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How to Build the Right Team for your Startup

How to Build the Right Team for your Startup

As a new company your team matters- more than you might think. In a new venture, building a team should be a priority.

Team building is critical for several reasons. However, there are two that stand out. The first is scalability, meaning that until you build a solid team you will be forced to wear all of the hats. While this is something that almost all entrepreneurs do at some point, it’s not sustainable. At a certain point of juggling tasks yourself, the more you do the less efficient you become which is no way to build a business.

The second reason that you shouldn’t put off building a team for your startup is that your first team sets the example for everyone who comes afterward. If your initial team consists of serious go-getters, then your company will continue to attract ambitious people. On the other hand, when you go it alone you can be like a directionless leaf blowing in the wind, not knowing what to expect. If an ambitious team leads to more ambitious people coming onboard, what type of folks will an unsettled team be able to recruit?

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Building a successful startup is all about having the right team that can take on opportunities when they arise. If you can manage to get your team right, you have already won half the battle. As an entrepreneur these are lessons that I’ve had to learn the hard way, but you don’t have to repeat my mistakes. Here are several crucial factors and proven strategies for building a team.

Your Company Is Only as Good as your Team.

Always remember this when hiring new members of your team. They are not just individuals working in your business. They are the business. Seek individuals from diverse backgrounds so that you are well-equipped to successfully handle every aspect of business without having to look anywhere else.

Here are tips for choosing the right team members for your startup:

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  • Be frank about your goals and expectations from the business.
  • Offer them equity with a lock-in period apart from salary.
  • Get your initial funding right to stay afloat for a few quarters.
  • Do not hesitate to choose people who have failed earlier.
  • Always lead from the front to set an example to your team.
  • Have fun with your team once in a while.
  • Be ready to let go of ideas that do not work.

Be Honest with your Team.

Building a team is not just about hiring few people to work in your company. You should look for a common connection when staffing your startup to strike the right chord within your organization.

Never hide anything from your team. Be open with them. Even if you are not sure about certain aspects of your business, make sure to convey the message to your team; this will ensure that they can trust you completely if they agree with your vision. If they’re unsure about your goals, it is better that they back out in the initial stages rather than making an exit in one of the later stages. Be clear about what you expect from them and from the business in future.

Offer Equity with Salary.

This is the standard practice offered by many successful companies all over the world. Do not hesitate to offer some equity to your initial core team. It will motivate them to put in those extra hours that are so critical to the success of any startup. However, make sure that the equity comes with a lock-in period so that you don’t lose out should teammates leave in the early stages. Keep salaries as low as possible in the starting period as it will help you manage without external funding.

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Get your Funding Right.

Whether you plan to build a product-oriented or service-oriented company, you need resources for marketing and development. Any venture capital company prefers to have a team that can run on its own- that doesn’t have to over-rely on external resources. You must always ensure that you have enough funds to run the business for a few quarters without any hiccups. Even though external financing may come at a later stage, you should not depend on it in the initial stages of your startup. There are chances that it can be delayed due to many reasons and this should not affect your team in any way. Make sure you have enough money to pay bills and salaries on time.

Don’t Fear Failure.

Are you afraid of hiring people who have failed before? You should be happy to hire such people because running a startup is like walking on thorns, and such people will have valuable experience to handle failure. They do not immediately lose motivation, and this will be a big advantage when you are faced with some challenge.

Lead your Team.

You must always lead from the front and set a good example for your team members. If there is something that you do not want to do yourself and you tell someone else to do it, it will not be taken positively. Lead your team in every aspect. If you experience setbacks, be ready to take responsibility and motivate your team to get back to work and accomplish the tasks at hand.

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Don’t Forget to Have Fun.

While running a startup comes with its own responsibilities, it should not stop you from having fun with your team. Do not let the burden of work overshadow hobbies and other activities. Also, motivate your team to enjoy their personal lives. It will help you to have employees with a relaxed frame of mind.

Few things are as crucial to an entrepreneur’s success as building the right team. There are many rewards for bringing the right people into your organization. Chief among them is creating a culture around which you can build the business, while creating a system that allows the business to run properly even without your direct input.

Featured photo credit: Pexels.com via pexels.com

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Last Updated on September 23, 2020

Do What You Love and Love What You Do to Achieve More

Do What You Love and Love What You Do to Achieve More

Are you waking up each day looking for that perfect thing, activity, or job that will make your life work? Or, maybe you are looking for that perfect relationship. Once you “get” this new thing that will allow you to do what you love, you are sure that you will be happy forever.

