Managing the Many Processes of
Team Building
Prof. Meredith Myers - November 2, 2011
“A business plan is a call to action
… (it) must demonstrate mastery
of the entire entrepreneurial
process, from identification of
opportunity to harvest.”
- William A. Sahlman, “How to Write A
Great Business Plan”, HBR 1997
Team building is fundamental to screening
ideas and checking for validity of propositions
Market
Macro
Market
Attractiveness
Industry
Team
- Can the team execute?
- What are the gaps and
how do you fill them?
Industry
Analysis
- How do goals and
values align?
-----------------------------
Micro
Product/Model
Market
Segments
Image copied from Prof. Ethan Mollick’s Idea Generation Workshop for WBPC on October 24, 2011.
http://spike.wharton.upenn.edu/media/index.cfm?method=read&video_id=27864
Sustaining
Advantage
“Thoughtfully building a committed,
compatible team might be the most important
indicator of future success.”
• Managing the multiple processes of a start-up
• Developing your team
– What your core team is *not*
– Knowing yourself and your resources
– The evolution to a successful team
• Selling your team
Quote by Pitou Devgon, former WBPC winner, January 21, 2010.
“Thoughtfully building a committed,
compatible team might be the most important
indicator of future success.”
• Managing the multiple processes of a start-up
• Developing your team
– What your core team is *not*
– Knowing yourself and your resources
– The evolution to a successful team
• Selling your team
Quote by Pitou Devgon, former WBPC winner, January 21, 2010.
Your success hinges of the management of
essential, simultaneous processes
YOU and Your Resources
Your Core Team
Your Project
Your success hinges of the management of
essential, simultaneous processes
YOU and Your Resources
Your Core Team
Your Project
Your success hinges of the management of
essential, simultaneous processes
YOU and Your Resources
Your Core Team
Your Project
“Thoughtfully building a committed,
compatible team might be the most important
indicator of future success.”
• Managing the multiple processes of a start-up
• Developing your team
– What your core team is *not*
– Knowing yourself and your resources
– The evolution to a successful team
• Selling your team
Quote by Pitou Devgon, former WBPC winner, January 21, 2010.
How well do you really know yourself, your
motivations, and what you bring to the table?
• Draft your personal vision of the future
– Where do you want to be in 5 and 10 years?
– What are your goals and skills?
– What are your values?
• Draft a version related to this competition
• Where do they fit? Where are there gaps?
• How does the above inform your business plan prospects?
How can we as teammates balance and
complement each other?
• Visioning
- Creating a compelling vision of the future
• Inventing
- Implementing the steps to make the vision happen
• Sensemaking
- Making sense of the world around us, acknowledging the
current reality
• Relating
- Developing key relationships, connecting
Ancona, Malone, Orlikowski, Senge. “In Praise of the Incomplete Leader,” HBR, February 2007.
Are you taking full advantage of the myriad
resources at your disposal?
• Wharton Business Plan Competition website
• Wharton- and Penn-based opportunities
• Online communities and any additional research
• Contacting lead users
Doing your research and exploring any options inherently
connects you with potential teammates
Protect your equity and manage your risk by
knowing who your core team is *not*
• NOT your advisory board (formal or informal)
• NOT people whose work you can outsource
• NOT people with replaceable skills
• NOT people who would like to work with you just to gain
experience and skills
You must patiently and conscientiously select
the most compatible members for your core
team
• Look for mutual respect and shared commitment for the
project
• No matter the time constraints, aim to have your serious
conversations as soon and honestly as possible
– Define leadership and decision-making early
• Allow your research, self-awareness, and instincts to
inform your approach
You must patiently and conscientiously select
the most compatible members for your core
team
Consultation
Courtship
/Contract
Commitment
You must patiently and conscientiously select
the most compatible members for your core
team
Consultation
Courtship
/Contract
Commitment
“Thoughtfully building a committed,
compatible team might be the most important
indicator of future success.”
• Managing the multiple processes of a start-up
• Developing your team
– What your core team is *not*
– Knowing yourself and your resources
– The evolution to a successful team
• Selling your team
Quote by Pitou Devgon, former WBPC winner, January 21, 2010.
“You are perpetually selling yourself and your
idea… show them you are moving towards
execution.”
• What are your accomplishments and reputation?
• What are your skills, abilities and knowledge?
• Can you assemble a great team?
• Do you have the mettle to make tough decisions and
overcome adversity?
• Can we appreciate your commitment and motivations?
Quote by Philip Cortez, WBPC Team-Building Panel, December 8, 2011. Questions adapted from Sahlman’s
“How to Write a Great Business Plan”, HBR, July-August 1997.
“Thoughtfully building a committed,
compatible team might be the most important
indicator of future success.”
• Managing the multiple processes of a start-up
• Developing your team
– What your core team is *not*
– Knowing yourself and your resources
– The evolution to a successful team
• Selling your team
Quote by Pitou Devgon, former WBPC winner, January 21, 2010.
“I invest in people, not ideas.”
- Arthur Rock, “Venture Capital Legend”
We get to learn about our panelists successes
and key lessons in team-building
• Brief overview of business plan and start-up experience
to-date
• What has been your greatest success in building teams?
• Where have you struggled the most in team-building, and
what have you learned from this challenge?
• What do you wish you had known about team-building
when you were in the audience’s place?