“No one can whistle a symphony. It takes a whole orchestra to play it.” – H.E. Luccock
While this is true for our own lives, it also has implications for startups. Working with a strong founding team increases a startup’s likelihood of success, according to adequate research and reports.
No matter how much potential a business has, its “people issues” have the power to quickly ruin it. Venture capitalists attribute 65% of company failures, according to research on startup performance, to issues with the startup’s management team.
While having a strong founding team is advantageous, there are also risks involved. Disagreements or conflicts between co-founders or founding partners are one of the most frequent causes of company failure. As a result, it is crucial to be cautious while selecting a founding team.
Due to the degree of uncertainty involved, recruiting interested parties to join at the pre-revenue stage might be difficult.
Here are some essential things to remember:
Maintain a focused goal and vision
Despite having a fantastic idea, many business founders lack a distinct understanding of the issue they are trying to solve for clients. Having a clear vision for these crucial elements is essential for attracting a firm co-founder or founding team, as well as for determining whether they share your vision and conviction for your business.
Unity in diversity
The capabilities of your co-founders or founding team should match your own since this will not only help you get off to a solid start but also draw investors who value a team’s diversity of expertise and problem-solving abilities. However, it is impossible to disregard a candidate’s job history, industry knowledge, intellect, trustworthiness, communication, charisma, and, most significantly, enthusiasm or “fire in the belly.”
Utilize your own network
Your personal network is the finest resource for finding the needed talent. Try to identify those who can provide you with the necessary references, and then let them know what you are developing and the traits you are seeking in a co-founder. Offer your support to those who can speak highly of the candidate.
Go Beyond your network and explore!
Make connections with colleagues in the startup community. You may be able to do this if you spend time in a co-working environment, go to start-up events, or participate in start-up forums on social media. Whether your network in person or online, doing so may help you meet like-minded individuals and build meaningful relationships that will ultimately help you find the ideal companion.
Before getting married, go on a date
Before jointly committing to this business partnership, get to know your partner. Before deciding to become legally married, go on numerous dates. You may come to see that they have different philosophies or complementing working methods over time. Make sure you have long-term reliability to prevent future conflicts; otherwise, the marriage will fall apart, endangering the startup’s survival. Make no mistake: More than anything else, companies depend on their founders to survive and thrive.
Bring a group of remarkable people together and let them do what they do best while you focus on your own.