In reality, life doesn’t work like that, and we would probably get bored if it did. There is likely no one thing, experience, or activity that will keep you feeling passionate and engaged all the time. What’s important is staying connected to what you love and continuing to grow in the process.

Here, we’ll talk about how to get started doing what you love and achieving more in life through the motivation it brings. Doing this doesn’t have to take a long time; it just takes determination and energy.

Most People Already Know Their Passion

So many people walk around in life “looking for” their passion. They look for it as if true passion is some mysterious thing that is difficult to find and runs away once you find it. However, the problem is rarely lack of passion.

Most of us already know what we love to do. We know what excites us, even if we haven’t done it for years. Instead, we focus on what we think we “must” do.

For example, maybe you love building model cars or painting pet portraits. Yet, each day you work a completely unrelated job and make no time for the activity you already know you love. The truth is you probably don’t need to find your passion; you just need to start doing what you already know you’re passionate about[1].

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No Activity Is Exciting All the Time

Even people who are living their dream lifestyle or working their dream job don’t love it all the time. Every job or lifestyle has parts of it that we won’t like.

Let’s say your dream is to become an actress, and you succeed. You may not enjoy the process of auditioning and facing rejection. You may experience moments of boredom when you practice your lines over and over again. But the overall experience is totally worth it.

Most of life is like that. Don’t set yourself up for disappointment by demanding that life be perfect all the time. If things were perfect and easy, you would ultimately stop learning and growing, and life would begin to lack even more meaning in that case.

Be grateful for both the good and bad moments as they are both entirely necessary if you genuinely want to do what you love and love what you do.

Doing What You Love May Not Be Easy

Living a life you love is unlikely to be easy. If it was, you would not grow very much as a person. And, if you think about a great book or movie, the growth of the main character is what matters most.

What if the challenges you meet along your path to living a life you love were designed to make you grow as a person? You may actually start looking forward to challenges instead of dreading them. An easy life hardly ever makes a compelling story.

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If you struggle to overcome challenges, try writing them down each time you encounter one. Then, write down three ways you could tackle it. Try one, and if it doesn’t work, try another. This way, you’ll learn what does and doesn’t work for you.

How to Do What You Love

There are many small steps you can take to ensure you are making time to do the things you love. Start with these, and you’ll likely find that you’re already on the right track.

1. Choose Your Priorities Wisely

Many people claim they want to do something, yet they don’t do it. The truth is they might not really want to do it in the first place[2].

We all end up following through on what matters most to us. We make decisions moment by moment about what we need to focus on. What we choose to do is what we deem most important in our lives.

If there is something you claim you want to do but you don’t do it, try asking yourself how much you really want it or where it’s currently placed on priority list. Are there other things you want more?

Be honest with yourself: what you currently do each day is a reflection of your priorities. Recognize that you can change your priorities at any time.

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Make a list of your priorities. Really take the time to think this through. Then, ask yourself if what you are doing each day reflects them. For example, if you believe your top priority is spending more time with your family, but you consistently take on extra hours at work, you’re not really prioritizing things in the way you think you are.

If this is happening, it’s time to make a change.

2. Do One Small Thing Each Day

As stated above, doing what you love doesn’t have to mean finding that perfect job that makes you want to jump out of bed in the morning. If you want to do what you love, start with one small thing each day.

Maybe you love reading a good book. Take ten minutes before bed to read.

Maybe you love swimming. Get a membership at the local YMCA, and go there for thirty minutes after work each day.

Dedicating even a short amount of time to something that brings you joy each day will improve your life overall. You may find that, over time, a career path related to what you love to do pops up. After doing the thing you love each day, you’ll be more than prepared to take it on when the opportunity arises.

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If you need help making time for your passions, check out this article to get started.

3. Prepare to Make Sacrifices

If you are an exceptionally busy person (aren’t we all?), you may have to make sacrifices in order to make space for the things you are passionate about. Maybe you take on less extra hours at the office or take thirty minutes away from another hobby in order to develop another that you enjoy.

Looking at your priority list will help you decide what can get put on the back burner and what can’t. Remember, do this thinking about what will help you feel good about how you’re spending your time. 

For example, if you love writing but rarely make time for it, consider getting up 30 minutes earlier than normal. Or instead of browsing your phone for 30 minutes before bed, you can write instead. There is always a way to find time for what you love.

Final Thoughts

If you love what you do, each day becomes a joyful adventure. If you don’t love what you are doing, life feels like a chore. The best way to achieve success is to design a life you love and live it every day.

Remember, doing something you love doesn’t have to include big gestures or time-consuming projects. Start small and grow from there.

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Featured photo credit: William Recinos via unsplash.com

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