Lecture Entrepreneurship: Chapter 7 - Zacharakis, Bygrave, Corbett

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Lecture Entrepreneurship: Chapter 7 - Zacharakis, Bygrave, Corbett

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Chapter 7 - Building the founding team. This chapter takes the view that the process undertaken in developing a tight, well-written story is the most important thing. Furthermore, our research indicates that students who write a business plan, even if it is for an entrepreneurship class, are far more likely to become entrepreneurs than students who haven’t written a business plan.

BUI LDI NG  THE  FOUNDI NG  TEAM Chapt e r   ENTREPRENEURSHI P  I S  A TEAM  SPORT • • Grow beyond self-employment with the support of a team Team can include partners, employees, advisors, family, vendors, investors • Accomplish more with others than you can alone • The power of a team is its shared vision of success Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017 © THE  ADVANTAGES  OF A  TEAM Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017 © CONSI DERI NG  YOUR  ROLE • • • • What position can you best fill? What is the best way for you to contribute to your venture’s success? Don’t be crippled by your weaknesses… but also don’t be oblivious to them either Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017 © STAFFI NG  PLAN Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017 © BUI LDI NG  A  POWERFUL  TEAM Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017 © RESOURCES  FOR  CREATI NG THE  TEAM Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017 © THE  DO  NOTS  OF  DOUBLE  EMPLOYMENT • • • • Do not use your employer’s resources Do not expropriate intellectual property from your current employer Do not solicit your employer’s customers until you quit the job Do not conceal the fact that you are founding your own venture Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017 © TYPES  OF  COMPENSATI ON Compensation name Advantages Disadvantages Founder Shares Attracts co-founders Dilutes owner’s equity Option pool Ties employees goals to those of the company Employees may leave the company if the price falls Restricted stock Issued regardless of Vested over time, company performance, expensed at current share exercised when price price increases Stock appreciation rights Low cost to the company Dilutes owner’s equity Phantom stock Employees receive no equity Requires cash to be exercised Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017 © THE  DI LUTI ON  EFFECT:   AN  EXAMPLE Famil y/ Frien ds Even t Entr Share CoFound er 60% 40% 48% 32% 20% 22% 14% 9% 40% 15% 8% 5% 3% 15% 6% 10% 3% 7% 43% 5% 4% 2% 10% 4% 7% 2% 5% 29% 5% 4% 2% 10% 4% 7% 2% 5% $9,90 $3,71 $6,66 $2,000 $4,66 Angel s Optio n Pool CEO CFO VP Sales Valuati on (000) Ent’s Value 100% $1,000 $480 100% $2,500 $540 100% $7,000 $562 32% 100% $30,00 $1,60 29% 32% 100% $100,0 00 $5,34 $28,5 71 $33,3 32 VC Rd VC Rd 100% Harvest Value for All Stakeholders Harvest $5,34 $3,566 Total $2,22 Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017 © 10 EXTERNAL  TEAM  MEMBERS Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017 © 11 PROBLEMS  FACED  BY START­ UP  TEAMS Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017 â 12 RECAP ã Entrepreneurship is a team sport • Determine who should be on the team • Create a culture so that team can flourish • Maintaining a team is an ongoing effort Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017 © 13 ... of success Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 20 17 © THE  ADVANTAGES  OF A  TEAM Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 20 17 © CONSI DERI... oblivious to them either Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 20 17 © STAFFI NG  PLAN Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 20 17 © BUI LDI NG  A ... POWERFUL  TEAM Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 20 17 © RESOURCES  FOR  CREATI NG THE  TEAM Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 20 17 © THE 

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  • THE DILUTION EFFECT: AN EXAMPLE

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