Establishing a Great Founding Team for a Startup!
A startup can have all the potential in the world, but nothing can derail things faster than its "people problems." In a study about startup performance, venture capitalists attribute 65% of company failures to its management team's problems. In this article, we learn How to Create the Perfect Founding Team:
Why a Team?
In the startup world, the highs are high, and the lows are low. When you inevitably hit the trough of sorrow, it'll hurt, and picking yourself back up is a hell of a task. Having a friend to talk to who understands what you're going through, to be there when you need it makes all the difference in the world.
The magic number
The reason is that a founding team should be as lean as possible. Two is good because it allows you to distribute the necessary workload, and trust is high. Three allows for more diversity of skill and specialized roles but introduces more opportunities for unnecessary drama. Theoretically, four means you can get even more work done, but trust is generally lower, and politics come into play. Any more than that means you have a committee, and you're more likely to be focusing on power plays and egos rather than working together to build a great product.
What a founding team should look like
The perfect founding team will have these three roles: the visionary, the hustler, and the hacker. Together these three make up the golden triangle, the foundation of every successful founding team.
What kind of founding team do you need?
When it comes to figuring out your perfect founding team, it recommends using the Business Model Canvas. It's a simple tool that allows you to focus on the nine essential elements of a business model; all arranged to represent how they influence each other.
Where to build your team of founders?
A startup will take over your life; there's no way around it. So, the person you choose to have as your cofounder better be someone you'd consider a life partner. Finding such a person can be a tricky business. Going back to the analogy of a startup being married, finding a cofounder is a lot like dating. Just replace the honeymoon period of bedroom shenanigans with late nights at the office screaming at your partner that their ideas are stupid. For those looking for a cofounder, the best place to look is your professional network. People you've gone to school with or worked together with, maybe even someone at your co-working space. Someone whom you know you can work with.