Whom should you start a company with? Exploring the component of deep-level diversity in start-up co-founding teams
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Feb 28, 2017
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Abstract
Start-ups organizations are increasing rapidly. To overcome “liability of newness,” it is essential for entrepreneurs to compose the right co-founding team. Based on the review of 57 journal articles on start-up co-founding teams and new venture teams, we found that the composition of the team, especially diversity among team members, was frequently studied. However, previous research has only focused on surface-level diversity such as gender, age, functional background, previous experience. Only a very few studies investigated deep-level diversity such as co-founding team members’ value, personality or thinking style. The present study explored what type of diversity is required in start-ups. Since this topic is rarely studied, we first conducted a qualitative study by interviewing with nineteen start-up founders and venture capitalists in Study 1. As a result we found that four individual characteristic factors (extraversion, agreeing to different idea, risk taking, optimism) and four work-related factors (business opinion, speed oriented, big-picture oriented, time perspective) were the key component of deep-level diversity. In Study 2, we conducted a quantitative study to empirically investigate these aspects by a survey to thirty start-up related individuals. The result confirmed that the diversity were required for six aspects deducted from Study 1. For the other factors of optimism and speed orientation, frequency tendency supported Study 1’s result.
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Lee, J., Oh, S., & Kim, M. (2017). Whom should you start a company with? Exploring the component of deep-level diversity in start-up co-founding teams. Korean Journal of Industrial and Organizational Psychology, 30(1), 49–76. https://doi.org/10.24230/kjiop.v30i1.49-76
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Empirical Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
Funding data
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National Research Foundation of Korea
Grant numbers NRF-2010-327-200-20100015
References
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Bartel, C. A., & Milliken, F. J. (2004). Perceptions of time in work groups: Do members develop shared cognitions about their temporal demands. Research on Managing Groups and Teams: Time in Groups, 6, 87-109.
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Harrison, D. A., & Klein, K. J. (2007). What's the difference? Diversity constructs as separation, variety, or disparity in organizations. Academy of Management Review, 32(4), 1199-1228.
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Harrison, D. A., Price, K. H., Gavin, J. H., & Florey, A. T. (2002). Time, teams, and task performance: Changing effects of surface-and deep-level diversity on group functioning. Academy of Management Journal, 45(5), 1029- 1045.
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Hornaday, J. A., & Aboud, J. (1971). Characteristics of Successful Entrepreneurs. Personnel Psychology, 24(2), 141-153.
Iacobucci, D., & Rosa, P. (2010). The growth of business groups by habitual entrepreneurs: The role of entrepreneurial teams. Entrepreneurship Theory and Practice, 34(2), 351-377.
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica: Journal of the Econometric Society, 263-291.
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Lechler, T. (2001). Social interaction: A determinant of entrepreneurial team venture success. Small Business Economics, 16(4), 263-278.
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Lyon, D. W., Lumpkin, G. T., & Dess, G. G. (2000). Enhancing entrepreneurial orientation research: Operationalizing and measuring a key strategic decision making process. Journal of Management, 26(5), 1055-1085.
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Mokwa, C. F., & Sievers, S. (2012). The Relevance of Biases in Management Forecasts for Failure Prediction in Venture Capital Investments. Available at SSRN 2100501.
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포효다, 이상명, 한정화 (2009). 학술연구: 창업팀 특성 및 꽌시 이용도가 창업성과에 미치는 영향에 관한 연구: 베이징 지역 기술창업기업을 중심으로. 기업가정신과 벤처연구 (구 벤처경영연구), 12(4), 1-18.
Amason, A. C., Shrader, R. C., & Tompson, G. H. (2006). Newness and novelty: Relating top management team composition to new venture performance. Journal of Business Venturing, 21(1), 125-148.
Autio, E., Sapienza, H. J., & Almeida, J. G. (2000). Effects of age at entry, knowledge intensity, and imitability on international growth. Academy of Management Journal, 43(5), 909-924.
Barrick, M. R., Stewart, G. L., Neubert, M. J., & Mount, M. K. (1998). Relating member ability and personality to work-team processes and team effectiveness. Journal of Applied Psychology, 83(3), 377.
Barry, B., & Stewart, G. L. (1997). Composition, process, and performance in self-managed groups: the role of personality. Journal of Applied Psychology, 82(1), 62.
Bartel, C. A., & Milliken, F. J. (2004). Perceptions of time in work groups: Do members develop shared cognitions about their temporal demands. Research on Managing Groups and Teams: Time in Groups, 6, 87-109.
Beckman, C. M. (2006). The influence of founding team company affiliations on firm behavior. Academy of Management Journal, 49(4), 741-758.
Beckman, C. M., Burton, M. D., & O'Reilly, C. (2007). Early teams: The impact of team demography on VC financing and going public. Journal of Business Venturing, 22(2), 147-173.
Bernard, H, R. (1995). Research Methods in Anthropology, Second Edition. London: Sage Publications.
Brush, C. G., & Vanderwerf, P. A. (1992). A comparison of methods and sources for obtaining estimates of new venture performance. Journal of Business Venturing, 7(2), 157-170.
