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Choosing a business partner: a framework for the entrepreneur
 

Choosing a business partner: a framework for the entrepreneur

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This presentation explores a format for choosing a business partner by looking at a management model, successful traits of entrepreneurs and personality type.

This presentation explores a format for choosing a business partner by looking at a management model, successful traits of entrepreneurs and personality type.

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  • New ventures started with teamsGreater chance of survivalMore likely to attract venture capitalRealise higher overall returnsHave access to wider networks
  • Model developed by McKinsey from extensive research of the literature and over 85 interviews with successful women (and many men as well).Having a pool of physical, intellectual and emotional strength to drive achievementMeaning: finding your strengths and using them for your workManaging energy: knowing where your energy comes from and where it goesPositive framing: viewing your world constructively and being resilient when bad things happenConnecting: knowing who can help you growEngaging: finding your voice and taking risks

Choosing a business partner: a framework for the entrepreneur Choosing a business partner: a framework for the entrepreneur Presentation Transcript

  • Choosing a business partnera framework for the entrepreneur
  • A new venture with a team is more likely to succeed
    The lone entrepreneur is a popular myth
    A team approach is proven more likely to succeed1
    “What there is in our business is plenty of plans, plenty of entrepreneurs, and plenty of money. What there’s a shortage of is great teams.”2
    John Doerr, partner in a Silicon Valley venture capital firm
    Timmons, J & Spinelli, S 2007, New Venture Creation: Entrepreneurship for the 21st Century 7th ed., McGraw Hill Irwin, New York; Schutjens, V & Wever, E 1999, “Determinants of new firm success.” Papers in Regional Science, vol. 79, no. 2, pp. 135-153.; Baron, R & Markman, G 2000, “Beyond social capital: How social skills can enhance entrepreneurs' success.” Academy of Managment Executive, vol. 14, no. 1, pp. 106-116.  
    Baron, R & Markman, G 2000, “Beyond social capital: How social skills can enhance entrepreneurs' success.” Academy of Managment Executive, vol. 14, no. 1, pp. 106-116.  
     
  • So what makes a good entrepreneur?
    Developed an approach that looks at the qualities of a good leader and a successful entrepreneur
    Leadership and management models
    Studies on successful entrepreneurs
    Personality type
  • Good leadership vital – and it’s a tricky balancing act
    Meaning
    Centered leadership: how talented women thrive1
    Managing energy
    Engaging
    Impact:
    Presence
    Resilience
    Belonging
    Positive framing
    Connecting
    1. Barsh, J, Cranston, S & Craske, R 2008, “Centered leadership: How talented women thrive.” The McKinsey Quarterly, vol. 4, pp. 35-48.   
  • A good social network gives your start-up a competitive advantage
    People will help you out, proving the economic theories wrong1
    A good network can get you opportunities not available on the market, or resources cheaply.2
    Have to obey the laws of reciprocity3
    Witt, P 2004, “Entrepreneurs' networks and the success of start-ups.” Entrepreneurship and Regional Development, vol. 16, pp. 391-412.
    Baron, R & Markman, G 2000, “Beyond social capital: How social skills can enhance entrepreneurs' success.” Academy of Managment Executive, vol. 14, no. 1, pp. 106-116.  
    Witt, P 2004, “Entrepreneurs' networks and the success of start-ups.” Entrepreneurship and Regional Development, vol. 16, pp. 391-412.
     
  • Social networks are only built through excellent social skills
    Vital for success once you are ‘through the door’
    Venture capitalists place great weight on social skills1
    Critical skills2:
    Social perception
    Impression management
    Persuasion and influence
    Social adaptability
    1 & 2: Baron, R & Markman, G 2000, “Beyond social capital: How social skills can enhance entrepreneurs' success.” Academy of Managment Executive, vol. 14, no. 1, pp. 106-116.   
  • Make sure you are compatible – the Myers-Briggs Type Indicator1
    Extraversion
    Introversion
    Intuition
    Sensing
    Thinking
    Feeling
    Judging
    Perceiving
    1: Krebs Hirsh, S & Kummerow, J 1998, Introduction to Type in Organizations 3rd ed., CPP, Inc., Mountain View.  
  • Soft skills are not enough, there’s an entrepreneurial skill-set too
    Management or entrepreneurial experience is a predictor of success1
    Need a generic set of hard skills in the venture2
    1 . Schutjens, V & Wever, E 1999, “Determinants of new firm success.” Papers in Regional Science, vol. 79, no. 2, pp. 135-153.
    2.  Timmons, J & Spinelli, S 2007, New Venture Creation: Entrepreneurship for the 21st Century 7th ed., McGraw Hill Irwin, New York.  
  • Who’s in charge? Choose the right ownership structure
    Democratic models mostly don’t work1
    Whoever has ownership has the power2
    Rewards need to be:
    Differentiated
    Performance based
    Flexible3
     Timmons, J & Spinelli, S 2007, New Venture Creation: Entrepreneurship for the 21st Century 7th ed., McGraw Hill Irwin, New York.
    Lansberg, I 2009, Succeeding generations: realizing the dream of families in business, Harvard Business Press, Boston.  
      Timmons, J & Spinelli, S 2007, New Venture Creation: Entrepreneurship for the 21st Century 7th ed., McGraw Hill Irwin, New York.
  • Choosing a business partner
    Start your venture with a team, you’re more likely to succeed
    Does your potential partner have the skills to lead?
    Do they have a useful social network?
    Is it backed with excellent social skills?
    Are your personality types complementary?
    Do they have the right entrepreneurial skills?
    Can you agree on who’s in charge?