The Team.

Welcome to Module 6: The Team

Building a complete startup team with complementary skill sets and roles is vital to the success of any new venture. In fact, many investors and strategic partners evaluate and value the quality of the startup team more than the business concept. The thought process is centered on the fact that the business will likely change over time and a talented startup team will be able to take advantage of changes and opportunities in the market.

There are many factors that contribute to the success of a business but many experts believe that the strength of the startup team is at or near the top of the list. A high performing team that can execute, adapt to changing circumstances, and is fully committed to the effort is invaluable. The best teams have complementary skills and inspire and support each other on a daily basis. In most cases, an idea is launched without a complete team in place so having a strong network is critical. Pulling colleagues and partners into the effort on a part-time basis or in an advisory capacity is a great strategy for adding expertise at a reasonable pace.

Your team might just be you at the beginning but you can leverage your network to find advisors, board members, domain experts and others as a proven technique to help you get started. Don’t be shy about asking for help and sharing your vision. Your enthusiasm will be contagious and you will be able to add talent and expertise that will make a difference! Pursuing an entrepreneurial dream is not easy but having a great team working towards a shared vision will help to make your vision a reality. Understanding how to build a team is crucial to any venture’s long-term success.

Winning startup Teams exhibit the following characteristics:

• The core startup team is committed to the vision and prepared to make sacrifices for the business.
• The team has the necessary skills to execute on the vision and the startup roles have been assigned.
• The team has industry experience and a personal network that can be leveraged.
• Skills and expertise missing from the startup team have been identified.
• A plan has been developed to secure these missing ingredients.
• Advisors and board members have been identified and/or approached to lend expertise.

If you haven’t already downloaded the the StartUp BreakDown template, I recommend you do so right away. This fillable form will allow you to take the lessons from each of our 8 modules and apply them to your business idea. By the end of the course you will have created a customized business summary and analysis for your concept which will put you on the path to success!

Thanks,
— Craig Markovitz