When a startup is successful it is not just because of a unique product or the size of the market but because of the founding team. The team is a crucial part of a company. Though it is tempting for the founder to take charge of the place and be the lone leader as he might feel nobody has the same dream as he has about his startup, it is not judicious to control everything, as it might affect the scalability of the company.
How the team works
Having team members who are equally passionate about the product, have sound knowledge about business tactics and are ready to go beyond their means when they commit to make it work – attracts the attention of the investors easily. When the investors see how confident the team looks, they are more eager to fund your startup.
A team for any startup should ideally consist of a person who has sound technological knowledge, another who is great in operations, fixing things whenever there is an issue, and finally a marketing/sales guy. However, depending on the product and the market each person will have a different role to play in a company.
It is vital for the team to have the ability to lead in their prospective fields. The skills they master will help them identify and retain true talent and thus expand the team and retain people who matter. Choosing the leader or the CEO is important as well. The chosen one will represent the entire team, often interact with the investors and be the face of the company in front of media. Hence, selecting that one person before the company is up and moving is essential.
Why have a team
Having a team works far better than going solo, that has already been established. Here are some more concrete reasons.
Team members who are involved in the whole process of setting up the company and are equally passionate will always be honest. If they do not like a particular idea they will say it, if they think it is for the benefit of the company. Excellent team mates will be your reality check and point out the flaws in your planning. For the leader or founder, it is important to pay attention to your co-workers and create a comfortable atmosphere where everybody can communicate freely.
If there is only one person trying to solve a problem he might come up with a couple of solutions but if there are other people in your team, each one will come with his own unique solutions. Several perspectives on one single crisis will help it solve better. Also having a brainstorming session with a team of dedicated and intelligent people, all with a single mission in mind, can produce very effective results.
A bunch of enthusiasts in your team would also mean in times of need, each one can reach out to their own, amazing network, and get some help that might be crucial for the company. Networking is the need of the hour. If reaching out to the right kind people at the right moment seems imperative, build a team and expand your network.
It must be remembered that when approaching investors for funding, they might ask who else from your team will join the meeting. That clearly shows that it is necessary to have a great team in order to get your business up and running.
Last, but definitely not the least, having a team is a lot more fun than working all by yourself. Meaningful conversations, hacking sessions, problem solving ideas are much cooler and enjoyable over a cup of coffee and good company.
Building a company is not a matter of joke. The journey can be long and hard and who knows you might get friends or mentors for life when working as a team?