When we think of successful start-up companies, we see visionary leaders and inspiring innovators as entrepreneurs who create them.
While of course…
The founders are undoubtedly crucial, yet there are examples of companies with great ideas failing because of the remainder of the team.
This is a guiding blog for students and aspiring entrepreneurs that explains why start-up teams fail and tips to build a perfect team for your start-up.
“You may have a great business idea, strong financial background and a good market research, but if your founding team doesn’t have the perfect team players, your company would soon be shutting down.”
No matter how big or small your team is each member must be connected, dedicated and persistent in achieving the same goals.
It’s a logical question if you ask then how you should build a successful team
As an entrepreneur, a job seeker or even a student, aspiring to build a business, you really should look out for these concerns that explain why start-up teams fail.
· You may be a great visionary but if your sales manager is not an artist and doesn’t present a perfect sales pitch, then your vision will go down the gutter.
· Creativity fuels business, and is the only way to solve complex problems; you can’t do everything by yourself.
· A creative team is must for a new venture.
· It is true that people are afraid; indefinably afraid to fail, which often hold them back from doing different things or even speak up and suggest a solution.
· Fear and failure is inevitable. And sooner or later it’s gonna knock at your company’s door.
· A good team should know how to battle through these fears not by asking “what if we fail?” but by asking “when we fail, what do we do?”
· No matter how much you, as an entrepreneur or a team player, believe in your idea and execution, it’s impossible to continually review your plans.
· Even the greatest plans have flaws and we often overlook these issues when we already are deep inside building an empire.
· This is where the rest of the team members come into play. It’s important to build team members that do not hesitate in offering better solutions or pointing out mistakes.
· This is the root of all possible problems in my perspective. Take the previous point for reference.
· Although, you may have a very competent team, they will not be fully involved in your business if you don’t inspire or give them the freedom of speech.
· They should offer their suggestions, ideas and opinions without worrying about being ridiculed and looked down upon.
Ability to attract and build a sound team where each team player is an able leader is an imminent criterion for a successful start-up business.
Here are few things you can consider as tips to recruit a perfect team for your start-up company;
1. What Are Your Weak Points? The skills you have vs. the skills you require.
- If you are a pro in developing mobile and web applications, you would need team players who are marketing experts.
- Consider recruiting people who have strong operational or business skills.
2. Identify Your Requirements. Full Time or Freelancer?
- Sometime freelancers prove to be more valuable in early stages of business than a full time employee.
- A competent dormant employee is far better than a disruptive active team player.
3. Experience is Directly Proportional To Great Business
- Valuable experienced candidates should be on board.
- However, experience should complement your business venture.
- A single high paid individual, with 10 year experience brings more stability and prosperity in business than 4 – 5 moderately salaried inexperienced candidates.
4. You Should Share A Vision, A Long Term One That
- You are building your pilot team, the foundation of your company. So it’s important that each member in your team shares the same visions as you.
- Let’s say for Example, that you want you create a gown, which is a clear enough vision from a 100 ft. distance.
But you and your team should know the specifics: a wedding gown, peach in colour, with vintage lace work, fitted with pearls around the neckline and embroidered with satin threads; and not an A-lined evening dinner gown.
5. A Good Personality Fit Is Must
- You are going to work with your team 24/7. It means spending lot of time together.
- So it is imperative that you build a team that has friendly people, cheerful in nature and have excellent interpersonal skills.
- If you want to win a start-up race then solving conflicts among the team shouldn’t be in your list; you can do better without it.