[dropcap custom_class=”normal”] I understand the urge to pursue your passions and that many entrepreneurs have limited funds, but you can’t do it alone. Creating a startup and growing a business is a hell of a task and one that will require an entrepreneur to have many roles. No one person has a skill set for every role and trying to take on everything yourself will hurt your company, especially if you don’t build the right team around you. [/dropcap]
This article was written by Patrick Hull and was first published on forbes.com
I’m often asked by entrepreneurs if they should build a core business team or pursue their dreams, for as long as possible, alone.
I’ve been launching companies for more than two decades and never stop building teams.
I understand the urge to pursue your passions and that many entrepreneurs have limited funds, but you can’t do it alone. Creating a startup and growing a business is a hell of a task and one that will require an entrepreneur to have many roles. No one person has a skill set for every role and trying to take on everything yourself will hurt your company, especially if you don’t build the right team around you.
The question you should be asking is not if you need to build a team, but rather how to build the right team. There are lots of tips (Mashable has a good set here), but I use three steps that have been critical in helping me build many successful core business teams:
Step 1: Have an honest conversation about what skills I lack.
Step 2: Find people who believe in my idea.
Step 3: Avoid bringing close personal friends on to the team.
The first step is the most important. You need to take an honest and frank assessment of yourself. Put your ego aside and ask: What skills do I lack?
The answer to that question is going to help you identify the roles you must fill. At the very least, get a good lawyer, accountant, and banker. These people can help you protect your company, ensure its viability, and finance your idea. If you don’t have money to pay these professionals, consider making them shareholders. Don’t just choose anyone. Find professionals who have experience in your industry and understand your company, product, or service.
You may realize that you’re lacking other skills instead, such as marketing or sales. Look for professionals who have the skill set you need and have experience and/or connections in your target markets. Those connections can prove valuable.
Secondly, make sure the people working with you actually believe in your idea. You’d be surprised how many entrepreneurs hire or partner with someone who they think has the right experience, but the person doesn’t believe in the idea strongly. If they don’t believe, they won’t have a vested interest and won’t bring additional value to your company.
The final step reinforces the adage to avoid mixing friendships and business. In general, having close personal friends as part of your core team is a bad idea. They’ll often avoid real feedback and simply want to pump you up. Building a team with fellow business professionals you respect and admire is different. I’ve built lots of teams with people I consider friends who I met throughout my career and got to know professionally. They were not people, however, I knew as personal friends first or with whom I had limited professional interaction. I’ve also built teams with personal friends, and I came to regret it. I’ve been there and you don’t want to be.
Source: www.forbes.com
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