WEEK 7"Assessing Risk in Business Contracts"Go to the Microsoft Academic Search database to read the article titled “Risk assessment of business contracts,” located at...

Analyze the potential downfalls of any team effort (e.g., free riders) and make at least one recommendation for minimizing risk. Provide specific examples to support your response.
Solution:
 In cases in which a team member is preventing the team from performing to potential, it is crucial to deal with and motivate the difficult person. Two types of difficult people you are likely to encounter on a team are the “free rider, ” who tries to get away with doing as little work as possible, and the “nonconforming high performer, ” who performs well as an individual but does not work well with other people.
Free riders are individuals who find it rational to withhold their effort and provide minimum input to the team in exchange for a full share of the rewards. Free riding is sometimes called social loafing or shirking, and it takes place because individuals can hide behind the collective effort of the team and get “lost in the crowd.” If free riders are tolerated, other members may reduce their efforts (“Why should I work hard when free riders profit at my expense?”), and team productivity will suffer.
Free riders take advantage of the difficulty managers face in separating out each team member’s contribution to the overall outcome. Fortunately, there are a number of ways to deal with free riders before they undermine team morale. The best approach is to make it difficult for individuals to profit from free riding:
· Empower team members to have control over the recruitment and selection of new members. Front-line employees have more opportunities than managers to observe their coworkers and know their work habits.
· Empower team members to have a voice in evaluating and disciplining peers who are not performing up to expectation. This makes it more difficult for free riders to loaf without any consequences. For example, Unisys, a computer information systems company, requires that performance reviews be ca
ied out by the team leader and three peers chosen by the employee. A poor evaluation may result in a diminished team bonus for the poorly performing member.
· Ensure that high performance norms are established early in the life of the team so that each member clearly understands performance expectations. Social controls (such as shunning those who violate performance norms) are more effective at eliminating free riding than monitoring by the supervisor. Managers can influence the development of norms by articulating a shared vision and mission that captures the imagination of the team and that justifies the expectation that each individual will provide a high level of effort.
Describe a company you would like to start and determine which form of ownership would be most appropriate given your cu
ent financial status. Explain your...