One of your colleagues believes that entrepreneurs, when pitching to potential investors, overemphasize the importance of a start-up’s management team. “After all,” he says, “A good product outweighs any deficiency a firm may have in terms of managers and their abilities.” Do you agree or disagree with him? Using the information from this class, explain why?
I don’t agree with him at all because team management is much more important than the product. Can I ask you one question, show me one reputed company “which singly depends upon their product other than the team”? Many great business people consider human resource as an essential part of the business. Team management is deemed to be necessary for the success of the company.
Example: assume that you have a new product which is unique and it has a high demand in the market by your fundamental analysis. The question is, how you are going to sell it in the market? Only by going to the market and or investing the right amounts in the advertisements is a burden to your company. The expenses will grow faster, but the outcome will be zero. It’s not possible that everybody on the earth will buy your product so, there should a process to decide to whom the product should be sold. The idea of perfect selling is known as Marketing. The management makes the techniques for marketing, and the management team comprises of CEO, CTO, CFO and many skilled people in the industry. Following will be the work done by the people:
- # Business vision and mission.
- # Market segmentation and targeting.
- # Competitive environment.
- # Market positioning strategy.
- # Marketing selling model.
- # Product launch.
- # Operations and organization.
- # Financial analysis
“Talent wins games, but teamwork and intelligence win championships.” – Michael Jordan
Conclusion: using the above explanation I can only say that only product cannot outweigh all other essential factors in the business and it cannot be sold as it was. The above things mentioned by me are not necessary to sell the product. Much more items should be added to the product for the business to achieve success. Team management plays a crucial part in the victory.