5 Tips on Building a Solid Founding Team
Finding the right team is the first and the most important step towards building a strong and successful company. Your success or failure does not depend on your business idea, product or service – it is your team that will propel your company forward. Your products and services will evolve with time, but what remains constant is a strong and dedicated team that is determined to achieve infinite success.
Venture capitalists, investors and private equity firms like Isher Capital, are now placing more emphasis on funding businesses that have solid teams, instead of just relying on the business plans. They understand how volatile the market is and the business plan is bound to change depending on the market conditions. Therefore, they are on the lookout for strong teams that can steer the ship in the right direction during hostile circumstances.
1. Hire Experienced Personnel
Though it may seem quite obvious, but people with considerable start-up experience will give you a massive edge over your competitors. You may find it difficult to lead your company in the initial months, which is why it is important to have people who have some experience in the field. With zero prior experience, all the challenges will seem new and you will be needing the support of your team members that can guide you better due to their experience.
Though it is crucial to hire people that have some start-up experience, those who have industry-specific experience and knowledge will be an added advantage for your business. Boutique private equity firm, Isher Capital, run by CEO Reuben Singh, always believes in hiring the best candidates for the job.
2. Look for Multi-tasking Individuals That Think Out of the Box
If you are just stepping into the corporate world and launching your startup, it is highly likely that you will be needing people that can multi-task and perform other duties apart from what they have been assigned to do. People who are creative and tend to think out of the box, often come up with effective solutions to several major problems and issues. The problem-solving ability of your team, is what will assist you in overcoming hurdles.
3. Experience and Achievements Should Be Judged Equally
You can never judge someone just based on what you read on a resume. Experiences are extremely valuable too. An individual may not have many achievements on paper, but the things they have been through, the situations they have been in and the adversity they have overcome, can make them a vital part of any team.
Take a graduate. They have jumped through all the hoops required to get to university and passed with flying colours. It takes a lot of focus and determination. Then you have someone who skipped higher education and went straight into business, learning from scratch. A journey that takes courage, perseverance and a lot of drive. Both candidates have attributes that can help a team. One with real world problem solving skills and the other with analytical theory.
4. Do Not Hire People Who Have Similar Skills As You
Contrary to popular belief, never form a team of like-minded individuals. To make a successful and solid team, you need to include some diversity. Different people will bring diverse experiences, thoughts and talents to your business, which will ultimately benefit you immensely in the long run. You need to hire and surround yourself with individuals that work together as a real team, whilst turning each others weaknesses into strengths. Having a team of like-minded individuals with similar strengths won’t do you any good, as no one will be able to balance out the and make up for the weaknesses that are already present. The team members should lift each other up – when one feels their skills or expertise lay elsewhere, another member of the team should be able to take the reigns. All members of the team should stand in support of each other at all times. That’s how businesses thrive.
5. Look for Individuals that Are Not Afraid to Voice their Opinions
A healthy and positive working environment consists of two-way communication. It may seem tempting, but never hire people that say ‘YES’ to everything, just to flatter or please others. Look for genuine people that are open and even passionate about sharing their opinions. No matter what their position is, they should not be afraid to voice their opinions. Such people will be a great asset to your business, as you will be able to gather fresh ideas and valuable opinions on various matters pertaining to your business. They may even prove you wrong. Behind every successful business lies a strong and solid team that has beaten all odds to achieve infinite success.