An online dictionary defines "Venture Team" quite simply as:
ven·ture team (plural ven·ture teams) |
| noun |
| Definition: |
| team to start up business: a management team put together to establish a new business, secure financing, and execute a business plan Investors focus on the Team, the Idea, the Market and the Proposition (ofcourse ROI). While rest of the critical factors can be triangulated and planned upfront with data and minimal gut instincts, the TEAM factor is least predictable (even if the team has worked together in multiple successful ventures). In my experience, key cause of team divergence is the varying priorities among team members. It is tough to expect all members of the venture team to have the same financial backing and propensity to face lifestyle and societal challenges. It is almost impossible that the team receives equal support from friends and family. Motivational factors are also critical - With changing conditions, motivational needs of the individuals may start diverging. Extended team members are also critical to the success of a venture. Every venture depends on a variety of advisors, promoters, champions, enablers to keep the machine cranking at all times. If any of the critical path individuals drag their feet, the whole team gets slowed down if not derailed. A resilient team is one that plans backup for all critical path tasks and people (although that eats up into short-term efficiency). A successful venture team is like a flock of geese, each member playing its role to perfection and continuously rotating the formation to maintain efficiency and consistency. Easier said than done, this requires a team with an "us" EGO not "I". |
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