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Level of Core Competence?
The core competence of the Venturing Team addresses the overarching question: "Can you do it?" It's an examination of management's experience and specialization in venturing. Ideally, key individuals have:
- Started three or more business ventures—at least one of which is a profitable on-going entity
- Started at least one business venture that has been in existence for two years or more
- Significant career experience and knowledge—highly familiar with new venture formation
- Elaborate knowledge about new businesses—due to observation of many variations
- Awareness of many new venture situations—some which succeeded, others which failed, and why
- Highly-developed contacts in the venturing community
- Failed in at least 1 new venture (ideally small-scale w/o huge investment/loss)
In addition, the Venturing Team has experience and specialization in the venture itself:
- Familiar with the industry
- Worked for at least five years in the industry
- Can perform specialized tasks critical to the venture's success
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