You may have a great business idea, solid financial backing, and optimistic market research, but if your founding team doesn't have the right balance of personalities, you could soon be closing up office
Having the right team determines the path and outcome of a new venture more than any decision in the life cycle of a company.
Your all-star lineup to lead your startup business is the following:
• THE PRIMA DONNA GENIUS
Expertise is one skill a founding team can't do without, every startup needs at least one genius to get off the ground, the genius will challenge the rest of the team and ask for things that the others aren't sure how to get done. This person is filled with passion and is often considered to be the most high-risk member of the team.
• THE SUPERSTAR
The superstar is the person who gets down to business & accomplishes tasks. From ordering office supplies to keeping the office network running, this person has a combination of eccentricity nerdiness, and charisma.
"The prima donna and the superstar are often the same person," this personality is nearly impossible to add later.
• THE LEADER
Running a company with more than one founder is a democratic process, but hard decisions need to be made that affect everybody's lives. Every startup needs a clear leader, It doesn't mean they're paid more or have more equity, and they're not necessarily the CEO. It just means that the others look up to this person and are willing to follow them. If there is conflict and controversial decisions need to be made.
• THE INDUSTRY VETERAN
While startups are often formed around new ideas, it helps to have someone who knows how things are done in an industry.
"It takes a long immersion in the marketplace to call yourself an insider, to understand the subtleties of the competitive landscape, to recognize people as true assets, and to look through the propaganda of technical collateral and PR campaigns,"
The industry veteran has seen it, and knows how everybody else does it.
The leader and the industry veteran could come in same person. If a startup doesn't have a standout leader, the company can later hire a CEO But don't do this too early, The company may benefit but often it ends up as not the same company.
• THE SALES ANIMAL
Startups with brilliant ideas often forget that someone needs to sell them.
Having a strong salesperson on the founding team helps minimize the risk.
¤ The combination of technical insight, founder authority & sales experience is a hard-to- beat advantage in the competitive marketplace ¤
• THE FINANCIAL SUIT
Startups also need financial talent. While this is the easiest personality to add on later professional controllers and chief risk officers often have their own agenda.
Understandably, they are trying to build a career, make money quickly , or own as much stock as possible by the time the founding members of your venture are ready for an exit.
¤ If you can put a skilled cofounder in charge of overseeing the finance function, you may enjoy a little bit of extra peace of mind¤
Conclusion : While skills are important, attitude always trumps it. "Good skills are an insurance policy against hard times on a company," when in doubt, pick people who have similar values.
How do they define success for startup? Is it money? World contributions? Having similar beliefs about how you run your life can bring longevity as a team."