Buehler, R., Griffin, D., & Ross, M. (1995). It's about time: Optimistic predictions in work and love. European Review of Social Psychology, 6(1), 1-32.
Buehler, R., Griffin, D., & Peetz, J. (2010). Chapter one-the planning fallacy: cognitive, motivational, and social origins. Advances in Experimental Social Psychology, 43, 1-62.
Chandler, G. N., Honig, B., & Wiklund, J. (2005). Antecedents, moderators, and performance consequences of membership change in new venture teams. Journal of Business Venturing, 20(5), 705-725.
Chowdhury, S. (2005). Demographic diversity for building an effective entrepreneurial team: is it important?. Journal of Business Venturing, 20(6), 727-746.
Clarysse, B., & Moray, N. (2004). A process study of entrepreneurial team formation: the case of a research-based spin-off. Journal of Business Venturing, 19(1), 55-79.
Colaizzi, P. F. (1978). Psychological research as the phenomenologist views it. Existential Phenomenological Alternatives for Psychology. Oxford University Press, New York.
Cooney, T. (2005). What is an entrepreneurial team?. International Small Business Journal, 23(3), 226-235.
Costa, P. T., & McCrae, R. R. (1992). Four ways five factors are basic. Personality and Individual Differences, 13(6), 653-665.
Covin, J. G., & Wales, W. J. (2011). The measurement of entrepreneurial orientation. Entrepreneurship Theory and Practice, 1(1), 1-26.
Creswell, J. W., & Miller, D. L. (2000). Determining validity in qualitative inquiry. Theory into Practice, 39(3), 124-130.
Eisenhardt, K. M., & Bourgeois, L. J. (1988). Politics of strategic decision making in high-velocity environments: Toward a midrange theory. Academy of Management Journal, 31(4), 737-770.
Ensley, M. D., Pearson, A. W., & Amason, A. C. (2002). Understanding the dynamics of new venture top management teams: cohesion, conflict, and new venture performance. Journal of Business Venturing, 17(4), 365-386.
Fern, M. J., Cardinal, L. B., & O'Neill, H. M. (2012). The genesis of strategy in new ventures: escaping the constraints of founder and team knowledge. Strategic Management Journal, 33(4), 427-447.
Foo, M. D., Sin, H. P., & Yiong, L. P. (2006). Effects of team inputs and intrateam processes on perceptions of team viability and member satisfaction in nascent ventures. Strategic Management Journal, 389-399.
Frese, M. (2009). Toward a psychology of entrepreneurship: An action theory perspective. Foundations and Trends in Entrepreneurship, 5(6), 435-494.
Frese, M., & Gielnik, M. M. (2014). The Psychology of entrepreneurship. Annual Review of Organizational Psychology and Organizational Behavior, 1(1), 413-438.
Gartner, W. B. (1985). A conceptual framework for describing the phenomenon of new venture creation. Academy of Management Review, 10(4), 696-706.
Gartner, W. B., Shaver, K. G., Gatewood, E., & Katz, J. A. (1994). Finding the entrepreneur in entrepreneurship. Entrepreneurship Theory and Practice, 18, 5-5.
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206.
Harrison, D. A., & Klein, K. J. (2007). What's the difference? Diversity constructs as separation, variety, or disparity in organizations. Academy of Management Review, 32(4), 1199-1228.
Harrison, D. A., Price, K. H., & Bell, M. P. (1998). Beyond relational demography: Time and the effects of surface-and deep-level diversity on work group cohesion. Academy of Management Journal, 41(1), 96-107.
Harrison, D. A., Price, K. H., Gavin, J. H., & Florey, A. T. (2002). Time, teams, and task performance: Changing effects of surface-and deep-level diversity on group functioning. Academy of Management Journal, 45(5), 1029- 1045.
Hinssen, P. (2010). The New Normal, MachMedia NV, Edison, NJ.
Fern, M. J., Cardinal, L. B., & O'Neill, H. M. (2012). The genesis of strategy in new ventures: escaping the constraints of founder and team knowledge. Strategic Management Journal, 33(4), 427-447.
Hmieleski, K. M. & Baron, R. A. (2009). Entrepreneurs' optimism and new venture performance: A social cognitive perspective. Academy of Management Journal, 52(3), 473-488.
Hornaday, J. A., & Aboud, J. (1971). Characteristics of Successful Entrepreneurs. Personnel Psychology, 24(2), 141-153.
Iacobucci, D., & Rosa, P. (2010). The growth of business groups by habitual entrepreneurs: The role of entrepreneurial teams. Entrepreneurship Theory and Practice, 34(2), 351-377.
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica: Journal of the Econometric Society, 263-291.
Kazanjian, R. K., & Rao, H. (1999). Research note: the creation of capabilities in new ventures-a longitudinal study. Organization Studies, 20(1), 125-142.
Kelley, D., Bosma, N. S., & Amorós, J. E. (2011). Global entrepreneurship monitor 2010 executive report.
