Center for Entrepreneurial Development Hosts Discussion Forum on
Building a Management Team
graduate students, faculty, and members of the local community gathered
in mid-November to hear a panel of entrepreneurs discuss how to build
a management team best suited to the needs of an emerging business during
the four stages of a start-up -- concept, development, execution, and
growth. The Center for Entrepreneurial
Development (CED) at the College
of Business in association with Illinois Ventures, LLC hosted the
members were Gary Garrabrant, co-founder and CEO of Equity International,
Ltd., Greg Bohlen, CFO of The Aurora Funds, Inc., and Harlee Sorkin, co-founder
and principal of Mentor Management, LLC. The discussion forum was moderated
by Steven Miller, a principal at Origin Ventures. The panel presentation
was followed by a question and answer period.
answered a series of questions presented by Miller about the formation
of a management team. Topics included the best time for an entrepreneur
to hire a management team, what characteristics are desirable in potential
team members, and when a management team member should be replaced. Each
of the speakers gave examples of situations he faced during his entrepreneurial
career. The panelists offered some obvious and not-so-obvious recommendations
for budding entrepreneurs on what constitutes a good management team:
- Hire a team with
- Hire a team with
- Always hire people
smarter than you are, in order to "plug the holes"
- Recognize when
a team member needs to be let go
- Understand that
the make-up of a management team must change as the company changes
began with a welcome by Dinesh Ahluwalia, CED director, followed by an
introduction of Avijit Ghosh, dean of the College of Business. According
to the dean, one of the goals of the evening was to "reach out to
the Champaign-Urbana community to bring [about] notions of entrepreneurship."
reception preceded the discussion. This discussion forum was made possible
by a contribution from John A. Schoen and was also sponsored by KMZ Rosenman.
for Entrepreneurial Development was established in 2002 to serve as a
focal point and to coordinate the various entrepreneurial initiatives
of the College of Business. CED has become a focal point of entrepreneurial
interaction on the Urbana-Champaign campus in fulfilment of its mission
to fostering entrepreneurship among University of Illinois stakeholders.