Remember, there are 2 parts to this summative assessment. You completed part 1 in week 2, and you are completing part 2 this week. Once you have completed part 2, combine both parts and submit as one document.
Part 1 (completed in week 2)
Refer to the “Team Needs Assessment” that you completed this week. Answer the following in a minimum of 350 words:
- Identify the skills that are "critical to success" in the venture you are contemplating or already own, (this refers to those you rated a "3" on the "Team Needs Assessment”).
- Explain which of these skills are “very strong” for you personally (this refers to those you gave yourself a “3” on in the “Team Needs Assessment”). Which skills do you need to improve?
- Identify three 3 potential mentors or advisors who may be willing to help you with the specific skills or areas in which you are not very strong. Describe why each person would be helpful.
- Evaluate the types of partners you may need to help sell your products or services.
Part 2 (to be completed in week 3)
Answer the following questions in a minimum of 350 words:
- Assess what you feel is your primary leadership style or styles. Based on the type of leadership roles you want to hold, assess which combination of styles will work best for you in your career.
- Analyze what you can do to develop leadership styles that you desire but may not currently possess.
- Compare functional, divisional, team, matrix and network organizational structures. What are the similarities and differences?Determine which structure you would most like to work in.
- Analyze what you can do to provide phenomenal customer service in an organization you would like to own or already own. Determine what kind of system to implement so that all your customers receive the same excellent customer service, regardless of who serves them.
Combine Part 1 and Part 2.
Submit/Upload your assignment.
Team Needs Assessment
In the left-hand column are descriptions of skills that are often needed in organizations. In the second column, evaluate how important each skill is to the overall success of your venture. In the third column, indicate how strongly you possess that skill. This will help you determine what you need in your company, what you have personally, and where you need mentors and team members to fill in the gaps.
Company Leadership How Important? 1 = seldom needed 2 = occasionally needed 3 = critical to success
Your Strength? 1 = fairly weak 2 = moderate 3 = very strong
Business Planning: defining a clear company purpose; understanding the planning process; developing short and long- term objectives and creating annual execution plans
1 2 3 1 2 3
Product Development: generating new product and service ideas based on intimate knowledge of customers; determining ideas that should be prototyped and tested in the market
1 2 3 1 2 3
Communication: possessing excellent oral, written, and presentation skills; communicating the company purpose, strategy, and values to team members, investors, and company partners
1 2 3 1 2 3
Creating Partnerships: identifying mentors and advisors to help with the business; creating win-win strategic partnerships with other companies
1 2 3 1 2 3
Team Building
Recruiting and Hiring: identifying the kinds of team members needed in the venture; attracting potential partners; enticing key individuals to join the organization
1 2 3 1 2 3
Training and Development: identifying training needs for various roles in the company; designing effective training programs to develop required skill sets
1 2 3 1 2 3
Managing Performance: understanding the goal-setting process; acquiring buy-in from team members; providing ongoing feedback through effective coaching; managing conflict when it arises
1 2 3 1 2 3
Problem-Solving: anticipating problems that may arise and creating plans to avoid them; analyzing and solving problems that do arise in the organization
1 2 3 1 2 3
Sales and Marketing
Product Pricing: calculating competitive pricing, product margins, and break-even analysis; pricing products in the market based on existing price structure
1 2 3 1 2 3
Marketing Strategy: planning advertising, promotions, and sales campaigns; establishing channels of distribution; recruiting a strong sales force or networks of distributors
1 2 3 1 2 3
E-commerce: maintaining an appealing website; building a social media presence; creating sales and marketing programs on the internet; optimizing search rankings; transacting business online
1 2 3 1 2 3
Customer Service: determining customer needs and preferences; creating a system to deliver excellent service; training and managing a superb customer service team
1 2 3 1 2 3
Production and Operations
Purchasing: identifying multiple suppliers of materials and goods; negotiating attractive purchasing contracts; receiving and managing flow of materials and goods into inventory
1 2 3 1 2 3
Manufacturing: possessing knowledge of manufacturing planning; managing production within time, quality requirements, and budget; establishing effective inventory and quality controls
1 2 3 1 2 3
Distribution: setting up and managing the flow of products from production through channels of distribution to customers; managing margins along the supply chain
1 2 3 1 2 3
Information Technology: understanding various information systems required for company growth; sourcing and selecting appropriate software and hardware
1 2 3 1 2 3
Accounting and Finance
Capital Budgeting: acquiring initial startup funds, forecasting future funding needs; preparing capital budgets; allocating expenditures
1 2 3 1 2 3
Accounting: using appropriate bookkeeping systems; preparing income statements, balance sheets, and break-even analysis; managing cash flow, payables, receivables, and bank relations
1 2 3 1 2 3
Taxes: complying with state and federal reporting requirements; being familiar with compensation regulations and payroll tax; understanding tax consequences of bonus and benefit plans
1 2 3 1 2 3
Credit and Collections: developing credit policies, screening criteria, and collection practices; implementing a system for effectively acquiring funds owed the company
1 2 3 1 2 3
Legal Issues
Organization: understanding various forms of organizing, including partnerships and corporations; understanding rights, obligations, and roles of directors, officers, and shareholders
1 2 3 1 2 3
Contracts: understanding various types of government and commercial contracts; understanding leasing, licensing, franchising, and other agreements
1 2 3 1 2 3
Intellectual Property: understanding of patents, trademarks, copyrights, and trade secrets; knowing how to manage intellectual property and keep it protected
1 2 3 1 2 3
Real Estate: understanding options for physical facilities and the advantages of each; understanding the agreements necessary for renting, leasing, purchasing, or selling property
1 2 3 1 2 3
Each skill you rated a “3” in the second column is a skill that needs to be filled within your organization. If you also gave the skill a “3” in the third column, you are covered on that need because it is something that you can do yourself. However, skills that you rated a “3” in the second column but scored a “1” or “2” in the third column need to be filled by other people who are experts at that particular skill. At first, you can meet these needs with mentors and advisors because you won’t have a lot of cash. As your business grows, you can fill these roles with full- time team members and strategic partners. Good luck building your supporting cast.