15541630_m(550x360)
The Critical Need to Understand Financing
March 12, 2012
3 Mantras of Entrepreneurship – 1.2 Decisiveness and Problem Solving
June 17, 2016

Getting the Team Together

The process of turning an idea into a business always involves a group of people that the entrepreneurs knows and trusts. Because it is too early to be discussing the ideas and potential plans with just anyone, it is important that the initial group should be a very trustworthy one – one that is more likely to join in or support the plan. Mr Inderjit Singh – The Art and Science of Entrepreneurship.

Letting ideas and potential intellectual property out of the bag too early can result in tremendous loss, so it is best to rope in people that you trust first. Start by working with people in your inner circle, people you trust. Trustworthiness being the first characteristic, capability must be the next one. Sometimes, even the most trusted people who are willing to explore the possibility of joining the startup may not necessarily be able to see the opportunities and how the obstacles can be overcome. So while building your team, you will have to look out for people who have the right mindset and skills to help you achieve your vision.

A startup team is like a family; to keep the bonds strong and for the family to be successful, everyone has to understand each other and has to think on the same frequency. They do not have to think exactly alike, but thinking at a similar frequency will really help push the project further, especially since the end goal is the same.

The goal of the entrepreneur is to recruit people who buy in to the idea and to the plan. There will be some people who are optimistic about the idea and some people who are pessimistic about the idea. Having all optimists dominate the discussion can be defeating in creating a sense of over confidence of an idea, resulting in a failure to consider possible pitfalls. On the other hand with more skeptics there will be a tendency to kill the idea and not to look at alternatives carefully. If too many people require a lot of in-depth explanations and convincing, it could result in a weary exercise, which could tire out the people involved.

The ideal situation is to have a team with a balance of optimists and pessimists, with a few more optimists to help push the team forward to see more alternatives.

In summary, when building your core team, you should look at;

  1. Trustworthy people
  2. Capability
  3. Compatibility(Understand each other)
  4. A balance between optimistic and pessimistic team.

Building the team is very important; the right team can build a giant and the wrong team can destroy everything. So it is important to make this decision very carefully.

Leave a Reply

Your email address will not be published. Required fields are marked *