Building a new venture team

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Building a new venture team

Building a new venture team

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  • 1. Building your new venture team Entrepreneurship book outlines the thinking behind constructing the right team. Conclusion 1 – the structure of the team is crucial to success. Conclusion 2 – consultants and VCs are needed to fill some gaps.
  • 2. Building your new venture team
    • Managing Director functions
    • identifies the mission and targets
    • enables others to use their skills effectively
    • motivates the group to keep to the task
    • clarifies issues and decisions
  • 3. Building your new venture team
    • Financial Director functions
    • forecasts cash flow, controls cash and credit
    • prepares balance sheets, profit & loss statements and liquidation report
    • pays salaries and commission
    • manages ‘bank account’ and security of cash
  • 4. Building your new venture team
    • Company Administrator functions
    • identifies responsible for communications
    • sets up and maintains systems for recording decisions taken and action(s) agreed
    • responsible for health and safety
    • safeguards investors’ rights
  • 5. Building your new venture team
    • Communications Director functions
    • responsible for public relations
    • play a leading role in promotional activities
    • develop and maintain relationships with the media
    • produce a series of press releases
    • monitor how your company is perceived by the public
  • 6. Building your new venture team
    • Commercial Director functions
    • Sales
    • analyses the competition and customers
    • identifies market niches and USPs
    • helps decide pricing policy
    • develops and monitors the sales plan
    • recommends sales methods
    • develops promotional activity and materials
    • trains and motivates ‘sales force’
    • Marketing
    • undertakes market and consumer research
    • negotiates cost, price and volume of product
    • devises and monitors promotion and marketing strategy
    • monitors customer satisfaction
  • 7. Building your new venture team
    • Operations Director functions
    • Purchasing
    • identifies and obtains premises
    • identifies equipment, materials and services required and potential sources of supply
    • helps make decisions on ‘cost versus quality’
    • negotiates and recommends deals to the board
    • places orders, monitors delivery and quality
    • Production
    • contributes to development of a product or service
    • plans method of production for a product and delivery
    • balances volume of production / service against demand
    • advises on estimated costs
    • trains and manages ‘production team’
  • 8. Building your new venture team What features are needed for MD
  • 9. Building your new venture team What features are needed for MD FD
  • 10. Building your new venture team What features are needed for MD FD CA
  • 11. Building your new venture team What features are needed for MD Comms Dir. FD CA
  • 12. Building your new venture team What features are needed for MD Comms Dir. FD Sales & Mkt Dir. CA
  • 13. Building your new venture team What features are needed for MD Comms Dir. FD Sales & Mkt Dir. CA Ops. Dir
  • 14. Building your new venture team It’s time now to build your team