Despite the perfect plan and a brilliant concept, teams frequently triumph over single players. In reality, investors provide funding not just for the concept, but also for a start-up team, and this team may determine whether they choose to invest in your firm or one of the competitions.
The key is to start with the self. Since the focus of the start-up is the founder and their, they should start by examining themselves. Since they will be in a leadership position, they need to figure out their fundamental strengths and flaws. Consider their contributions and how it’ll help the start-up. The skill set of the founder does not have to be exclusively technical.
Another important note is to hire action-takers who can get the job done. On the basis of a concept, no business has ever succeeded. An idea becomes viable, profit–generating enterprise only after its implementation. Building a team that can really do things rather than just spouting off ideas is what is desired. A firm has many facets, and not every founder is multifaceted enough to handle them all. Therefore, it is essential that the gaps are addressed by an experienced team or person while creating a team for a business. The group’s efforts will work together more effectively when there is an appropriate team with the ideal mix of talents.
Just like hiring people to form a team, the firing of employees who don’t contribute to the vision is equally important. The CEO of Zappos puts a twist to it. He offered new hires $2000 to quit the company, and through this, they were able to get rid of people who didn’t fit the company. However, this doesn’t really seem financially feasible, but it could still serve as an option. Making the most of the existing workforce is more important than having a personnel base while running a business. Companies should spend their time carefully assembling a team rather than hiring wildly.
Execution of the great vision is the ultimatum. The core team is responsible for transforming the founder’s vision into an immediate, attainable and scalable objective. These objectives will be delegated to each unit, which will assume distinct tasks. To achieve these modest goals the team will pool its aptitude, ability, competence and knowledge.
Done By: Sruthi Saravanan, Law student – University of Birmingham.