Starting or growing a business is a serious thing. We’re very rarely born with all the skills we’re going to need to grow a successful small business. But you can improve your chances of success by surrounding yourself with people who complement your skill set. For example, people who have more experience and knowledge about an area you’re unfamiliar with, whether it be finance, marketing, sales, or design.
One group of people you’re going to need to start a successful small business is a founding team.
Why is a founding team so important?
It’s been said that investors in a small business would rather invest in a first-rate team with a second-rate idea, than in a second-rate team with a first-rate idea. That’s right – your team is often more important than your actual business idea.
So what makes a good founding team? First of all, the people on your team must be experienced, bright and worthy of being part of your company. You should also all get along – friction right off the bat does not a strong business make.
The size and responsibilities of the founding team will differ across industries and company characteristics. The founding team members are usually the equity owners of the business.
Tell us about your small business’ founding team. What makes your founding team the best for your business?