Introduction to Entrepreneurship: Leadership and Teams By: Venture Highway

Objectives Discuss the importance of teams and how they assist with achieving business goals Describe the process used for building a good team Outline the qualities of an effective leader Describe the expectations and accountability that leaders are held to

Great vs. Poor Leadership Leadership and Teams Section 1: Introduction Great companies have been brought to the edge of destruction through poor leadership and small companies have risen to greatness with great leadership. Which would you rather be? Which would you rather work for? You may want to open up with the scenario that is used in the introduction of section 8.1. Discuss the importance of leadership and how it affects the success of businesses. Great vs. Poor Leadership

Leadership and Teams Section 1: Team Matters Entrepreneurs are tasked with leading a business, but team members are vital to the successful launch and growth of the business. Their roles may include: Bringing additional skills and expertise Providing a variety of viewpoints and opinions Generating new ideas and approaches Contributing their knowledge, sweat and enthusiasm to the launch May be another source of funding Describe the roles that team members play in helping entrepreneurs to implement their ideas and overall business operations.

Leadership and Teams Section 1: Team Matters Designing a Team When searching for team members you should consider designing your team around yourself and your product. A good place to start is to ask the following questions: What things are you good at? What things will need to be done that you aren’t good at or don’t want to do?

Leadership and Teams Section 1: Team Matters Leveraging Skills Starting a business requires a broad skill set including expertise in some or all of the following areas: Technology Finance Sales and Marketing The Consumer Market Your Targeted Industry Fundraising Research Patents, Copyrights, Contracts (Law) Engage the class in a discuss about the varying skills that team members bring to an organization and how these skills can be utilized to advance the business goals.

Leadership and Teams Section 2: Building an Awesome Team Building a Team When an entrepreneur lacks technical expertise to implement an idea, (3) steps could be used to build a team that will bring those ideas to life. The steps may include: Have a compelling vision Recruit great people who have the skills you need Select the ones who will make an awesome team Engage the class in a conversation about the steps used to build a team of technical experts. The 3 steps are explained in the next slide.

Leadership and Teams Section 2: Building an Awesome Team Building a Team Compelling vision: Your vision must be exciting and clear for others to be excited about it. Recruit great people: Ideally you’d like to recruit a pool of great people so you can choose the best ones. A great team member is someone who: Is excellent in the field of necessary expertise Is flexible and can handle uncertainty Is able to work well with other people Is excited about and committed to your vision Discuss each step in detail. Reference the course notes in section 8.2.

Leadership and Teams Section 2: Building an Awesome Team Building a Team Select the ones you want: Once you have a pool of people you then have to choose who would be best. You only want the individuals who: Have the best mix of commitment to your vision Has the ability to be flexible Has the skill sets you need Discuss the importance of selecting team members that will be a good fit for your company. Reference the notes, as well as the article in section 8.2 of the course outline.

Leadership and Teams Section 3: Being an Awesome Leader What Makes a Good Leader No two leaders will have the exact same style for leading their teams, but there are some key leadership qualities that are universal. Compare the styles of prominent leaders such as Bill Gates and Steve Jobs. While both are successful as business leaders, their strengths and personalities will vary. Reference the notes in section 8.3 for further emphasis on qualities of effective leaders. Also, you may want show the video of Steve jobs that is linked in section 8.3.

Key Qualities of Great Leaders Leadership and Teams Section 3: Being an Awesome Leader Key Qualities of Great Leaders Honesty Ability to delegate Communication Sense of humor Confidence Commitment Positive attitude Creativity Intuition Ability to inspire Engage the class in a conversation about the key qualities of great leaders. Use each one as a discussion point.

Leadership and Teams Section 4: Expectations and Accountability Important Functions of a Leader One of the most important functions of a leader is to set the tone for the group by setting up expectations and accountability. Discuss the importance regarding entrepreneurs role for setting expectations. While one of the draws of entrepreneurship may be that you are “on your own” and “don’t have to follow other people’s rules” it is also true that you can’t have complete chaos. Reference the notes in section 8.4 to support this discussion. Also, discuss the role of written team contracts and why they are used in businesses.