Management Team

Constructing an ideal management team requires taking into consideration many differing variables. Designing a group that can bring various skills or knowledge sets together that share the same commitments are able to communicate well is a difficult endeavor. Not everyone is created to be an entrepreneur. Having the desired attributes and fitting well into the group is only part of the equation. They must also have the ability to assume risks as new business development requires a level of adherence that is unique in the business world.

“Social networks are the formal and informal bonds through which people communicate and get work done-the invisible bonds of trust and the "water cooler" relationships. These networks stand apart from hierarchical structures that define authority, such as organizational charts. Together, social networks and hierarchy form a company's culture” (Tyler (2011).

Development and branding of a product or service can only be accomplished and deemed financially successful by incorporating many differing levels of management and skill sets. While solid leadership is essential at all levels, there are many different participants that play a vital role in ensuring a thriving endeavor.

It is crucial that business partners have complementary skills. This makes the workday easier because partners can more easily divide responsibilities. While complementary skills are necessary, having some similar skills can be useful because partners can cover for each other if one partner is away (Carniol (2009).

Having an entrepreneurial team states that perhaps “it may be more instructive to specify the various types of founding team experience that might have some bearing on whether or not a prospective new firm successfully launches. We argue that four specific types of experience in the entrepreneurial team may be relevant: prior founding experience on the team; heterogeneity of experience represented by the team; prior shared (joint)...