How do you build a strong startup team that will help you get where you want to go, and empower your full potential?
Whether getting started in real estate investing, or launching a new business, having a team on the journey with you can make a big difference. Financiers typically prefer backing startups with multiple founders, and it can certainly help you stick to your vision, and achieve more, faster. Your founding team may include outside advisors, strategic business partners, freelancers, and co-founding partners. So, how do you choose, and develop, the right initial team to maximize what you want to accomplish?
Not all business partnerships and hires work out perfectly. Often this is because founders don’t put enough thought and effort into picking the right team or making it work. Forbes suggests taking time to test. See how well you work together before you formalize a partnership, and test out potential employees as outsourced contractors first.
Select Complementary Strengths & Skills
Mashable recommends looking for the right balance in skills when weighing additions to your startups team. You don’t want too many overlapping skills. Make sure you have a well-rounded team which excels in all key areas, but be wary of weighing down your venture with too many people doing the same thing.
Make sure to set clear roles for everyone on the team. Make sure everyone understands what their roles are, and are not. Confusion and miscommunication can be a major stumbling block for young ventures. Setting a good foundation can save a lot of problems, and ensures efficiency.
To ensure a sustainable team and venture that will stick together and keep working together in the right direction – make sure your goals are aligned. Do you share the same passion and vision for prioritizing value, customer service, making money, and the long term? Then have a clear plan for what to do if someone changes their trajectory. It happens.
Get A Second Opinion
Some people are great at reading others. However, even the best and most successful CEOs and leaders have learned to get a second or third opinion. Or, maybe it is because of that screening they are successful. Your spouse, consultants, advisory board, and other co-founders may see things you don’t.
Inc. says that what you do post-hire is just as important. A business and investment team is like a marriage. You’ve got to work on it, in order for it to work. If you don’t it’s bound to fall apart. So, set the tone, and take the power lead in the office and meetings and keep things positive and moving forward. Take quality time to hang out, bond, and strengthen the relationship. Be intentional in building the team and its cohesiveness on a weekly basis. Create growth tracks and leadership opportunities for everyone so that they will stay and grow with you, while giving you more time to do what you really want to.
Building a team is important. It’s tempting to rush in. Yet, it is vital to put the right people in place, and make sure everyone is on the same page. Then consciously make consistent efforts to grow your team’s strength.
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