Launching Start-up

Hiring the right start-up team is only half the battle. Equally important is developing the team’s dynamic. Start-up founders should focus on quality over quantity. One of the main goals they need to achieve is to connect with people who share their drive and passion.

We've compiled some nuggets of wisdom and best practices on how to select the most qualified team members for your start-up.

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Selecting a Cofounder

Should you go alone or look for a cofounder? All entrepreneurs eventually face this question.

Finding the most qualified person can play a crucial role in your start-up's success.

When selecting a cofounder, remember that they should add complementary skills and help keep you focused and motivated. Also, since so few successful companies were founded by a single person, investors generally tend to fund a cofounding team rather than a solo entrepreneur.

The cofounding team will spend a lot of time together, so it's important to have the right chemistry. Think of your partnership as a marriage in the business world.

So, how do you go about it?

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• First, identify the gap in your business. Whether it’s in a specific process or an entire business area, associate with someone who brings that expertise to the start-up. Complementing each other is the key to the success. A good example of complementary founders are the founders of Intel, Gordon Moore and Bob Noyce. Moore studied Chemistry, while Noyce had a background in Physics.

• To find a cofounder, start with someone that you already know. Your personal network is a great place to look for potential cofounders. Sometimes, it’s a good idea to partner with someone that you’ve worked with before, as you will be familiar with their work ethic making it easier to build mutual trust and respect.

• Next, share your ideas with that person. Your cofounder should share your passion and commitment to build a disruptive start-up. Building a successful company takes years of commitment, so having a committed cofounder is essential. Google founders, Larry Page and Sergey Brin, shared a common goal, which was to improve how we search information on the internet. Peter Thiel, Elon Musk, and Max Levchin wanted to create a better way to receive payments, which led to the creation of PayPal.

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If you find someone who meets all these criteria, you have a strong cofounder.

Here are some other important points to consider:

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• Always communicate: start-ups are never easy, so take extra steps to ensure that you and your cofounder know how to resolve conflicts quickly.

• Gain access to market leaders, influencers, and resources. Having a cofounder with an extensive network will only be beneficial for your venture.

• Choose someone local to be involved in the everyday start-up hustle: cofounding a company with someone who is not in close proximity is never an option.

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Selecting Your Team Members

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Besides choosing the appropriate cofounder, you will definitely need a team of dedicated individuals to manage marketing, operations, and business development. You can start building a team by following these steps:

• First, identify the voids in your start-up and the skill sets needed or required to fill these voids.

• Second, start recruiting team members. Be as specific about the skill sets as possible to ensure that you're hiring the perfect candidates.

• Third, during the interview process, ask candidates about their background. Gather information about the candidates’ daily tasks in their previous employment, specific case studies, and their role in developing a product or service.

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Answers to interview questions will help you understand two things:

• Do they possess the appropriate skills and qualifications for your start-up?

• Can they integrate into the culture of the start-up?

Here are some tips to keep in mind:

1.  Look for strong team members who are problem-solvers and know how to deal with obstacles.

2. Hire advisers who can address specific problems, keeping them engaged and motivated from the very beginning. Offer them some equity, demonstrating your respect and trust, as well as helping to raise the value of your company.

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What to Avoid When Building Your Team

Sometimes building the right team can be challenging. We may make mistakes during the recruitment process, bringing the wrong people on board.

This can have a detrimental impact on the start-up. Here are some steps you can take to minimize risks:

• Don't be impressed by a title, assuming that a potential hire knows everything. Your start-up and their experience might not go hand in hand.

• Ensure a potential hire sees the big picture. They will not only understand their role in your start-up but also stay involved and excited.

• Build respect amongst all team members, but do not compromise.

• ​Speak out when something is wrong and discuss these issues. Such a practice will help you avoid major differences or even splits in the future.

• Start-up team members may be spread out all over the globe. As a result, communication is extremely important to keep the team on the same page.

• Start-ups are dynamic and require rapid ways to communicate, so be ready to be flexible and use any tool to keep in touch with your team members.

• As your start-up grows, it will go through different growth phases. Learn to identify these phases, so that you’ll find the right person to take on new tasks.

• You might have the next million-dollar idea, but if your team dynamic is weak, your start-up will be ruined.

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Remember, you’re in control, so take charge and build an all-star start-up team

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