Think of a product or service that you use regularly and describe what it is. Co

Question

Think of a product or service that you use regularly and describe what it is. Consider if you were an entrepreneur just starting up your own business to develop and sell that product. How would you go about developing a team to help you? What kinds of people would you select to be on your team, and why? How would you meet these people and convince them to join your team? How would you motivate this team to continue to dedicate time or resources into your business venture? This should be a detailed and specific plan.

Explanation / Answer

Consider that an entrepreneur wants to start a business of laundry detergent. Before starting the business, he would be required to develop a team as a single person cannot run the business on their own. Initially, the person would start the business at a smaller scale, and then it would gradually start expanding.   

The entrepreneur would be required to identify the different teams that would be required to start his business and run it efficiently. First of all, he needs to decide that whether he wants to run the business alone or need co-founder(s). In case, he needs a cofounder, he should approach the people that he knows are capable and interested in the business. All the founders should jointly determine that which type of company they want to open i.e. a partnership firm, limited liability company, etc.

After that they also need to decide whether they want to manufacture and sell the laundry detergent or outsource the manufacturing and only take part in marketing and distribution. Suppose the company wants to outsource the production to local manufacturers, therefore they would not be required to hire the production team.

Now, the company needs to establish the research and development team, administration team, sales and marketing team, accounts and finance team, legal team, operations and supply chain management team, customer relationship team, and human resource team.

After identifying the key positions, the founders need to prioritize the positions to be filled first. They should also decide the nature of employment means whether the employees would be contractual, full timers or part timers.

The entrepreneur needs to hire a team of dedicated and committed experts in their respective fields. These people should be willing to take risk by joining a startup firm. Besides, they should be willing to do extra efforts to start every operation from the scratch.

The founders should meet the people personally and convince them about the potential success of the company and market opportunities. This team should be motivated by giving them higher degree of autonomy in their work, providing them flexible work environment, involving them in the decision making process, and valuing and respecting each one of them.   

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