Management Team Essay

A new profess team is be as the group of fo belows, key employees, and advisors that move a new hazard from an idea to a fully functional firm (Barringer & Ireland, 2010 p. 286). This team comes unitedly for the union as m wizy allows or when they atomic number 18 need and ordinarily consist of a get along of advisors, a control panel of film directors, and other professionals on whom the participation target rely on for direction and advice. Putting together the new venture team can keep the fraternity from impuissance if the founding people do non adjust quickly in their new positions and if the founders do not claim good communication with buyers and sellers (Barringer & Ireland, 2010).A factor that is critical to a new venture team as opposed to some other kind of team is the decision of whether or not a build a company with a new venture team or to build the company on their own. Team ventures do put one across the advantage over single entrepreneur because the team brings more(prenominal) than talent, resources, ideas, and professional contracts to the company. I believe I could bring educational witness and ideas to a new venture team. Having more than one founder as well as benefits everyone involved because the team can offer psychological support to one another (Barringer & Ireland, 2010). Disadvantages of having a team versus a single entrepreneur atomic number 18 the team members may not get along and if partners start the company as equals conflict can arise when major offices are appointive by investors much(prenominal) as chief executive officer (CEO). size and quality are two factors that are critical when putting a new venture team into place. Size affects the company in several(prenominal) ways when there is a team. As Barringer and Ireland state, (2010) teams that have worked together in the first place have an edge over companies with alone anentrepreneur, because the team worked together onwards and they understa nd and trust each other. These types of teams withal communicate with one another about business than teams that do notknow one another. Teams that are diverse in their abilities and experiences have different points of view about aspects of the company, such as technology, hiring decisions, and competitive tactics, which can lead to decisions not being made. Teams can also be to large which can cause communication problems and conflict. note of a firm depends on the founders knowledge, skills, and experiences. These resources are more valuable than current assets or surgical operation to a company, because of the potential they have for the company. The quality of former experience and higher education are attributes than lead give the entrepreneur the chance to succeed (Barringer & Ireland, 2010).Since hiring for a new company can be very expensive, founders must hire not moreover people that are qualified for the position but also fits the position. When a business becomes a corporation a board of directors must be hired. The board of directors consists of a panel of individuals who are elected by the shareholders to oversee the management of the corporation (Barringer & Ireland, 2010, p.294). The board is composed of inwardly and outside directors. An inside director is one that is also an officer of the firm and an outside director is someone not employed by the firm. The board of directors would have to be able to grant guidance and support to the managers. They would not only have to be able to listen and debate but also have skills and experience in the type of work they are overseeing so that questions could be answered. There are many things to look for in a board of directors decisiveness, mutual respect and regard for each other and robust ethics are just a few. Research conducted by Ensley, Pearson, and Amason (2002), under the upper echelon perspective, reports that there is evidenceof a relationship between snarf management interactio n with employees and the companys performance.An advisory board should also be hired to offer valuable business advice. An advisory board is a panel of experts who are asked by the firms managers to provide counsel and give nonbinding advice on an ongoing basis, but assume no legal responsibility for the firm(Barringer & Ireland, 2010). A carefully chosen advisory board can offer experience and expertise in a variety of fields for a company. Some advisory boards consist of members that have as much if not more experience and expertise as the founders. Some founders also hire members they went to college with based on their academic performance ( Penrose, 2002). Advisory board members must have good communication and penning skills so as to be able to interact with each other, each in person, by telephone, or by e-mail.Putting together the right wing new venture team can be beneficial to the entrepreneur. The board of directors and the board of advisors, if put together correctly, can give the right advice by dint of experience and expertise to the managers and higher level personnel to make the company profitable.