bep class session 11 team
DESCRIPTION
TRANSCRIPT
BUSINESS
ENTREPRENEURSHIP
CLASS
LECTURE SLIDES
THE TEAM
ERDEM OVACIK
Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
REFLECTION ON TEAM BY TENURED VC
I am fond of quoting that about 70% of my investment decision of an early-stage company is the team. My rationale is simple: everything goes wrong and only great teams can respond to competitors, markets, funding environments, staff departures, PR disasters and the like.
More…
Mark Suster.2x entrepreneurSold Koral to SalesforceWorks at GRP partners (VC)
Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
THE SKILLS YOU NEED
Build product
Define product
Sales meetings
Marketing
Design
Hire, fire, manage
Investor relations
Legal arrangements
Accounting
PR, events
Quality assurance
Customer support
Error / bug handling
Partnership development
Testing
Finance management
Share the roles based on your skills, experiences, motivations, etc
Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
THE ART OF THE START - ROLES
Business Hacker
Hippie
Artist
Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
WHAT CAN YOU OFFER?
Salary
Options
Shares
Bonus
Legacy / vision
Purpose
Flexibility
Fun environment
Challenging work
Titles
Exposure to people / meetings
? – be creative
People have different motivators. Don’t get stuck in the traditional ‘hygene’ factors – ie, salary.
Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
HOW TO FIND THEM?
Other, local platforms, ie Foundable
Events, meetups, conferences, startupweekends
Friends of friends
Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
ALWAYS PUT THINGS ON PAPER!
Responsibilities.
Describe role, ensure expectations are aligned.
People with corporate background, mngmt consulting, etc: BEWARE – THEY MAY BE EXPECTING STHING ELSE
Define:
• Salary• Benefits• Vacation• Hours• How to get in contact• Working mode• Notice period• Expenses (computer,
phone, lunches, travel, ..)
Candidate profile
Profile of the ideal candidate.
Make a scoring of the candidate against the ideal candidate.
Take hiring serious.
Take hiring seriously. Hire slow, fire fast. Make sure to put things on paper from the outset.
Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
‘A’ PEOPLE HIRE OTHER ‘A’ PEOPLE.
Skill
Will
High
Low
Low High
If you have good people on the team, you don’t need to manage them. They will do
the magic themselves.
Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
GET TO KNOW YOUR TEAM MEMBERS