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Building a New Venture Team and Planning for the Next Generation

Building a New Venture Team and Planning for the Next Generation. Chapter 16. Leadership. the process of influencing and inspiring others to work to achieve a common goal and then giving them the power and the freedom to achieve it.

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Building a New Venture Team and Planning for the Next Generation

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  1. Building a New Venture Team and Planning for the Next Generation • Chapter 16

  2. Leadership • the process of influencing and inspiring others to work to achieve a common goal and then giving them the power and the freedom to achieve it. • Servant Leadership is a leadership style in which a leader takes on the role of servant first and leader second.

  3. Building an Entrepreneurial Team • How to Hire Winners • - commit to hiring the best talent • - elevate recruiting to a strategic position in the company

  4. Create Practical Job Specifications • Job analysis - the process by which a firm determines the duties and nature of the jobs to be filled and the skills and experience required of the people who are to fill them. • Job description - a written statement of the duties, responsibilities, reporting relationships, working conditions and methods and techniques, as well as materials and equipment used in a job.

  5. Job Specification • a written statement of the qualifications and characteristics needed for a job stated in terms such as education, skills and experience.

  6. Plan and Effective Interview • Involve others in the interview process • Develop a series of core questions for every candidate • Ask open ended - not yes/no - questions • Create hypothetical situations and ask how they would be handled. • Ask for a recent success and failure.

  7. Job Design • Flextime - employees have a set number of hours but flexibility about when to start/stp work • Job Sharing - 2 or more people share a full-time job • Flexplace - employees work at a place other than the traditional office • Telecommuting - employees work remotely

  8. Motivating Employees - Rewards & Compensation • pay-for-performance compensation systems • profit-sharing plan • open book management • stock options • cafeteria benefit plan

  9. Management Succession: Passing the Torch of Leadership • Step 1 - Select the Successor • Step 2 - Create a survival kit for the successor • Step 3 - Groom the successor • Step 4 - Promote an environment of trust and respect • Step 5 - Cope with the financial realities of estate and gift taxes

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