JWI 575, New Business Ventures & Entrepreneurship, Week5 Summary, 8/4/13
This week I learned how to build a winning team and nourish it by creating a winning culture. Early members of the team are vital to success and so it is absolutely important to put the best and the brightest people into new ventures (JWI 575, Welch, W5 video). Essential qualities of a winning team includes sales ability, drive, humility, a knack for hiring up, domain knowledge, solid track record, formal credentials, creative skills, record of past collaborations and good instincts (JWI 575, WK5 L1). Elements of a winning start up culture include execution and accountability, transparency in decision making, wealth sharing, conflict resolution, work-life balance and clear metrics of progress (JWI 575, W5 L2). It is important to keep asking the dumb questions but there is no need to micromanage every little detail (JWI 575, David Calhoun, W5 video).
The Ockham case study (Wasserman, 2004) helped to apply and reinforce the concepts learned this week to a practical business situation. Learning how venture capitalists evaluate potential opportunities (Roberts, 2004) helped me to think more like an investor and less like a technologist.
The skills learned this week will help me build superior management teams, create winning cultures and shape business plans that can win the hearts and minds of investors such as venture capitalists.
Dr DP
References
Wasserman, N (2004), Ockham Technologies: Living on the Razor’s Edge. Boston, MA: Harvard Business School Publishing. Retrieved from icampus.strayer.edu
Roberts, M. (2004), How venture capitalists evaluate potential venture opportunities. MA: Harvard Business School Publishing. Retrieved from icampus.strayer.edu
This week I learned how to build a winning team and nourish it by creating a winning culture. Early members of the team are vital to success and so it is absolutely important to put the best and the brightest people into new ventures (JWI 575, Welch, W5 video). Essential qualities of a winning team includes sales ability, drive, humility, a knack for hiring up, domain knowledge, solid track record, formal credentials, creative skills, record of past collaborations and good instincts (JWI 575, WK5 L1). Elements of a winning start up culture include execution and accountability, transparency in decision making, wealth sharing, conflict resolution, work-life balance and clear metrics of progress (JWI 575, W5 L2). It is important to keep asking the dumb questions but there is no need to micromanage every little detail (JWI 575, David Calhoun, W5 video).
The Ockham case study (Wasserman, 2004) helped to apply and reinforce the concepts learned this week to a practical business situation. Learning how venture capitalists evaluate potential opportunities (Roberts, 2004) helped me to think more like an investor and less like a technologist.
The skills learned this week will help me build superior management teams, create winning cultures and shape business plans that can win the hearts and minds of investors such as venture capitalists.
Dr DP
References
Wasserman, N (2004), Ockham Technologies: Living on the Razor’s Edge. Boston, MA: Harvard Business School Publishing. Retrieved from icampus.strayer.edu
Roberts, M. (2004), How venture capitalists evaluate potential venture opportunities. MA: Harvard Business School Publishing. Retrieved from icampus.strayer.edu
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