New Business Venture Management/BUS604
May 27, 2013
A new venture team is defined as the group of founders, key employees, and advisors that move a new venture from an idea to a fully functional firm (Barringer & Ireland, 2010 p. 286). This team comes together for the company as money allows or when they are need and usually consist of a board of advisors, a board of directors, and other professionals on whom the company can rely on for direction and advice. Putting together the new venture team can keep the company 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 because the team brings more talent, resources, ideas, 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 support to one another (Barringer & Ireland, 2010). Disadvantages of having a team versus a single entrepreneur are: the team members may not get along; and if partners start the company as equals conflict can arise when major offices are appointed by investors such as chief executive officer (CEO).
Size and quality 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 before have an edge over companies with only an...
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