The people who work behind the scenes in any business play a vital role towards is a success. Even though an entrepreneur having big dreams, it is only through a team that one realizes their goals. Hiring the right team is crucial since it is through it that the founder’s vision is exhibited . The core advantage of having a founding team is that it complements the skills and competencies as well as brings in synergies to the founder’s efforts (Li & Dutta, 2018). As witnessed from the case of Investic , Nicholas did not have the right skills to manage the company. This saw him bringing along Brian who had the rights skills in the particular business environment following his work at Bondcom’s . Additionally, other members brought with them IT related and finance skills that are vital for business success. A founding team for Investic made it possible for the effective management of different elements within its business operations and work towards achieving a larger goal.
Additionally, a founding team will play a crucial role in defining the culture of Investic . An organizational culture encompasses the values, beliefs, and personalities of the team (Gochhayat et al., 2017). The founding team is instrumental towards defining and permitting down the culture. In the case of Investic , the founding team is made up of fully committed members who had to juggle between jobs to allow the company to grow. In case Investic succeeds, it will be formed on a robust organizational culture based on hard work. A founding team enable the entrepreneur to share his/her passion and keep on going through the difficulties of the journey. This is through playing a crucial role in the decision making process and choosing the right strategies. In layman’s language, two heads are always considered being better than one. In case the business is hit by setbacks, a founding team will always give each other encouragement, unlike a single individual who can give up. The business environment is marred by many challenges and start-up’s at times face setbacks as they try to navigate through the murky waters. With a founding team in place, Investic will continue to push through, as the members will encourage each other.
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Founding Team Assessment
Investic founding team is made up of friends. It is an indication that the members of the team already know and trust each other. The core foundational element of any successful team is based on trust and honesty (Ben-Hafaiedh & Cooney, 2017). In most cases, building trust may take a lot of time in the case of people who do not know each other. However, at Investic , they all know each other, and thus, their trust levels are much higher. Nicholas and Brian brought in people they have known quite for time, and therefore, they believed that with them, they would drive the company towards success .
Moreover , the team has a shared vision. Nicholas has always wanted to start up his company, which also applied to Brian. It shows that the two have a passion for forming their company. The other team members have also committed their efforts towards developing Investic. This is evidenced by their ability to work double shifts, one shift at their current jobs and Investic after job hours. The team is therefore full of passion, and it is always hard to invest someone else in a vision unless they believe in it, which is a case of the team (Carsrud & Brannback, 2019). The team members’ have also had an equal investment into the startup of 1,500 euros. This makes each member have a fair share in Investic ; therefore, no team member can feel as though they have a lesser percentage making them all equal. From this analysis, it shows that the team is solid and is committed to making Investic a success.
Team Member Contributions
Investic’s founding team is made up of six members. The main co-founders include Briana and Nicholas. Currently, Brian works for the European Office of Bondholder Communication Group, a company dealing with debts securities. This is the same line of business that Investic is targeting. Brian brings in vast experience in the debt securities market as he could see at Bondcom’s London based office grow from zero to 2.33 million euros in just one year. It is an indication that Brian will bring in competencies on how Investic can survive in the debts securities market.
Nicholas is a structured finance lawyer and is taking an MBA. Having worked in the financial sector before, Nicholas has an industry experience related to debt securities that are part of the broader financial markets . Moreover , he is going to have effective management skills resulting from his MBA. Ivy Lee and Carlo Danani work as solicitors in structured finance similar to Nicholas. The two will bring in vast expertise in the financial sector and extensive network of contacts that can, in turn, become Investic’s potential clients. Bernard Manfred has a background in IT. He is going to help in the provision of security for Investic’s servers and databases that house its clients and confidential information related to the company. Michael Glasner’s programming and web designer background will ensure that Investic’s website is operational, as it will aim to use in its marketing campaigns.
Nicholas’s Leadership
Nicholas’s employs a transformational type of leadership. Through this, he can ensure that all members of the team work together. Nicholas does not make the overall business decisions but instead, works with the other team members (Hayati et al., 2014). As indicated, he worked with his team to develop a list of clients, and after finding prospective one; he went ahead and made a presentation .
Nonetheless , to ensure a higher level of team success, Nicholas should introduce training programs for his teams. As indicated, not all the members of the team are aware of the debt securities market. Through the training programs, he will ensure that every member of the team has an opportunity to acquire knowledge related to their operational environment and use it in driving the business towards success. Nicholas should also create various off the job events such as sports or organized lunches for his team members. This will aid in building team cohesion that is critical for team success (Saraswat & Khandelwal, 2015). The members of the team should have some time whereby they can interact without having to talk about work but instead get to know each other better.
Investic Team Forming Experience
From Investic’s team, trust and commitment are vital towards team success. Trust will enable the team members to work in unison without having negative attitudes towards each other. Commitment is essential for it will help the team members to work hard towards achieving a common goal. A team that lacks commitment will have poor job performance and productivity thus making an organization not to meet its goals and objectives. More importantly, when forming a team, one should not have team of people having similar skills for it will not have the ability to perform specific actions. Skills diversity is crucial for team success.
References
Ben-Hafaiedh, C., & Cooney, T. M. (2017). Research handbook on entrepreneurial teams: Theory and practice . Northampton , MA: Edward Elgar Pub.
Carsrud, A. L., & Brännback, M. (2009). Understanding the entrepreneurial mind: Opening the black box . London: Springer.
Gochhayat, J., Giri, V. N., & Suar, D. (2017). Influence of Organizational Culture on Organizational Effectiveness: The Mediating Role of Organizational Communication. Global Business Review , 18 (3), 691-702.
Li, J., & Dutta, D. K. (2018). Founding team experience, industry context, and new venture creation. New England Journal of Entrepreneurship, 21 (1), 2-21.
Saraswat, N., & Khandelwal, S. (2015). The impact of team building exercises on team effectiveness . International Journal of Marketing and Human Resource Management , 6(3), 89-97.
