ENTR 20000 Chapter 9: Building a New-Venture Team
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11 Jan 2019
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A new-venture team is the group of founders, key employees, and advisors that move a new venture from an idea to a fully functional firm. Liability of newness-the high failure rate is due in part. Faster you can overcome the liabilities associated with launching a new venture, the greater the likelihood they will achieve success with their firm. Experienced personnel and access to good-quality advice contribute greatly to a new venture"s success. Characteristics and their early decisions significantly affect the way an entrepreneurial venture is received and the manner in which the new-venture team takes shape. Size of founding team and qualities are the two most important issue in the matter. First decision that most founders face is whether to build an initial founding team. Teams bring more talent, resources, ideas, and professional contacts to a new venture than a sole owner. Homogeneous-areas of expertise are very similar to one another.