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Lecture 9- New Venture Challenges

Lecture 9- New Venture Challenges

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Published by: umar083805154 on May 24, 2012
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05/24/2012

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Topic 9
Building a New-Venture Team
 
New Venture Team
New Venture Team
 – 
Is the group of founders, key employees, and advisers thatmove a new venture from an idea to a fully functioningfirm.
 –Usually, the team doesn’t come together all at once.
Instead, it is built as the new firm can afford to hireadditional personnel.
 – 
The team also involves more than paid employees.
Many firms have boards of directors, boards of advisers, andprofessionals on whom they rely for direction and advice.
 
Liabilities of Newness
Liabilities of Newness
New ventures have a high propensity tofail.
The high failure rate is due in part toliabilities of newness, which refers to thefact that new companies often falter
 because the people involved can’t adjust
 fast enough to their new roles and becausethe firm lacks a track record of success.
Assembling a talented and experiencedmanagement team is one path that firmscan take to overcome these limitations.

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