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Countdown to Product Launch (Part III)
By Vivek Wadhwa   |   Wednesday,August 12,2009
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You know a good management team is essential to your success. Learn whom you should hire and how to hire the best.

You don't need an MBA to start a business, but you do need to get a few things right if you want to succeed. Whether you\'re opening a restaurant, starting a tech venture, or producing a Hollywood film, the fundamentals are the same. You need a product that meets market needs, a business model that works, a management team that can execute with precision, and lots of luck.

In my last two articles I talked about what to expect during your product development phase and how to generate a realistic business model (see BW Online, 05/04/06, "Countdown to Product Launch, Part I"). and (see BW Online, 05/12/06, "Countdown to Product Launch, Part II"). The challenge I address in this article is how to assemble a winning management team. Good management can take weak business models and evolve them to perfection. Bad management can sink even the most promising ventures.

Be aware that you don't have to hire an individual for every possible need -- staffers can perform more than one role. You can also hire part-time advisers and consultants and outsource some functions. Here are the seven key roles that at least one member of your full-time management team should be able perform flawlessly, regardless of what industry you are trying to break into:

1. Top leadership. You need a competent leader who can make the final decisions on business strategy, hiring and firing, and resource allocation. The leader needs to take all responsibility for the business's success or failure, motivate the team, communicate with the outside world, build the corporate culture, and ensure that sound ethics and values permeate the organization. The leader doesn't have to be the founder of the company.

2. Operations. Someone has to worry about the operational details. This means watching the bottom line and making sure products are delivered on time, customers are happy, and that your company is meeting legal obligations.

3. Product development. You, the entrepreneur, often fit perfectly into this role because of your passion and vision. Chef, movie director, chief technology officer are all good examples of those in charge of product development in different industries.

4. Marketing. The world needs to know that your business exists and what it offers. You also have to be able
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