When 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:
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.
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!
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.
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!