'Management Team Essay\r'

' some scholars believe that â€Å"there is a strong affiliation between the ingathering potential of a take a chance and the character of its perplexity team up”, (Timmons and Spinelli, 2009). Describe what is meant by â€Å" heed team” philosophy and attitude of entrepreneurial adventures that leave alone eventually contribute to business organization venture growth? From Collins dictionaries the pluckment team is delimitate as â€Å"a team of managers in bang of direction a company, business, etc.\r\nWikipedia define the counsel team as â€Å"senior watchfulness, executive management, or management team is generally a team of individuals at the highest level of organizational”. For general definition, management team is a set of races that come from discordant maneuver or responsibility that responsible to manage the organization. â€Å"there is a strong connection between the growth potential of a venture and the quality of its management team”, (Timmons and Spinelli, 2009).\r\nTo advert this statement, I had comprise some statement from (Krishnan 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 unite organization stronger by offsetting weaknesses in both firms, thereby creating or maintaining a competitive advantage I also refer to www. jeffcobizjournal. com that mentioned about â€Å"a terrible manager will make bad decisions, will hurt the morale of the employees and your relationship with customers, you trick’t afford to keep them around”.\r\nThis situation john give impact the organization directly, so it is rattling importance to cast good quality of management team in pitch to ensure growth potential to organization business. This idea clearly enjoin the right people for the right jobs its crucial during the selecting the management team in the organization. Cited from the Marriott management philosophy â€Å"’A business succeeds not because it is long established or because it is big, but because there argon men and women in it who live it, sleep it, dream it, and build groovy future plans for it. ” Robinson\r\nFinkelstein, Hambrick, and Cannella (2009: 3) wrote, â€Å"The small group of people at the top of an organization can dramatically venture organizational outcomes. Becker (1964), training and wages for experiences and skilled managers can be seen as a firm’s investment in human capital, expecting to benefit from high productivity and added economic value.\r\nFrom this statement we can relate the bad impact of the small group of people to it is because of the individual factor also. Research shows that effective conference in a team is a unfavourable factor determining team performance (Hitt, et al. 2006). Robinson et al. prime that an entrepreneurial attitude orientation scale materia lly differentiated between entrepreneurs and non-entrepreneurs. Therefore, it is mentioned that: attitude towards entrepreneurship is a function of the demographic and psychological characteristics 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 individual’s entrepreneurial attitudes and abilities.\r\nEntrepreneurial attitudes are those toward autonomy, risk, work, income and (other net) perquisites, while entrepreneurial abilities include opportunity recognition, viability screening, and creative problem puzzle out skills. Hofer and Sandberg (Summer 1987), stated there are three factors have a substantial impact on a new venture’s performance. In order of importance, these factors affecting new venture success are (1) the structure of the industry entered, (2) the new venture’s business strategy, and (3) behavioral characteristics of the entrepreneur.\r\nMy focus will be on the behavioral characteristics of entrepreneur. Sources from K. Axelton, â€Å"Fever Pitch,” Entrepreneur (December 2004), p. 74; N. L. Torres, â€Å"Think Outside the Box,” Entrepreneur (February 2004), pp. 108â€111; A. Pennington, â€Å"Una Cassidy,” Entrepreneur (November 2003), p. 24 found four entrepreneurial characteristics are key fruit to a new venture’s success. undefeated entrepreneurs have: 1) the ability to identify potential venture opportunities better than most people. 2) a sense of exigency that makes them action oriented, 3) switch the niche, 4) borrow a business model.\r\n'