Who should your small business’ founders be?

small business founders

The decision of who should comprise your founding team is an essential one for entrepreneurs. After all, it’s been said that venture capitalists and angel investors would rather invest in a first-rate team with a second-rate idea than in a second-rate team with a first-rate idea.

It’s very important for the success of your small business that you surround yourself with a first-rate founding team – those people who will help you actually get your business up and running. Don’t duplicate the skills that you already have yourself. The members on this team must be experienced, bright and worthy of being part of your company. The size and responsibilities of the founding team will differ across industries and company characteristics. 

So, what makes a good founding team for your small business? Look for the following qualities:

Experience

How great will you look if the person in charge of your financials can’t explain to investors the logic behind your projected sales figures? Understand what skills you’re after, and look for people with enough experience to give your small business the best chance of success.

Smarts

Look for people who are bright, driven, and are able to eloquently express what they do for your business. And as the founder, it’s wise to know when to listen to those around you and take their advice – let their knowledge work for you!

Personality

Personality clashes could have serious negative impact to the health of your business. You’re going to be working very closely with these people for the next little while, so make sure to reduce the risk of major friction. You don’t all have to be best friends, but do everyone a favour and make sure you all share similar goals and values.

The right amount of people

Does your business need salespeople? How many? Is it possible you don’t need any at all? Different businesses and different industries demand different things. Evaluate what your small business needs right at the beginning, and determine how many people can fill these roles.

Passion

Each member of your founding team should be so passionate about your small business that they’re excited to talk about how great it is and how it’ll work. After all, that’s a huge chunk of pitching to investors, isn’t it? Look for people who take your small business idea as seriously as you do.

A great founding team is one vital component in the successful launch of a small business, so be sure to take your time, do your research, and trust your instincts!

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Does your small business have the best founding team?

small business founding teamStarting 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?

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What makes a good small business founding team?

Small Business Founding TeamWhen you start your small business, you may soon discover you need help. After all, you can’t do everything, nor are you expected to! Gathering a team of experts – your founding team – around you will help you to create a strong foundation for success.

A founding team comprises the colleagues and/or partners who will help get your small business up and running. These people may be more important than you think. It’s been said that investors would rather invest in a first-rate team with a second-rate idea, than of a second-rate team with a first-rate idea.

So, what makes a good founding team for your small business? Look for the following qualities when assembling your founding team:

Experience

This is a key factor in a successful founding team. After all, how great will you look if the person in charge of your financials can’t explain to investors the logic behind your projected sales figures? Understand what skills you’re after, and look for people with enough experience to give your small business the best chance of success.

Smarts

The right people doing the right things in the right way is crucial for small business success. Look for people who are bright, driven, and are able to eloquently express what they do for your business. And as the founder, it’s wise to know when to listen to those around you and take their advice – let their know-how work for you!

Personality

The personalities of the people involved in a small business do play a role in garnering investor interest. But what about you? Do you enjoy working with your founding team? If not, that could have serious ramifications for the health of your business. You’re going to be working very closely with these people for the next little while, so make sure to reduce the risk of major personality clashes. Do everyone a favour and make sure you all share similar goals and values.

The right amount of people

Your small business may not need a sales person in the founding team, while others might need two. Different businesses and different industries demand different things. Evaluate what your small business needs right at the beginning, and determine how many people can fill these roles.

Passion

Each member of your founding team should be so passionate about your small business that they’re excited to talk about how great it is and how it will work. After all, that’s a huge chunk of pitching to investors, isn’t it? Look for people who take your small business idea as seriously as you do.

A great founding team is one vital component in the successful launch of a small business, so be sure to take your time, do your research, and trust your instincts!

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What makes a good founding team?

Being an entrepreneur doesn’t always mean going it alone. You may find you need assistance in launching your business, and that’s where a founding team comes in. A founding team is made up of the colleagues and/or partners who will help get your small business off the ground. And they’re important people to have, too –  it’s been said that investors would rather part with their money for a first-rate team with a second-rate idea, instead of a second-rate team with a first-rate idea.

So what makes a good founding team?

  • Experience. The person in charge of your financials had better know her stuff, especially when you’re pitching to investors. Really understand what skills you’re after, and look for people who are experienced in their field to give your small business the best chance of success.
  • Smarts. The right people doing the right things in the right way goes miles (or kilometres) for small business success. Look for people who are bright, driven and are able to eloquently express what they do for your business.
  • Personality. Part of what makes investors eager to work with a small business is the personalities of the people involved. And it should be no different for you. Do you enjoy working with your founding team? If not, that could have serious ramifications for the health of your business.
  • The right amount of people. Your small business may not need a sales person in the founding team. Others might need two. Different businesses and different industries demand different things. Evaluate what your small business needs right out of the gate, and how many people can fill these roles.
  • Similar values and goals. You’re going to spend hours of your life with your founding team, and you’re going to experience the highs and lows of entrepreneurship together. Do everyone a favour and make sure you all share similar goals and values.
  • Passion. Each member of your founding team should be so excited about your small business that they can’t help but talk about how great it is and how it will work. After all, that’s a huge chunk of pitching to investors, isn’t it? Look for people who take your small business idea as seriously as you do.
What do you think? What makes a good founding team in your small business?
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