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This chapter explores the essence of leadership and servant leadership in creating an entrepreneurial team. Learn how to hire top talent, craft job specifications, conduct effective interviews, design flexible job roles, and motivate employees through various compensation strategies. Additionally, discover the key steps in managing succession for a seamless leadership transition.
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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. • Servant Leadership is a leadership style in which a leader takes on the role of servant first and leader second.
Building an Entrepreneurial Team • How to Hire Winners • - commit to hiring the best talent • - elevate recruiting to a strategic position in the company
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.
Job Specification • a written statement of the qualifications and characteristics needed for a job stated in terms such as education, skills and experience.
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.
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
Motivating Employees - Rewards & Compensation • pay-for-performance compensation systems • profit-sharing plan • open book management • stock options • cafeteria benefit plan
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