Management Team Essay

Many scholars believe that on that point is a heavy data link in the midst of the addition potential of a venture and the flavour of its wariness team up, (Timmons and Spinelli, 2009). Describe what is meant by way team philosophy and berth of entrepreneurial ventures that will eventually contribute to blood venture growth? From Collins dictionaries the management team is defined as a team of managers in charge of direction a company, business, etc.Wikipedia define the management team as senior management, executive management, or management team is generally a team of individuals at the highest level of arrangemental. For general definition, management team is a set of peoples that come from various execute or responsibility that responsible to manage the organization. there is a strong connection between the growth potential of a venture and the quality of its management team, (Timmons and Spinelli, 2009).To relate this teaching, I had found some statement from (Krish nan et al. 1997, p. 363). Differences between the top management teams on important dimensions such as backgrounds of managers has more potential to create unique value because it makes the combined organization stronger by offsetting weaknesses in both firms, thereby creating or maintaining a warlike advantage I also refer to www. jeffcobizjournal. com that mentioned about a notional manager will make dingy decisions, will hurt the team spirit of the employees and your relationship with customers, you cant afford to keep them around.This part can give impact the organization directly, so it is really vastness to get good quality of management team in raise to ensure growth potential to organization business. This idea clearly order the right people for the right jobs its crucial during the selecting the management team in the organization. Cited from the Marriott management philosophy A business succeeds not because it is long found or because it is big, but because there are men and women in it who live(a) it, sleep it, dream it, and build great future plans for it. RobinsonFinkelstein, Hambrick, and Cannella (2009 3) wrote, The small meeting of people at the top of an organization can dramatically dissemble organizational outcomes. Becker (1964), training and wages for experiences and skilled managers can be seen as a firms investment in human capital, expecting to hit from higher productivity and added economic value.From this statement we can relate the bad impact of the small group of people to it is because of the individual factor also. search shows that effective communication in a team is a faultfinding factor determining team performance (Hitt, et al. 2006). Robinson et al. found that an entrepreneurial emplacement orientation scale significantly differentiated between entrepreneurs and non-entrepreneurs. Therefore, it is mentioned that attitude towards entrepreneurship is a function of the demographic and psychological characteri stics and their interaction. Baum, Locke and Smith (2001) reported significant correlations between self-efficacy and venture growth, Douglas and Shepherd (2005) define entrepreneurial capital as the composite of the individuals entrepreneurial attitudes and abilities.Entrepreneurial attitudes are those toward autonomy, risk, work, income and (other net) perquisites, while entrepreneurial abilities include opportunity recognition, viability screening, and creative problem solving skills. Hofer and Sandberg (Summer 1987), stated there are three factors have a substantial impact on a new-fashioned ventures performance. In order of importance, these factors touch new venture success are (1) the structure of the industry entered, (2) the new ventures business strategy, and (3) behavioral characteristics of the entrepreneur.My focus will be on the behavioral characteristics of entrepreneur. Sources from K. Axelton, Fever Pitch, Entrepreneur (December 2004), p. 74 N. L. Torres, Think out of doors the Box, Entrepreneur (February 2004), pp. 108111 A. Pennington, Una Cassidy, Entrepreneur (November 2003), p. 24 found four entrepreneurial characteristics are key to a new ventures success. Successful entrepreneurs have 1) the ability to identify potential venture opportunities better than most people. 2) a sense of urgency that makes them action oriented, 3) switch the niche, 4) borrow a business model.