This article examines the role of top management teams in the success or failure of entrepreneurial firms. It highlights several key insights: 1. **Team Composition**: Large and diverse teams with a history of working together are more likely to succeed, especially in growth markets. 2. **Strategic Decision Making**: Teams are effective when they are fast, highly conflictual, and maintain good relationships. This "winning trifecta" shapes better strategic decision-making processes. 3. **Simple Rules**: Teams can use "simple rules" heuristics to perform significant activities like new product development and internationalization, which can become the firm's strategy. 4. **Organizational Structure**: Teams should organize their firms at the "edge of chaos" to maintain superior performance, particularly in unpredictable markets. The article synthesizes evidence from four studies, combining statistical analysis, inductive multiple-case methods, and simulation to explore these insights. It emphasizes the importance of top management teams in driving the performance of entrepreneurial firms, highlighting their role in strategic decision-making, learning, and organizational structure.This article examines the role of top management teams in the success or failure of entrepreneurial firms. It highlights several key insights: 1. **Team Composition**: Large and diverse teams with a history of working together are more likely to succeed, especially in growth markets. 2. **Strategic Decision Making**: Teams are effective when they are fast, highly conflictual, and maintain good relationships. This "winning trifecta" shapes better strategic decision-making processes. 3. **Simple Rules**: Teams can use "simple rules" heuristics to perform significant activities like new product development and internationalization, which can become the firm's strategy. 4. **Organizational Structure**: Teams should organize their firms at the "edge of chaos" to maintain superior performance, particularly in unpredictable markets. The article synthesizes evidence from four studies, combining statistical analysis, inductive multiple-case methods, and simulation to explore these insights. It emphasizes the importance of top management teams in driving the performance of entrepreneurial firms, highlighting their role in strategic decision-making, learning, and organizational structure.