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Lecture 5

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Ryerson University
Entrepreneurship and Strategy
ENT 526
Isabelle Giroux

Sy Greenberg ENT526 – Oct15/2012 - How do you create a strong venture team? - What are some critical human resource considerations when growing the company and adding key employees. - What are the most common hiring mistakes? - Mary Kay Ash, Mary Kay Cosmetics - Anton Rabie, Ben Varadi, Ronnan Harary, Spin Master Toys Mary Kay Ash - How did her deep understanding of her target market contribute to the success of her venture?  make everyone feel important, understand the female market by connecting to them. Pretend everyone had a sign on them “make me feel important” – effective to sell a product Wanted women to feel like queens. - What Fundamental life principles influenced the development and growth of her company? live by the “Golden Rule” – wanted everyone to feel important her mother telling her “I know you can do it” Work - Family - Identify the unique HR practiced she implemented to motivate and reward employees in the company? Everyone treated fairly and equally – follow the Golden Rule Sales force of independent consultants Sales done by selling to small groups – the sales person can pitch to the individuals Top Seller Gifts – incentives Managing and Growing the Venture: Constant Change, many roles for the founder/entrepreneur Balance between time spent managing and time spent doing as the venture grows Creating a strong venture team – human resource considerations Talent Triangle: Domain Knowledge: someone who understands the industry Operational Experience: someone who knows how to run the business Business Acumen: The BODCAT Management Model Show that you have: b
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