Henry Tam and the MGI Team Essay Example

Henry Tam and the MGI Team Essay Example Henry Tam and the MGI Team Paper Henry Tam and the MGI Team Paper Sash was a MBA87 graduate from HOBS and had business experience but not in music industry. However, Igor and Roman were musicians with creative instinct. They came up with the idea of a CD-ROOM music game and believed that crisis-stricken music industry would be hungry for this innovative product and could finance them for further development of Megs music substitution technology. By the start of 2002, the founders felt the need of outside assistance to develop their vision into a viable business plan and sought to execute it wrought HOBS Business Plan Contest. Henry and Dana, both a second-year MBA participant from HOBS appreciated the idea and joined MGM team to prepare a business plan for the contest with this product. Henry, an American and business development and media experienced guy, was frustrated with the worst job market at that point of time but anxious and enthusiastic to test his abilities and participate in contest along with MGM. Dana had an experience in media and investment banking. Sashs unconventional background with no major accomplishment and lack of experience in the USIA industry made Henry and Dana pigeonhole him as a challenge in team. Two more members-Alex, with an idea of music industry and its operations assumed the role of a music industry consultant within the team and Dave, with Software Development experience and MIT graduate student- joined the team later on. The team was, no doubt, dynamic but conflicted as well due to differences within the team as rooted in national or ethnic origins, cultural differences and completely different backgrounds. Allegiances had cropped up mainly around HOBS versus the Russians and there was a clash between he creative impulse of the musicians and pragmatic approach of the HOBS students. Team members attributed the clash to the lack Of leadership, role conflicts and personality conflicts among the members. As a result, progress on the business plan had been very slow. The team could not agree on the target market of the product. Henry and Dana supported to gain a foothold in the education market. However, founders were more fascinated towards a bigger entertainment market With the business plan due in three weeks, challenge was to pull the team together and salvage the situation. 51 page PROBLEM STATEMENT How to make this group Of talented and motivated individuals work effectively as a team and use their potential to prepare the business plan? OPTIONS 1) Operating solely under the guidance of HOBS alumni with experience in similar industry 2) Hiring a team manager with good interpersonal and leadership skills 3) Creating functional structure within the team working under one nominated leader CRITERIA FOR EVALUATION OF OPTIONS 2) 3) 4) 5) Mission and Vision clarity Resolution to the interpersonal and role conflicts within the team Long-term strategy Feasibility to meet the deadline for B-plan contest Cost-effectiveness of the option EVALUATION OF OPTION S Options Hiring a Team Expertise Manager NO Yes No Maybe Criteria Mission Vision Clarity Interpersonal Role Conflict Resolution Long-term Strategy Meeting Deadline for B-Plan Contest Cost-Effectiveness of the Option Functional Units Asking Alumni operating under a Team Leader 61 page C] Operating solely under the guidance of HAS alumni with experience in similar industry An HOBS alumni may be willing to help Henry and Dana who were student at that time and suggest marketing strategy for the product to resolve Mis confusion related to target market. Hence, it is a cost-effective option and will ensure to meet deadlines as well if Alumni with relevant is willing to coordinate. C] However, this will not necessarily ensure resolution to the role conflicts as well as interpersonal conflicts within the team. They will continue to exist until all members share a common vision and are directed by a leader. Hence, it will neither be a longtime strategy nor lead to a common vision which are very crucial to sustain in longer. Hiring a team manager with good interpersonal and leadership skills A team manager with effective interpersonal and leadership skills will prove to be worth for solving the interpersonal conflicts within the team and make role clarifications as per the individual talent. Together under his supervision, team can reach a common vision and mission statement and stand united to implement a longtime strategy and prepare a business plan on time. However, hiring an external agency will lead to extra recruitment costs which wont be possible to MGM to arrange for in such a financially-doomed condition. C] Create functional units within the team working under one nominated deader C Resorting to the functional structure will effectively solve the team conflicts because as per the case facts, currently everyone was serving as facilitator, moderator, task manager, and strategy thinker. Hence, it will be effective to clarify on the roles and responsibilities of individuals so that they specialize in their area of expertise. Leader will ensure that all the functional departments share a common vision and mission and work in coordination with other departments and stay motivated and prove to be productive from long-term strategy perspective. This is also a cost-effective option but its scope depends on how well the team goes through formal stages of team development like forming, morning, storming and performing RECOMMENDATION As per the analysis and evaluation of available options against criteria parameters, it appears that creating a functional structure within the team and nominating a leader from within the team may prove to be effective to resolve current issues within the team as well as result-oriented. 71 page ACTION PLAN Form a stable team after having gone through formal stages of team development I. E. , forming, morning, storming and performing. It will help the team identify a leader and common goals and objectives and avoid conflicts within the team at performing stage. Leader will assume the responsibilities of establishing a shared vision and mission among the team members and motivating them and resolving conflicts arising out of the diverse team. A functional structure should be created assigning technical job to Dave, Research Development to Igor and Roman, Marketing role to Sash, Business plan preparation, Strategy formulation and implementation role to Henry and Dana. Leadership role can be assigned to Dana or Henry (judgment based on case facts.