There is a famous saying that goes- if you want to go fast, walk alone. If you want to go far, walk together. Any typical organization is expected to have within its boundaries one very important factor- people. These people are interdependent on each other. No one person is completely autonomous. Even the highest authority is obliged to answer to its subordinates. Business is a battle that needs the best army. Choosing your warriors is a task.
Any average organization would have a structure or you may say, a hierarchy of hired personnel, with the founder on top. The founder has by his side, the co-founders who could be specialized in a particular aspect of the business. Under them are the various departments divided on the basis of tasks to be performed. For example, marketing, public relations, finance, and human resource, etc. Startups too can fit into such a mold.
Startups in today’s world are targeting unique problems. Moreover, with increased globalization and distances between two parts of the world being reduced by the Internet, things become complicated. With such diversifications and expansion, you need greater manpower.
No matter how self-sufficient an entrepreneur is, it is always advised to work with a team. It is far-fetched to think that you can achieve all your entrepreneurial goals alone. No one person can have all the skills required.
This way you make sure that you don’t waste your precious time doing petty tasks, which could’ve otherwise been managed by a trained individual hired by the company.
The team you work alongside with can make or break your business. 23% of start-ups fail because of a wrongly assigned team.
Following are a few reasons why it is absolutely necessary to have a winning team-
Firstly, to divide and allocate work and responsibilities
Practically speaking, a team is created with the main motive of getting work done. You need to set a foundation for your organization to run smoothly. The team will have members who will add value to the organization by contributing their skills and specializations. Training can be provided later on as well, but pick those who are not all talk but action takers, because a business needs tasks to be completed on a daily basis. That is the core essence of a team.
To increase productivity
Hiring professionals and training them to get a specific operation performed in an organization increases the overall productivity and efficiency. The top level management can focus on forming strategies, setting goals, etc., anything related to the bigger picture, while the employees work in the backend to achieve set goals. No matter how good a multitasker you are, opportunities will be lost in the chaos due to handling multiple roles at once.
Brand image building
A good team helps you garner credibility and build a reputable image and goodwill for your company. Those coming in touch with the external environment represent the company name and hence are the face of the brand in that situation. A wrongly chosen member can tarnish years old reputation in a few seconds.
They will help achieve your business goals
A motivated team-worker can go to great extents to realize your dreams and ambitions. Slackness in the workforce is a complete no-no if you want results. It is far-fetched to think that you can achieve all your entrepreneurial goals alone. It is far-fetched to think that you can achieve all your entrepreneurial goals alone. Growth and expansion are impossible without allotting roles to others. Growth and expansion are impossible without allotting roles to others.
Having the right team is a plus point while raising capital
Your credibility in front of investors like venture capitalists increases if your core team is strong. They place higher trust in you seeing that you have good support to run your business, people who will never let you down. In order to earn their respect and trust, you cannot solely rely on your business plan. A force, which will materialize the projections, is what they also look for.
Lastly, to come up with fresh ideas
A team with many great minds will also come up with the most unique and innovative ideas. People from diverse backgrounds bring in diversity in thought processes as well. When people sit together, focus and brainstorm, that is how great ideas are born and assessed. The world is a dynamic place. There are changes taking place constantly around us. But a business doesn’t only require spouting ideas. It also needs execution and action takers, like we mentioned in the first reason as to why we need a team,
After learning the importance, you must wonder how to in fact, get the best onboard with you on your journey towards becoming a successful start-up.
Following are strategies on how to choose the best players when building and handpicking members for your team-
Set your goals and identify your needs
You as an entrepreneur must be clear about your objectives and goals. Only then can you accordingly create tasks and assign them. No one would know better about your business and what it needs at the moment. Self-awareness is invaluable since the team begins with you. There is a 65% chance of success in conflict resolution when there’s a presence of self-awareness.
Get those on board with similar goals
Once you have identified goals as the founder, look for people who have similar goals and can work towards the shared goal. It is absolutely needed to have your team on the same page as you. Misalignment of goals will lead to dissatisfaction of all parties involved. Get those to work for you who can fulfill your needs and add value to the start-up. People as passionate as you can prove to be an asset.
Begin with co-founder
In case you require people at the top-most managerial level, who would work beside you, look for a co-founder. They should preferably specialize in some field in which you are a novice. This way your synergy with them rises and the outcome is far better. Once the apex of the pyramid is set, you can go lower in the hierarchy.
Consider those with long term goals
People with short term goals who join a business, tend to exit soon after. Their goals are for a shorter duration and easier to achieve comparatively. Objectives like earning money can cause a hindrance in the smooth processing as the team member might just resign on earning enough and make you end up stranded in the middle of nowhere, wherein, you would now look for someone to fill that gap.
Hire those for your organization who have a positive attitude towards work. Energies at workplace are highly contagious. One employee lacking motivation can cause slackness in the others near him. They should be passionate and hungry for success. Moreover, they must be assured that they should be welcoming risks in order to get returns too. An entrepreneur does not want a robot working for him. Hence, there has to be creativity In you as a team member and not just the mundane daily tasks. Make sure your team values customers, as without them, a business stands useless. Building good relations with them and keeping them satisfied is key.
Thus, we can now say that a good team can take your business to new heights, and a team with a poor-fit can bring it to the grounds. Luckily, Expanrr has your back and our strategies will ensure that you avoid such a mishap as an entrepreneur.
Do you now realize the importance of having the ‘right’ team as an entrepreneur? Share your thoughts in the comments section below.