ENTREPRENEURSHIP IS A

TEAM SPORT
• Grow beyond self-employment with the support of a team

• Team can include partners, employees, advisors, family,

vendors, investors

• Do more with others than you can alone

Copyright © 2014 John

Power of the team

• First and foremost, a team enables the

entrepreneur to do more than he or she could
accomplish alone.
• The size of your organization is also directly
correlated to the amount of revenue your
business can derive.
• For growth it Is important to add employees
who generate revenue.

Copyright © 2014 John

• Short comings of solo entrepreneur-
✔Limited perspective
✔Little moral support
✔A small network
✔Often fail to get feedback on their idea

Copyright © 2014 John

THE ADVANTAGES OF
A TEAM
Feedback

Higher social
Increased
level of
skill set
support

Extended Moral
network support

Capacity
innovation

Copyright © 2014 John

 CONSIDERING YOUR ROLE

Evaluate your Use your Get feedback

skills strengths on your actions

What
What position
position can
can you
you best
best fill?
fill? Don’t
Don’t be
be crippled
crippled by
by your
your
weaknesses,
weaknesses, but
but also
also don’t
don’t bebe oblivious
oblivious to
to them
them either.
either.

Copyright © 2014 John Wiley & Sons, Inc.

 STAFFING PLAN
Role
Role Primary Duties
Primary Duties Person Filling
Person Filling Role
Role When Needed
When Needed
Product Development
Product Development Develop prototype
Develop prototype Lead entrepreneur
Lead entrepreneur Now
Now

Market Development
Market Development Customer research
Customer research Founder
Founder Now
Now
Channel development
Channel development

Finance
Finance Raise outside
Raise outside capital
capital To be
To be determined
determined Next month
Next month

Production
Production Identify manufacturing
Identify manufacturing To be
To be determined
determined 33 months
months
partners
partners

Copyright © 2014 John Wiley & Sons, Inc.

 BUILDING A POWERFUL TEAM
Create a staffing plan

Find people for

positions

Your personal Your extended

Your advisor network
network network

Family Professors

Friends Alum

Copyright © 2014 John Wiley & Sons, Inc.

 RESOURCES FOR CREATING
THE TEAM
Founders Employees

Often little or no pay

Raise capital to pay salaries
in the beginning

Salary from another job or

Offer stock incentives
support from a spouse

Start positions as part-time

Prepare for diminished
until there’s enough cash to
personal cash flow
pay full-time

Copyright © 2014 John Wiley & Sons, Inc.

Compensation

• Main two form of compensation

• Salary
• Equity
1. Founder shares
2. Option pool
3. Restricted stock
4. Stock appreciation rights
5. Phantom stock (Cash Bonus)
 THE DO NOTS OF
DOUBLE EMPLOYMENT
• Do not use your employer’s resources

• Do not expropriate intellectual property from your current

employer

• Do not solicit your employer’s customers until you quit the

job

• Do not conceal the fact that you are founding your own
venture

Copyright © 2014 John Wiley & Sons, Inc.

 EXTERNAL TEAM MEMBERS

Accountant

Board of Outside
advisors investors
Virtual
Team

Board of
Lawyers
directors

Copyright © 2014 John Wiley & Sons, Inc.

 PROBLEMS FACED BY
START-UP TEAMS

Family
Burn
pressur
out
e

Interpersona
l conflicts

Copyright © 2014 John Wiley & Sons, Inc.

 RECAP
• Entrepreneurship is a team sport

• Determine who should be on the team

• Create a culture so that team can flourish

• Maintaining a team is an ongoing effort

Copyright © 2014 John Wiley & Sons, Inc.