Are you struggling to build an all-star team for your startup? Then we might have the solution.
Startups dominate the world, with one springing up every so often. From the tech world to the restaurant business, someone somewhere is currently birthing an idea. In contrast, another is launching theirs as a startup.
Admittedly, there are several awe-inspiring business ideas, but not all of them become successes. Statistics show that about 90 percent of startups fail, with two out of ten businesses failing in their first year. With these disappointing numbers, the question becomes, how do those who succeed do it?
The answer is simple: a large percentage of a startup’s success or failure depends on having the right team. While most entrepreneurs like to act like they created their businesses alone, that is not the case. Most have co-founders and partners, as two heads are always better than one.
Let’s consider Warren Buffet, the CEO of Berkshire Hathaway and the world’s fourth-richest man for a moment. He spent years trying to get his friend, Charlie Munger, on board with his business plan. He never wavered in his conviction that Munger was who he needed to make his business a success.
This shows how important it is to have the right people on your team. Now, having established this, how do you build an all-star team for your start-up? Keep reading to find out.
Tips to Building An All-Star Team For Your Startup
To build an all-star startup team, no matter the industry you belong to, you need to follow these guidelines:
1. Start With You
There is a saying that every great invention began with an idea. Flip that to match our topic, and it becomes “Every all-star team begins with you.”
No one will know and understand your business plan better than you. Neither will they be more invested in it.
You need to have a significant amount of self-awareness and dedication. You can’t sell an idea to your team members if you don’t fully believe in it yourself.
While you will not know all there is or have all the required skills, you must be confident of what you bring to the table.
Thus ask yourself:
- What are you great at?
- What do you lack?
- How do you compensate?
Once you answer these questions, it will be easy to focus on your strengths and delegate the rest to others. Other things you must consider are your personality and beliefs. They are referred to as “Soft skills.”
Establishing the two helps you hire people who match them. You can’t believe that AI is where the future is heading and have team members who think it is robotics. Your beliefs must match, and while personalities will always differ, the dichotomy shouldn’t be the type that causes dispute in the team.
In summary, know you, get help, and be happy to delegate. It is that simple.
2. Select a Co-Founder
Most entrepreneurs find themselves in a place where they wonder whether or not to get a co-founder. Most decide to do it, while others prefer to be a lone wolf. Having the right partner goes a long way in helping you achieve the dream team.
In picking a founder, choose someone whose skills complement yours. They must be as focused and as motivated as you. Since you’ll spend a lot of time brainstorming together, it is vital to have excellent chemistry. Also, very few people launch startups without a partner, and investors are more likely to invest if there is a co-founder.
So, in choosing a co-founder:
- Identify the gap the person will fill in your business, whether it is in one area or several.
- Associate yourself with someone who brings expertise to the startup. A good example is the co-founders of Intel, Gordon Moore, and Bob Noyce. The former studied Chemistry, while the latter was a physicist.
- Look among your associates or network for a potential co-founder. It is always a good idea to partner with someone you know or have worked with before.
- Share your idea with the person to see if you are on the same passion level, excitement, and commitment.
If you find someone who meets this criterion, you have a co-founder and can move on to the next stage of building your team.
3. Hire Action-Takers Who’ll Get the Job Done
One vital growth strategy for any business is to hire people who’ll get the job done irrespective of conditions. These are the kind of people you need to build an all-star team. There will be many ideas from several people, so you need individuals who aren’t all talk but take action.
Before you think of anything else, get who possesses only the skills you require. You need people who have the competency for your business because startups can be grueling. Things move very quickly, and there are challenges at every stop.
Therefore, you must recruit people who can think on their feet and can solve problems quickly. You don’t want to be an entrepreneur who waits until there is a problem and then scrambles around looking for who to fix it. Think about everything that could go wrong and take preemptive measures to mitigate them.
4. Think Beyond the Startup Phase
This is where most startups get it wrong. When starting, they get a team for the beginning phase without looking at the big picture. While it is true that many small businesses do not make it past the early stages, you should still plan for the future.
The one way to do this is by getting a team that will last beyond the startup phase. Don’t get discouraged by the low success rate. Your business can be viable for years, especially if there is a market for it. Thus, it would be a shame if you have a team that can’t stand the test of time.
Furthermore, when recruiting, have the structure of your organization in mind. Think about the long-term plan of your business. Write down all the departments you need to bring all your ideas to fruition, and fill them with capable people.
5. Keep the Bad Apples Away
One bad apple has the potential to poisoning the whole basket. It merely means that one bad employee can derail your entire team and adversely impact your business. Not only will they not get along with their colleagues, but they will also create a hostile work environment.
If an employee has a “Me, myself, and I” mentality, they should not be a part of your team. Fire them immediately before they create a toxic work environment. A startup needs people who will do their job and go the extra mile to ensure that everything works. Only keep those who show a vested interest in the business’ success.
6. Emphasize The Importance of Customer Service
There is a misconception that only those who work as customer service personnel should be concerned about their welfare. It is wrong and must be discarded for your startup to thrive. After having the right team, the second-most-important component for a business is people.
Your startup will not succeed if you don’t have customers. Thus, when building your all-star team, emphasize the importance of customer service. Every team member must have the desire to satisfy the end consumer of whatever you are selling.
Keep in mind that you need revenue to escape becoming a statistic. If you keep customers at the focal point of your business, you’ll have no problem retaining them. In time, they will increase your ROI and help you carry out free word-of-mouth referrals.
7. Hire People Who Share Your Vision
Everything we’ve discussed so far is well and good, but one thing is needful. You must hire people who share your vision. As mentioned earlier, you can’t be going one way, and your staff is heading in another direction. You shouldn’t keep your dream to yourself.
You must share it with your team members and ensure they understand and buy into it. Discuss the endgame with your employees and where you hope to be in two or five years. There must be a synergy in your team for it to be an all-star. So, write the vision, and make it plain.
What To Avoid When Building Your All-star Team?
Building an all-star team is not a day job, and the road to it is fraught with difficulties. Here is a list of things to avoid when embarking on this journey:
- Paper titles should not be your primary focus. Don’t assume a potential hire knows everything because of their qualification. Test their knowledge and experience.
- Don’t hire anyone who doesn’t have the skill you need. If you do, you’ll have employees all over the place, and they’ll likely cause mayhem.
- Avoid hiring people who don’t see the big picture. A startup is about long-term goals and not instant gratification.
- Don’t use emails as the only means of communication. Have conference calls, organize seminars, retreats, and other team-building activities.
- Don’t hire people without a work culture and who disrespect others. Encourage people to speak up, but do so courteously.
As you grow, your startup will take different shapes. But if you have an all-star team backing you, they can take you far into the future.
Learn to identify the phases you are in and surround yourself with the right people. Don’t be afraid to fire non-performers and replace them with go-getters. In all, remember that it all begins with you, and go all out in building your start-up team.
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Daniel Witman is a passionate journalist who has contributed to major media publications. He enjoys writing about eSports, lifestyle, and other topics that bother modern men. Currently, he’s serving as an editor for datingjet.com.