1. ©2001 Kauffman Center for Entrepreneurial LeadershipPLANNING AND GROWING A BUSINESS VENTURE™ ™ Management and Infrastructure 11.1 Entrepreneurs wear many different hats. © 2004 Ewing Marion Kauffman Foundation

2. ©2001 Kauffman Center for Entrepreneurial LeadershipPLANNING AND GROWING A BUSINESS VENTURE™ ™ Infrastructure and Management 11.2 New CEO Driving force exits Human Resources Director Chief Financial Officer Marketing Director Manufacturing Director Sales Manager Chief Executive Officer R&D Director Creator Driving force Sales agents/distributors Design companies/ engineers/subcontractors Advertising consultants/PR firms/ market research firms/college interns Accounting firms/CPAs HR consultants/employment agencies © 2004 Ewing Marion Kauffman Foundation

3. ©2001 Kauffman Center for Entrepreneurial LeadershipPLANNING AND GROWING A BUSINESS VENTURE™ ™ Members of the Infrastructure Lawyers Accountants Bankers Risk management advisors Marketing consultants Advertising/public relations agencies Governmental agencies Manufacturers’ representatives 11.3 © 2004 Ewing Marion Kauffman Foundation

4. ©2001 Kauffman Center for Entrepreneurial LeadershipPLANNING AND GROWING A BUSINESS VENTURE™ ™ Members of the Infrastructure 11.4 Manufacturing subcontractors Engineering/design firms Distributors Human resource consultants Lobbyists Import/export brokers Business consultants © 2004 Ewing Marion Kauffman Foundation

5. ©2001 Kauffman Center for Entrepreneurial LeadershipPLANNING AND GROWING A BUSINESS VENTURE™ ™ Board of Directors Serves the shareholders Sets company policy Oversees administration Has personal liability Provides significant contribution Acts as a sounding board Attracts money sources 11.5 © 2004 Ewing Marion Kauffman Foundation

6. ©2001 Kauffman Center for Entrepreneurial LeadershipPLANNING AND GROWING A BUSINESS VENTURE™ ™ Advisory Council Provides special knowledge/skills that entrepreneurs lack Acts as lead blocker Brings influence in industry and community Incurs no personal legal liability Has no voting rights or legal power Serves at discretion of business 11.6 © 2004 Ewing Marion Kauffman Foundation