[BU121] - Final Exam Guide - Everything you need to know! (57 pages long)

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29 Nov 2016
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BU121
FINAL EXAM
STUDY GUIDE
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BU121 Chapter 1
Establishing an Effective Management Team
Research findings indicate that these and related factors play an important
role in the launch of a successful new venture
Complementary or Similar cofounders?
The belief is that complementary founders would be a better strategy
because it provides new ventures with a strong and diverse base of human
resources
Managers often hire employees who can relate to them and are similar in the
way they carry themselves. As well they often have studied in the same fields
Rule #1:
oDon’t yield to the temptation to work solely with people whose
background, training and experience are highly similar to your own.
Doing so will be easy and pleasant in many ways but it will not
provide the rich foundation of human resources the new venture
wants
Self Assessment
oAn inventory of the knowledge, experience, training, motives and
characteristics the entrepreneur possesses and can contribute to the
new venture
oBreak up:
Knowledge base: education/ expertise
Specific Skills: social/ soft skills
Motives: goals out of this
Commitment
Personal attributes: Big Five dimensions of personality
1. Conscientiousness
2. Extraversion- Introversion
3. Agreeableness
4. Emotional stability
5. Openness to experience
Establishing Effective Working Relationships
This task requires such preliminary steps as a clear division of roles and
obligations, plus careful attention to basic principles of fairness and effective
communication
Social Perception: the process through which we come to know and
understand other persons
Impression Management: the fine art of looking good and how to recognize it
Building Relationships among the Founding Team
A major source of conflict in many organizations is uncertainty concerning
two issues: responsibility and jurisdiction
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One effective way of avoiding such problems is through the clear definition of
roles:
oThe set of behaviours that individuals occupying specific positions
within a group
Perceived Fairness: An elusive but essential component
oDistinctive Justice: the larger the person’s contributions the larger
their rewards
Effective Communication
Group Decision Making
There are many factors that influence/ distort the accurate interpretation of
information and the decisions based on such interpretation
Accepting Early Favourites: Or, Why the Initial Majority Usually Wins
Implicit favourite: one favoured by the initial favourite
Confirmation Candidates: other interpretations or options
Group Polarization: Why groups often do go off the deep end
Techniques for improving the entire process of interpreting information and
making decisions
Groupthink: When too much cohesion among group members is a dangerous thing
Assuming that the group cannot be wrong, that all members must support
the decision strongly and that any information contrary to the decision
should be rejected
Ignoring Unshared Information
Improving Group Decisions: Techniques for Countering the Pitfalls
Devil Advocate Technique:
oA procedure for improving group decision making in which one group
member is assigned the task of disagreeing with and criticizing
whatever plan or decision is the initial favourite
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