEO is manager CEO knows little about operational details Multi-layered organization Entrepreneurial culture Corporate culture

  5. Entrepreneurial mananagement Management is the skill of obtaining predetermined objectives with the cooperation and effort of other people

  6. Good job • Fun • Important • Learned • Accomplishment • Respect • Meaningful • ...

  7. Leadership • We manage things; we lead people • Leader brings out the best in people • You know a leader if people follow • People don’t work 24 hours 7 days for “money” - they work for a vision, a dream

  8. Entrepreneurial culture to dos • Know something about everything in the enterprise: • Learn • Let others teach you • Communicate at all levels • Give credit to others

  9. To dos cont. • Establish from the start: • Cost containment • Expense justification • Rewards • Get to know the numbers intimately • Understand sales and marketing

  10. To dos cont. • Develop concepts of: • Mini-goals • Immediate feedback • Dedicated and consistent work habits • Team participation • Use Board of Directors/Advisors

  11. To dos cont. • Cultivate environment to: • Do everything quicker and better than a large company • Foster independent work habits • Instill a sense of urgency

  12. Key hires • CEO • Senior Scientist/Engineer • Developers/Technology • Marketing • Sales • Finance • Operations • Receptionist/Admin

  13. Levels of management • Titles/no titles • Executive • VP • Directors • Managers • Associate • Assistant

  14. Reward employees • Salary • Options • Benefits: • health insurance (plus dental and eye) • retirement • life insurance • other (free food, soda, beer, games, events…)

  15. Hiring, firing, promoting • Build organization by hiring others • Characteristics: • Team personality • Likeable person, respected by peers • Upbeat personality, high energy • Quick study - learns fast • Honest and understanding

  16. Then look for • Specific job skills • Experience in job requirement • Potential leader • Ability to bring along other employees • Establish expectations within a timeframe

  17. Problem of hiring senior person • Resented by other team members • May not work out • Credibility of CEO is on the line • Disruption of the established culture

  18. Problem of promoting from within • Different attitude when given authority • Others have been passed over • Posting opportunities can lead to trouble

  19. Terminating an employee • Legal issues • Keeping employee files • Importance of initial agreement • Act sooner, not later • The approach: • Discussions prior to termination • Make reasons obvious to employee • Maintain a good relationship • Assist in finding other employment

  20. Leadership role of CEO • Enterprise takes on your style • Stay in front of the enterprise • Achieve the respect of others • Learn to lead, not manage • Facilitate, don’t dictate • Praise in public, give guidance in private • Sell the company to your employees

  21. Develop leaders • CEO is role model • Give responsibility of objectives, not tasks • Take time to talk about leadership with others • Make people feel important • Give them opportunities

  22. What do leaders do? • Provide and maintain momentum of enterprise • Think beyond the whole • Allow others to lead them • Encourage others to join, not follow

  23. Getting management buy-in • Best ideas are from others, even if it’s really your idea • Things are rarely decided in a single meeting • Test everything before you try to sell it • Ask for commitment and support, not involvement

  24. Make work fun • People need thanks and praise • Create a happy environment for all • Don’t let work get too serious for too long • Find ways of letting your hair down

  25. Set up communication channels • Establish good verbal communications • Minimize written communications wherever possible • Use the grapevine effectively • Ask others what they think • Open door policy

  26. Entropy • Everything has a tendency to deteriorate • Leaders must watch closely to recognize signs of impending deterioration

  27. Watch for… • Developing tension • Dry business roles • Problem makers outnumber problem solvers • Management seeks control rather than delegates • Day-to-day pressures replace vision • Customers are “pains in the …”

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