The document outlines the key roles needed to build a successful new venture team. It discusses that the structure of the team is crucial to success and consultants or VCs may be needed to fill gaps. The roles described include Managing Director, Financial Director, Company Administrator, Communications Director, Commercial Director which includes Sales and Marketing, and Operations Director which includes Purchasing and Production.

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