Chapter 9: Building a new venture team

IC
by Iain Covington2 views·Updated Dec 14, 2021
Create your own

Chapters

Audio TranscriptAuto-generated

  1. Hi, my name is in coming tonight.
  2. I am a junior consultant with them, and I consulting today.
  3. I'm gonna be talking about new venture teams,
  4. how they affect your venture team and your venture and why they're important.
  5. Let's dive right into the overview entreating points of today.
  6. I'm going to be talking about creating a new adventure team.
  7. How that affects your venture, Why it's important.
  8. I'm then going to be discussing reliability of Newton's theory
  9. why it's important to understand that scale and that spectrum.
  10. I'm then going to hand it to my colleague Mia,
  11. who's going to talk about professional advisors and the role with new venture
  12. teams and the role of consultants and providing advice for venture teams.
  13. Let's get into
  14. creating new venture teams. What does it mean? Why? It's important.
  15. People are the lifeblood of organizations,
  16. and oftentimes venture teams are made at the same time.
  17. It is the execution
  18. of an individual venture team that differentiates successive
  19. idea or the failure of an idea.
  20. I'm gonna talk about the elements that go into a new venture.
  21. Teams, as you can see from the chart, consists of employees, founders,
  22. board of directors and other professionals.
  23. Key mistakes that go into a new venture teams is nepotism.
  24. Hiring friends and family members will lead to
  25. failure and new venture teams straight up.
  26. Another one is the not recognizing weaknesses in your own team,
  27. not
  28. filling those gaps and understanding where your team can improve.
  29. And lastly,
  30. assuming success in other industries and other teams will translate to yours,
  31. it won't.
  32. Secondly, is understanding the idea of positive conflict within venture teams.
  33. It is important to have conflicting ideas rather than
  34. be a hetero genius concoction of team members,
  35. ideas and experiences.
  36. Just, uh, disagreeing with a colleague is important. That way.
  37. You don't come jump to conclusions about ideas
  38. and theories without proper consultation from different people,
  39. different thoughts, different industries of experience.
  40. Next, we have the liability of Newton's theory.
  41. Companies often fail because the founders are not
  42. able to adjust quickly to their new roles.
  43. Key mistakes that go into that and how to avoid
  44. that is higher experienced team and a board of directors.
  45. They've done this before. They have prior entrepreneurial experience.
  46. They can help guide your new venture.
  47. Attending entrepreneurial workshops and networking with
  48. other entrepreneurs is crucial to success.
  49. And finally,
  50. joining a startup accelerator will help your team
  51. better adapt quickly to be their new rules.
  52. It will lead to greater new venture success.
  53. Next, we're going to look at key qualities in founders.
  54. What makes successful founders and venture leaders?
  55. These are the three determining characteristics
  56. and factors that make successful leaders.
  57. Um, first one prior entrepreneurial experience.
  58. Have they had different entrepreneurial ventures be successful or failed?
  59. Either way, having the experience is crucial.
  60. Relevant industry experience.
  61. Have they worked in this industry before and hasn't been successful?
  62. And finally, networking. Do they understand who is around them?
  63. Why it's important to know them and how they
  64. can leverage those resources for their own benefit.
  65. Lastly,
  66. is management and key roles how
  67. different executives influenced and determined success?
  68. Key employees and role players within venture teams are also crucial to success.
  69. First, we have board of directors. Corporations have a board of directors.
  70. Are they inside or outside directors?
  71. Usually we want director to take shares in a
  72. new venture so it can lead to greater success,
  73. which would make them inside directors.
  74. They provide expert guidance and lend
  75. legitimacy and signaling to investors that this
  76. is a strong venture team and you should invest your money with them