Kim, Y., & Heshmati, A. (2010). Analysis of Korean IT start-ups’ initial public offering and their post-IPO performance. Journal of Productivity Analysis, 34(2), 133-149.
Klotz, A. C., Hmieleski, K. M., Bradley, B. H., & Busenitz, L. W. (2014). New venture teams a review of the literature and roadmap for future research. Journal of Management, 40(1), 226-255.
Knockaert, M., Ucbasaran, D., Wright, M., & Clarysse, B. (2011). The relationship between knowledge transfer, top management team composition, and performance: the case of science‐based entrepreneurial firms. Entrepreneurship Theory and Practice, 35(4), 777-803.
Koellinger, P., Minniti, M., & Schade, C. (2007). “I think I can, I think I can”: Overconfidence and entrepreneurial behavior. Journal of Economic Psychology, 28(4), 502-527.
Lavine, M. (2014). Paradoxical leadership and he competing values framework. Journal of Applied Behavioral Science, 50(2), 189-205.
Lawrence, B. S. (1997). Perspective-the black box of organizational demography. Organization Science, 8(1), 1-22.
Lechler, T. (2001). Social interaction: A determinant of entrepreneurial team venture success. Small Business Economics, 16(4), 263-278.
Locke, E. A., & Latham, G. P. (2002). Building a practically useful theory of goal setting and task motivation: A 35-year odyssey. American Psychologist, 57(9), 705.
Lyon, D. W., Lumpkin, G. T., & Dess, G. G. (2000). Enhancing entrepreneurial orientation research: Operationalizing and measuring a key strategic decision making process. Journal of Management, 26(5), 1055-1085.
Maschke, K. & zu Knyphausen-Aufseβ, D. (2012). How the entrepreneurial top management team setup influences firm performance and the ability to raise capital: A Literature Review. Business Research, 5(1), 83-123.
McClelland, D. C. (1961). The achievement society. Princenton, NJ: Von Nostrand.
Milliken, F. J., & Martins, L. L. (1996). Searching for common threads: Understanding the multiple effects of diversity in organizational groups. Academy of Management Review, 21(2), 402-433.
Mohammed, S., & Angell, L. C. (2004). Surface and deep‐level diversity in workgroups: Examining the moderating effects of team orientation and team process on relationship conflict. Journal of Organizational Behavior, 25(8), 1015-1039.
Mokwa, C. F., & Sievers, S. (2012). The Relevance of Biases in Management Forecasts for Failure Prediction in Venture Capital Investments. Available at SSRN 2100501.
Nelson, R. R. (2007). IT Project Management: Infamous Failures, Classic Mistakes, and Best Practices. MIS Quarterly Executive, 6(2), 67-78.
Neuman, G. A., Wagner, S. H., & Christiansen, N. D. (1999). The relationship between work-team personality composition and the job performance of teams. Group & Organization Management, 24(1), 28-45.
Palmer, M. (1971). The application of psychological testing to entrepreneurial potential. California Management Review, 13(3), 32-38.
Pearce, C. L., & Conger, J. A. (2003). Shared Leadership: Reframing the Hows and Whys of Leadership. Sage Publications.
Pelled, L. H., Eisenhardt, K. M., & Xin, K. R. (1999). Exploring the black box: An analysis of work group diversity, conflict and performance. Administrative Science Quarterly, 44(1), 1-28.
Reynolds, P., & Miller, B. (1992). New firm gestation: Conception, birth, and implications for research. Journal of Business Venturing, 7(5), 405-417.
Rich, S. R., & Gumpert, D. E. (1985). How to write a winning business plan. Harvard Business Review, 63(3), 156.
Rothenberg, A. (2014). Flight from Wonder: An Investigation of Scientific Creativity. NY: Oxford University Press.
Ruef, M. (2010). The entrepreneurial group: Social identities, relations, and collective action. Princeton University Press.
Ruef, M., Aldrich, H. E., & Carter, N. M. (2003). The structure of founding teams: Homophily, strong ties, and isolation among US entrepreneurs. American Sociological Review, 195-222.
Russo, J. E., & Schoemaker, P. J. (2002). Winning decisions: Getting it right the first time. Crown Business.
Sassmannshausen, S. P. (2012). 99 entrepreneurship journals: A comparative empirical investigation of rankings, impact, and H/HC-index. Schumpeter Discussion Papers, (2012-002).
Sethi, R., Smith, D. C., & Park, C. W. (2001). Cross-functional product development teams, creativity, and the innovativeness of new consumer products. Journal of Marketing Research, 38(1), 73-85.
Snedecor, G. W., & Cochran, W. G. (1989). Statistical methods, 8th Edn. Ames: Iowa State Univ. Press Iowa.
Spulber, D. F. (2014). The innovative entrepreneur. New York: Cambridge University Press.
Stewart Jr, W. H., & Roth, P. L. (2001). Risk propensity differences between entrepreneurs and managers: a meta-analytic review. Journal of Applied Psychology, 86(1), 145.
Stinchcombe, A. L. (1965). Organizations and social structure. Handbook of Organizations, 44 (2), 142-193.
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