composing startup teams w/ lindy greer, gsb professor
TRANSCRIPT
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FEBRUARY 2014PRIVATE AND CONFIDENTIAL
THE PSYCHOLOGY OF START-UP TEAMSCOMPOSING START-UP TEAMSPROFESSOR LINDRED L. GREERAPRIL 18, 2016
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INDIVIDUAL DIFFERENCES IN START-UP TEAMS
Start-up Team
Formation
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AGENDA FOR TODAY
Choosing the Dream Team for Your Start-up
Hiring in Start-ups
Onboarding in Start-ups
1
2
3
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01CHOOSING THE DREAM TEAM FOR YOUR START-UP
“WE NEED TO FOCUS ON DIVERSITY. YOUR GOAL IS TO HIRE PEOPLE WHO ALL LOOK DIFFERENT, BUT THINK JUST LIKE
ME.”
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HIRING THE DREAM TEAM
Making a hire based on your “gut”
Only hiring based on company needs
Not hiring based on company needs
Common Mistakes
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HOMOGENEITY IN START-UPS
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EFFECT OF HOMOGENEITY ON GROUPS
Socially similar
Socially dissimilar
Perceived Effectiveness
Socially similar
Socially dissimilar
% Groups Accurate
Phillips, K. W., Liljenquist, K.A., and Neale, M. A. (2009). Is the pain worth the gain? The advantages and liabilities of agreeing with socially distinct newcomers. Personality and Social Psychology Bulletin, 35, 336-350.
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IMPORTANCE OF DIVERSITY IN START-UP TEAMSWhat are the top 3 reasons given by executives for the importance of diversity?
BETTER UTILIZATION OF TALENT
BETTER UNDERSTANDING THE DIVERSIFYING
MARKETPLACE
MORE CREATIVITY AND PROBLEM
SOLVING
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DIMENSIONS OF DIVERSITYGenderRaceAgeEthnicityAbilities
Geographic LocationBeliefsWork ExperienceFamilyAppearanceMarried StatusVeteran StatusEducation HabitsRelationshipsSexual OrientationStylesParental Status
Business UnitWork FieldWork LocationJob ExperienceMgmt. Leadership StyleCareer OrientationsWork/Family BalanceVendorCustomerSupplierDepartmentJob ClassificationAdministrativeExemptNon-exemptTechnicalUnion AffiliationContractors
YOUFrom: http://www.lockheedmartin.com/aboutus/diversity/diversity.html
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WHEN DIVERSITY HELPS START-UPSMultiple meta-analyses have now shown that the effects of team diversity are contextually driven
DIVERSITY HELPS WHEN:
+ The differences are complementary and bring unique perspectives on the task
+ There is an overarching common goal and identity and shared set of values
+ The team is willing to believe in the value of diversity
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WHEN DIVERSITY BACKFIRES IN STARTUPSDemographic Faultlines: Hypothetical dividing lines that may split a team into subgroups
Bottom line: Faultlines hurt collaboration in teams!
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TAKE-AWAYS: WHO TO HIRE FOR YOUR START-UPFunctional diversity is good for performanceBeckman, Burton, and O’Reilly (2007) found that functional diversity helped young high-tech firms (N=161) get funding and complete IPOsBut look beyond expertise fit; also consider personality and value fitEvery team needs stars AND team playersHelpful individual traits in start-ups:
ResilienceCommitment to hard workSelf-startingPassion for your business
Experience Flexibility and tolerance
for ambiguity Risk-tolerance Willingness to mentor and
be a team player
...and according to recent research, don’t shy away from pessimism! Start-ups are often over-confident!
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DIVERSITY: DESCRIBE YOUR START-UP
What are the most visible
forms of diversity (or similarity) in the start-up?
Are there fault lines?
How is the team
composition influencing
interactions in the start-up?
What can the start-up do in
order to improve its
composition or the culture around it?
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02HIRING IN START-UP TEAMS
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“Many entrepreneurs describe recruiting as the most difficult, most important thing they do. Their stories typically involve unicorn chases, the quest for candidates worthy of their company. But few admit to the other side of that equation: how hard it is to persuade the best prospects to stake their careers on your idea. In other words, it's one thing to find those unicorns. But it's quite another to talk them into following you into the thicket.”
Thomas Goetz, CEO and Co-founder, IodineHIRING THE DREAM TEAM
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HIRING THE DREAM TEAM FOR YOUR START-UPTips and Best Practices to Lure Unicorns:
01
Sell your mission (your passion!) and why it
matters
02Make the most of the
start-up culture
05
Offer incentives – money, prestige, flex work, etc
03
Promote the ability to define and craft role and
to grow with the company
04 Facilitate personal
development
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03ONBOARDING IN START-UP TEAMS
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NOW YOU HAVE THEM: WHAT THEN? ONBOARDING NEW PEOPLE INTO YOUR START-UP1 in 6 people quit or consider quitting due to ineffective onboarding Should I
stay or go?
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ONBOARDING NEW PEOPLE INTO YOUR START-UPCommon Mistakes
Mistake #1Not investing in onboarding! 35% of companies spend $0 on onboarding!
Source: Allied HRIQ, 2012 Allied Workforce Mobility survey
35%
Companies$0 on onboarding
Other mistakesNot structuring the onboarding processIntroducing job without introducing company cultureOverpromisingSetting unrealistic expectations
Failure to communicateBeing vagueNot setting times to check back in and communicating important milestones
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ONBOARDING NEW PEOPLE INTO YOUR START-UPTips and Best Practices:
New Hire
Celebrate their
arrival Have a structured process
The little things matter
(supplies, introductions
, etc.)
Set expectatio
ns
Assign a mentor
Make room for
safe failure
Establish time
points to check
in
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TAKE-AWAYSWHAT TO KEEP IN MIND WHEN FORMING YOUR START-UP TEAM
EMBRACE DIVERSITY, BUT COMMON VALUES
TO GET VALUE FROM DIVERSITY, BUILD BRIDGES: MAKE SURE EVERYONE IN THE SAME TEAM IS ON THE SAME PAGE & BUILD TEAM IDENTITY
UNIQUE CULTURES AND STRONG VISIONS LURE UNICORNS
WELL THOUGHT-OUT ONBOARDING HELPS YOU KEEP UNICORNS
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Start-up Team
Formation
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