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:
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.
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 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.
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!