You need to build a startup team for your startup to be successful. There’s no such thing as a solo entrepreneur. You can not envision to get to the top, and not have a team by your side to help you achieve that. A good team is worth more than the idea. Not having the right team Is one of the top reasons startups fail as proven by statistics. Creating a great team does not just mean that you hire smart people. It also means you as a founder are smart as well.
When you’re starting out you need to know the needs required by your startup. We define the essentials by the 3 finger rule.
These are the primary positions you must fill essentially. Now if you’re handling the business end, it’s your responsibility to drive and sell the vision of the company to investors. You’ll also be looking after the marketing and financials of the startup. The tech expert will be responsible to create and build the product. You can not do this yourself because you need an expert. The tech partner will give life to the idea in your head. The designer will be the creative genius who’ll establish the corporate identity of the company. This includes color schemes, business cards, letterheads, logos, etc. All of these are a necessity to have. Having 3 minds is definitely better than one, and this skill set is what the startup needs to reach a fund-able position.
Secondly, a startup team should have good chemistry, must come together cohesively and members should share the ambition of the startup. They must be willing to put in the long hour, expect close to nothing in return and must be willing to play the long term game. The team should be passionate about the project and have a shared purpose. Working together is the only way for a company to be successful. When I created my first company, I did it with my best friend. We both shared the same vision and were ready to work for nothing at the start. To me, he is what Charlie Munger was to Warren Buffet.
Lastly, you should make a team with people that fit well with the values and culture that you plan for the company to have. Ultimately you are the one driving the vision of the company, and you certainly don’t want a bad pick to bring that down. A team will spend several hours each day for several years working together. You deal with tough decisions, you fight, argue, support each other and share the burden of building the business. This is why it is very important to be sure about your co-founders or team members before you get them on board. The quality of the team that is brought together will have an instrumental impact on the business. Remember, investors bet their money on the team. Not the idea. So, build a great startup team!
Read: How to Start a Startup