Management Team - Coursework Example

Management Team Management Team Teams are an effectual way of recognizing and solving problems that are work-related, enhancing product quality, reduction of production costs, speeding up improvements, growing work flexibility and employee contribution, achieving improved industrial relations and confronting the issue of global competition. Team work is viewed as a solution to every organizational dilemma (Magnuson, 2011). A real team may be a small number of individuals with matching skills, who are devoted to a general function which they bare themselves jointly accountable; for instance, a project may be done quicker while working as a team compared to working on the project individually.

Furthermore, the team is created from a small number of individuals with diverse ideas and evidently, unlike personalities. Consequently, members assist each other for a similar objective they want to be achieved (Magnuson, 2011). A good example is that of football players who must play the game as a team to emerge victorious. Similarly, employees in an organization work jointly as a team to push up sales and provide the best service to clients so that they come next time or recommend the organization to their friends.

As the founder of a venture that is new, I ought to have various team-building skills in order to lead a team in a new venture. Assembling an ideal management team necessitates taking into consideration numerous variables that may differ. Constructing a team that can bring forth knowledge and various skills jointly as a team, and that share similar commitments and can communicate well may be a complex endeavor. Not everybody is created to be an entrepreneur. Having the preferred attributes and fitting well into the team may only be part of the equation.

They ought to also have the capability to assume risks as new business development entails a level of devotion that may be unique in the world of business. Social networks may be defined as the informal and formal bonds through which individuals communicate and get work done; the "water cooler" connections and imperceptible bonds of trust. These networks rest apart from hierarchical configurations that characterize authority, such as managerial charts. Collectively, hierarchy and social networks form the culture of the company (Magnuson, 2011).

The branding and development of a service or product can only be deemed financially and accomplished successful through incorporating numerous differing levels of skills and management sets. While leadership that is solid may be essential at each and every level, there are numerous different contributors that play a crucial role in ensuring a prosperous endeavor. It may be essential that business partners have harmonizing skills. Consequently, work is made easier since partners can without difficulty divide roles and responsibilities.

Despite the fact that complementary skills are essential, having some comparable skills can be constructive since partners can cover for the other stipulated that one partner is away. Having a team entrepreneurial team affirms that conceivably it is more instructive to spell out the various forms of founding team experience in order to predict whether or not a potential new firm effectively launches. Four specific forms of experience can be argued in the entrepreneurial team that may be important: team’s prior founding experience, team’s heterogeneity of experience; team’s prior shared experience and joint team’s industry experience.

We build up hypotheses for each and every on of these variables (Leary and DeVaughn, 2009). Prior founding experience may be in reference to a particular knowledge base or skill set that can be employed; for instance, prior experience in starting a business may be invaluable. The capacity to look for capital, the legalities (i.e. regulations and licenses) and promote a new venture may be indispensable for success. Entrepreneurs that have prior founding experience exhibit an ability to access their initial round of financing rapidly and accumulate higher capital levels for their existing venture compared to founders that do not have prior founding experience.

More encouraging results exists on teams where more of its individuals have prior founding experience; hence, founding teams will have a better pool of appropriate, start-up explicit knowledge from which they can depict from” (Leary and DeVaughn, 2009). Diversity or heterogeneity of experience within the first team can unswervingly translate into more optimistic results from their endeavors. Having a team of individuals that are rich in knowledge, occupational backgrounds and networks may be a resource that is instrumental in producing the preferred outcomes.

The third variable (prior shared experience), can have an effect on the team’s goal setting. Recent studies have demonstrated a connection between firm outcomes and prior shared (joint) experience amid entrepreneurial team members. The studies suggest that PSE (prior shared experience) assists entrepreneurial teams through facilitating well-organized interaction routines and interpersonal processes among team. In addition, such teams have a tendency to exhibit mutual trust and enhanced coordination which are major benefits resulting from a joint history of working collectively” (Leary and DeVaughn, 2009).

The last variable, past industry experience (PIE) may be advantageous since it permits entrepreneurs the viewpoint of amassing experience concerning practices, tasks and roles that may further the venture’s success. Gaining access to extra knowledge bases and skill sets increases the chances of a successful launch since the combined abilities may be exponentially augmented. New business venture development can be a very demanding proposition; despite the fact that it may be beneficial to build a team, there may be drawbacks that ought to be considered.

Having a dissimilar vision for the business, marketing of the venture or risk aversions may set hurdles in a team. Being a part of the establishment of a new venture requires a different level of work ethic and skill set to get the venture off the ground. Rewarding initial employees or team members with stock sharing or additional perks may be ideal ways to demonstrate appreciation for their dedication and hard work. Lead through example may be a simple statement that has a massive impact. As a team leader, I would add value to the team by conducting myself how I would like all members within the team to conduct themselves.

Ethical leaders exemplify the values, vision and mission of the organization and all its constituents, while being considerate of ethical ideals. By doing this, I connect the objectives of the organization with that of the external stakeholders and that of my team members (Freeman and Stewart, 2006). However, this may not be limited to me as a team leader alone. All team members are accountable for setting good examples to others in the workplace. It can never be over-stated that the strengthening of desired behavior may be an obligation for success.

Through frequently rewarding ideal set actions, values become steadfastly entrenched in the corporate culture, thus developing a sense of significance on the stated objectives and the new venture. References Freeman, R., and Stewart, L. (2006). Developing Ethical Leadership. Business Roundtable Institute for Corporate Ethics. Retrieved Oct 19, 2014; from, http://www.corporate-ethics.org/pdf/ethical_leadership.pdf Leary, M., and DeVaughn, L. (2009). Entrepreneurial team characteristics that influence the successful launch of a new venture.

Management Research News, 32(6), 567-579. ProQuest, Retrieved Oct 19, 2014; from, http://search.proquest.com/business/docview/223553646/E5D41EBC71784C5BPQ/1?accountid=45049 Magnuson, K. (2011). How personality types have an effect on work team conflicts and conflict management. The College of St. Scholastica, ProQuest, UMI Dissertations Publishing. Retrieved Oct 19, 2014; from, http://search.proquest.com/business/docview/871093730/22BD8CC5206F4C5EPQ/9?accountid=45049