What are the three most important factors that determine the success or failure of a new company? Team, team, and – you guessed it – team. It’s impossible to overstate the importance of the founding team.
Think of your startup as a sailboat. Everyone on a sailboat has a job, and if they’re not performing then the boat will stall. The story is the same with startups, but instead of stalling your startup will crash and burn—nothing will sink a company faster than a bad founder or employee. Building a great team requires three key steps. First, get the right people on the boat. Second, get them in the right positions—different people have different strengths and weaknesses. Third, make sure the team has everything it needs to execute. The fate of any startup is determined by its people and their actions.
Just because someone on your team worked at Proctor and Gamble doesn’t mean that you have the necessary marketing experience. Make sure you plug the holes and cover key activities to keep your startup ship sailing.