As the founder of a new venture, examine your team-building skills to lead a new

Question

As the founder of a new venture, examine your team-building skills to lead a new venture team. In a three- to four-page paper, not including the title and reference pages, identify key characteristics of individuals you would select to be members of your new venture management team and explain how the strengths of the team members would support you in your new venture. Identify the specific factors that are critical to a new venture team as compared to other kinds of teams with other focuses.

Describe the advantages of starting a business as a team and define drawbacks. Describe how you would reward these team members. Determine how you would, in the role of team leader, add value to the team.

Explanation / Answer

T-Together E-Everyone A-Achieve M-More

For lead to new venture team needs following skill

· Make sure that the team goals are totally clear and completely understood and accepted by each team member.

· Make sure there is complete clarity in who is responsible for what and avoid overlapping authority. For example, if there is a risk that two team members will be competing for control in certain area, try to divide that area into two distinct parts and give each more complete control in one of those parts, according to those individual's strengths and personal inclinations.

· Build trust with your team members by spending quality time with everyone in an atmosphere of honesty with clarity, Be loyal to your employees, if you expect the same.

· Allow your office team members build trust and openness between each other in team building activities and events. Give them some opportunities of extra social time with each other in an atmosphere that encourages open communication.

For example a group lunch on Friday. Though be careful with those corporate team building activities or events in which socializing competes too much with someone's family time.

· for issues that rely heavily on the team consensus and commitment, try to involve the whole team in the decision making process.

For example, group goal setting or group sessions with collective discussions of possible decision options or solution ideas. What you want to achieve here is that each team member feels his or her ownership in the final decision, solution, or idea.

And the more he or she feels this way, the more likely he or she is to agree with and commit to the decided line of action, the more you build team commitment to the goals and decisions.

· when managing teams, make sure there are no blocked lines of communications and you and your people are kept fully informed.

Even when your team is spread over different locations, you can still maintain effective team communication. Just do your meetings online and slash your travel costs

· be careful with interpersonal issues. Recognize them early and deal with them in full.

· don’t miss opportunities to empower your employees. Say thank you or show appreciation of an individual team player's work.

· don’t limit you to negative feedback. Be fare. Whenever there is an opportunity, give positive feedback as well

Key characteristics of individuals

Drive and energy level:

An individual need to have energy to drive & deliver the things of team it is very important aspect to deliver the things.

Self-confidence:

A belief in yourself and your ability to achieve your goals and a sense that events in your life are

Self-determined is essential

Setting challenging but realistic goals:

The ability to set clear goals and objectives that are challenging, yet realistic and attainable

Long-term involvement:

A commitment to projects that will reach completion in five to seven years and to work towards distant goals, this means total dedication to the business and to attaining these goals.

Using money as a performance measure:

Money, in the form of salary, profits, or capital gains, should be viewed more as a measure of how the company is doing rather than as an end in itself

Persistent problem solving:

You must have an intense and determined desire to solve problems toward the completion of tasks.

Taking moderate risks:

Entrepreneurial success is generally the result of calculated risk-taking that provides areasonable and challenging chance of success.

Learning from failure:

Understanding your role in a failure can be instrumental in avoiding similar problems in

the future. A failure may be disappointing, but should note discouraging.

Using criticism:

You need to be able to seek and use criticism of the style and substance of your performance

Taking initiative and seeking personal responsibility:

You need to seize opportunities and put yourself in situations where you are personally responsible for success or failure. You should be able to take the initiative to solve problems or fill leadership vacuums. You should enjoy being involved in situations where your impact on a problem can be measured.

Making good use of resources:

Can you identify and use expertise and assistance that is relevant to the accomplishment of your goals? You should not be so involved in the achievement of your goals and in independent accomplishment that you will not let anyone help you.

Competing against self-imposed standards:

Do you tend to establish your own standard of performance, which is high yet realistic, and then compete with yourself?

Team Building formation

1. Forming

2. Storming

3. Norming

4. Performing

Specific factors that are Critical

Advantages having team for starting new venture

Disadvantages having team for starting new venture

Reward & Reorganization

Roll as Team leader for new venture

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