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.