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BUILDING THE FOUNDING TEAM

7. BUILDING THE FOUNDING TEAM. The Entrepreneur’s Network. Figure 7.1. Creating the Founding Team. There are benchmarks for an effective team. Special circumstances: Special Issues for High-Tech Teams Unique Issues Surrounding Virtual Teams Founding Teams for International Ventures

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BUILDING THE FOUNDING TEAM

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  1. 7 BUILDING THE FOUNDING TEAM

  2. The Entrepreneur’s Network Figure 7.1

  3. Creating the Founding Team • There are benchmarks for an effective team. • Special circumstances: • Special Issues for High-Tech Teams • Unique Issues Surrounding Virtual Teams • Founding Teams for International Ventures • Rules for Friends and Families

  4. Figure 7.2 Board Members…and the Business Life Stage

  5. Seeking Personal Advisors • Building a board of directors • Advisory Board • The Mentor Board • Mistakes to Avoid • All team members should have the required experience and qualifications, and the same goals for the business. • Avoid using only family and friends. • Only give stock incentives after an individual has proven him or herself.

  6. Outsourcing… Independent Contractors • Independent contractors (ICs) own their own businesses and are hired by the entrepreneur to do a specific job. • Including: consultants, manufacturers, distributors, employee leasing firms, and professional advisers. • Hidden costs

  7. Types of Independent Contractors • Consultants • Professional employer organizations (PEOs) • Manufacturing support • Sales support

  8. New Venture Action Plan • Identify the members of the founding team or at least the expertise needed to start the venture. • Determine what expertise is missing from the management team and how you will supply it. • Begin asking questions about potential professional advisors, such as an attorney or accountant. • Determine whether you will need a board of directors, an advisor board, or a mentor board. • Identify at least one type of independent contractor that the new venture could use. End of Chapter 7

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