In the beginning, start-ups have little else going for them other than the people they’re composed of. From their voice to their potential, it all comes down to a few choice individuals.
Last year, 600,000 small UK businesses were at risk of failure that year, and it’s hard to imagine the numbers have changed seismically since. The start-up story is nearly always one of struggle in some capacity, so it’s crucial to have the right people around right from the outset.
If there’s one weak link, the business can be quickly dismantled. Each founder must be capable of dealing with pressing business concerns and have the acumen to represent the company’s interests well.
Keep reading to discover how to create a promising founding team for your firm.
Adopt a Strategic Approach
You should not be selecting your founders based on popularity contests. Instead, make your choices depending on their skills and attributes.
There are many things to measure here. How do your potential co-founders communicate? Do they have the same values as you in the way of equality and sustainability? What does their treatment of other people say about them? You need to make sure you’re compatible on each of these levels.
Remember, it’s easy to be a good friend to someone for a handful of hours per week. Even your closest confidants can be bad with money or occasionally land themselves in irksome social situations. Your co-founders need to be mature, upstanding, and innovative entrepreneurs, so prioritise those qualities above everything else as you assemble your team.
Learn Founding Team Principles
Founders don’t start a business just to try their luck and see what happens. They adhere to a strict rulebook and constantly learn many tenants to fulfil their roles.
If you want to know all about the nuances of putting together a founding team, you can learn more here when you’re ready. An entrepreneurship course will help you create a strong team of leaders, and you’ll receive support from professionals as you learn. Gain the skills to deliver a clear value proposition and leadership vision, and you may be able to assess the qualities of your co-founders more vividly too. There’s no room for half measures.
Of course, it’s not all about you either. Why not recommend a venture creation course to your potential co-founders? After all, their responses may help you to gauge how committed they are to your enterprise.
Cap the Numbers
A firm’s founding members need to work in complete cohesion. Therefore, you should pay close attention to the number of people you’re inviting onboard.
Some entrepreneurs find that two co-founders are enough to make their business thrive. Two or three co-founders will streamline decision-making, create more intricate business partnerships, and ultimately develop a more focused future for the firm.
Don’t court chaos by having more than three founders. Your personalities and dynamics will evolve alongside the business, and you need to minimise clashing visions and demeanours wherever possible. A firm requires clear leaders and having many faces in the top roles may confuse key decisions as time goes on. The chain of command requires complete clarity as well.
Adopt a measured approach to choosing your co-founders, and your business has a better chance of success.