IBC Functional Responsibilities: Chief Executive Officer

They will be natural leaders who know how to teach and how to learn. They will have the power to innovate and
improve without requiring more of what money can buy. Those graduates of BYU-Idaho will become . . . legendary for
their capacity to build the people around them and to add value wherever they serve. Henry B. Eyring, A Steady
Upward Course, BYU-Idaho Devotional, 2001

Congratulations on your being asked to serve as your companys first CEOan awesome
challenge and opportunity.
Your role as CEO
You are responsible for leading your company in its overall purpose to create value. In most
cases you are the final decision maker in the organization, being responsible for both the
long- and short-term success of your company. You are responsible for setting the long-term
vision for the company and managing the resources of the company to bring the vision to
reality.
You will find resources for your company in ILearn under the Week 4 folder to help everyone
in the company learn their new roles and prepare for Loan Committee. The following
resources may be of particular benefit to you to understand and prepare for your leadership
role:

Harvard ManageMentor: A set of leadership tutorials developed by Harvard Business

School
Leadership Forum: Elder David A. Bednar
Leading As the Savior Would: Elder Jeffrey R. Holland
Delegation: Gaining Time for Yourself (HBS Press)

Rookie Mistakes
Thinking you already know how to be CEO
Delegating tasks and responsibilities without making plans for follow up and
accountability
Acting like a dictator
Seeking the entire companys consensus on the smallest details
Failing to seek input on important matters, making decisions without counseling
Company Organization
You will be responsible to organize your company and oversee the selection of officers
CMO, CFO, COO, CTO (for online businesses) and R&D Director. You are not constrained to
follow any particular structure in organizing the company.
There will be three rotations throughout the semester in which company members will be
asked to rotate to different functional areas. Each student should be in finance, marketing,
and operations at least once during the semester and should (if possible.depending on the
number in your company) be an officer at least once.
Your primary responsibility is to lead the company. This means you are responsible for
getting things done through the efforts of others. You must learn to make assignments and
then follow through to ensure that the right things are getting done every day.

Structure

There are several ways to organize your company. Some companies will organize the
marketing department directly under the CMO, the operations department directly under the
COO, and so on. Others may find organizing cross-functional teams that include
representatives from marketing, operations, finance, and R&D on a single team devoted to a
product line, customer segment, or channel are more appropriate for their business.

Here is an example of how a company might structure by functional areas in a hierarchical

manner (examples below are for illustration purposes only and may not reflect your
company structure)

Other companies organize by products or divisions more commonly referred to as a Matrix

Organization.

How you organize your company is really up to you as long as the key functional areas are
included. Your structure should support your purpose and value proposition.
There are a few dates you will need to be aware of.

1. IBC Council: Thursday Jan. 29, 12 noon in MC 371. You and a couple of officers
should come prepared to present your ideas. This council is comprised of faculty,
staff, and administrators who have connections to the IBCFood Services, Bookstore,
Physical Facilities, etc. Please bring a one page summary of your business (20
copies). This summary includes what you plan to do and what resources you will
need (no financials).
This council is where your idea is officially approved or not. After this councilif
approved, and provided your entire company has completed boot campyou can
open your business the following Monday Feb. 2.
2. Loan Committee Day: Jan. 30, 8:00 am, Smith 340. Your entire company should
attend dressed in business professional attire. Each member of the company should
be prepared to present your business idea/canvas and review your financial
projections. This is where you ask for a certain amount of money to help get your
business started. You should have details to back up your request. Do not ask for
more than you needbankers have a way of seeing through that. But do ask for what
you need. You should have your PPT ready to go prior to the start of the meeting at 8
am. You will have 10 minutes to present with the committee taking 5 minutes to ask
questions. It is best if you have a handout to give to each committee member
summarizing your financial information. (Bring 12 copies)
3. Business Start-Day: Feb. 2 If you are ready and approved with loan in hand, you
are then ready to launch your new venture. Your financial reporting will begin Feb. 2.
Remember, your company may need to get a food handlers license by completing
some training or PCI (Payment Card Training to use the Credit Card Readers).
Congratulations on your new position and know we are excited to be a resource to you and
your company.
The IBC Faculty