Advertising
Advertising

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?

Advertising

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:

Advertising

  • 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.

Advertising

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.

Advertising

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

More by this author

Why should Small Business Owners shift to Cloud-Based Accounting Software? New Girl Has Broken Sitcom Stereotypes How American TV Show New Girl Has Broken Sitcom Stereotypes Startup's first office space 6 critical considerations for your startup’s first office space Are you a Boss or a Leader? Are You A Boss Or A Leader? And One Is Definitely Better Than The Other Five Ways to Sprint to the Top in Business Before 2018

Trending in Entrepreneur

1 10 Simple Yet Powerful Business Goals to Set This Year 2 How to Start an Online Business That Will Grow and Succeed 3 How to Succeed in Business: 10 Skills Every Entrepreneur Needs 4 How to Become an Entrepreneur (Advice from a Serial Entrepreneur) 5 30 Best Business Books for Entrepreneurs Who Want to Make an Impact

Read Next

Advertising
Advertising
Advertising

Last Updated on July 2, 2020

13 Common Life Problems And How To Fix Them

13 Common Life Problems And How To Fix Them

In life, we encounter problems as we breathe. But it doesn’t get to us until we feel a major impact, and that’s when it becomes a source of concern, hurt, or sorrow.

Life problems, depending on their magnitude, can be clogs in the wheel of progress, and we may not be able to attain our full potential if we don’t learn to place our problems in the proper perspectives as suggested in Robert Schuller’s Tough Times Never Last.

In this article, I have identified some common areas where you will most likely face problems as you make progress towards reaching your full life potential. I have also suggested practical approaches in handling, managing, and solving such problems.

1. Financial Crisis

We live in an uncertain world and a financial crisis may come at different stages of life. While you should always anticipate and prepare for a financial crisis, it may still catch you off guard or the magnitude may be far more than any preparation you have made over the years.

It could be that you lost your job or a major investment, got slammed with a lawsuit that threatens your savings, or have your livelihood be affected by a major disaster. So what do you do when you are in a financial mess?

Solution

To overcome a financial crisis, you will have to come to terms with the crisis. Acknowledge and accept the situation and begin recovery by setting your financial priorities right.

The next thing to do is to identify the cause of the crisis. If it’s due to a job loss, then your effort should be directed at getting a new job. If it is having multiple debts, look for ways to consolidate your debt so that your monthly debt repayment can be consolidated into one instead of being burdened with multiple payments.

You can also sell some of your assets to raise money to save the situation, or look for a better job if you are earning less at your current job. Don’t hesitate to ask for help from family and friends if you need to.

2. Health Crisis

Another major problem that might come up in your life is a health crisis. This is not far-fetched because our body systems work round-the-clock, even when we are sleeping. As a result of this, and if you don’t maintain routine health habits, health deterioration might begin to set in. Things might even get serious if you don’t attend to it early.

Advertising

Solution

When you are facing a major health crisis, the first thing to do is to consider lifestyle changes. This includes cutting down on junks, eating healthy diets, exercising, breathing fresh air, taking some sun, etc.

Apart from the lifestyle changes, you have to seek quality medical help and make sure you get different opinions about the state of your health so you can get the best affordable care.

3. Relationship, Marriage, and Family

There may not be anything as sweet as love and family life, but it can also be the source of pain for some. Human imperfections in a relationship can cause a major crisis in life. This has been a stumbling block to many on their path to fulfillment.

Solution

The best thing to do is to prevent relationship problems from happening, but if they do happen, you need to face reality and begin to take steps towards addressing them. Do your best to keep the lines of communication open as this can help in strengthening your struggling relationship. Talk about the challenges with your partner and look for common grounds.

You can also arrange to see a counselor together or read books that address the specific challenges you are facing. The worst thing you can do is to end a relationship and that’s only when you have exhausted all other options.

4. Workplace

The workplace is supposed to be a place where we dutifully render the services for which we’ve been hired.

However, it is not impossible to face animosity at work—dealing with toxic people who would rather not see any good in what you do. It might be caused by differences in background, attitudes, and unhealthy competition that can result in personal conflicts. This can create undue stress and reduce productivity.

Solution

Be as professional as possible when dealing with toxic people. Be kind and show understanding, and try to avoid personal confrontation.

You can even try to reach out to the persons and invite them over for a coffee and get to understand their worldview. This can help you to connect with them at their level so that you can avoid unnecessary stress for yourself.

Advertising

5. Career Pressure

In your quest to become more successful, you will likely encounter work-related pressure. Such can come when trying to stabilize your career or climb the career ladder. It can also come as a result of overworking and having no life. Career pressure is one of the most common life problems.

Sometimes, it may be that the promotion you are working hard to get is not coming or positions you are qualified for are being offered to others. The pressure can get more intense when you find that most of your colleagues are moving ahead of you.

Solution

Check to find if you have personal or attitudinal problems. Some attitudinal problems can put you at a disadvantaged end. It may be poor communication, poor personal grooming, or poor relationship and networking skills. If it is any of these problems, then work on improving yourself in those areas.

You can also observe your colleagues who are succeeding and take note of what they are doing differently.

6. Unfair Treatment

We are in a world where some people often think they have some privileges over others and may want to exercise this thinking and treat others unfairly. If you find yourself in an environment where you are being oppressed or treated badly because of your race, gender, or current status, this can make you feel really bad and can also affect your psyche and productivity.

Solution

There is the temptation to decry your treatment, defend yourself, and demand a change immediately, but you should really wait for the right opportunity to do that.

When the time is right, reach out directly to the person or authority involved, and make it private. Meanwhile, you should be factual about the instances of your unfair treatments. Don’t just say it that you are being treated badly; give several undeniable instances.

Once you’ve made your grievances known politely, keep being you. If things don’t change, you can cocoon yourself in that environment. If you have an option to leave, you can do so as well.

7. Emptiness and Boredom

When you are in a rut, everything becomes normal, dull, unproductive, and yet difficult to change. This can lead to feelings of emptiness and boredom. This may not seem like a serious life problem, but it can have a great impact on your life.

Advertising

Solution

To overcome boredom and emptiness, break out of your routines, and deliberately create a new experience for yourself. If you can’t leave your job to find a new one, start doing other things that reflect your true passion. Sometimes, the things that give us the needed drive in life are not our day jobs.

8. Confusion

Confusion is described as a change in mental status in which a person is not able to think with their usual level of clarity.[1]. It is inherent in forgetfulness and lack of concentration.

It can be caused by different things including medical and environmental factors. It can also be due to the experience of a loss, a heartbreak, or abuse.

Solution

Don’t allow the situation to deteriorate into something more serious. Try to snap out of whatever experiences you have had that is causing confusion. Seek medical help if necessary or talk to a psychologist.

9. Friendship Problems

We need friends in our lives to rob minds and hang out together and even help us when we run into trouble. But many people have found themselves in serious trouble as a result of the company of friends they keep. They’ve experienced jealousy, backstabbing, and betrayal of trust. Some friends have even used the information freely provided in times of friendship to betray trust.

Solution

Don’t open up on everything to friends. Keep some information only to yourself. If you notice that a friend is working against you, confront them with the truth. Limit your interaction with them or get rid of such toxic friends completely.

10. Haunting Past

We all have pasts, and we might have done some crazy stuff in the past before we begin to live a more civilized and decent life. But sometimes, the past comes back haunting. It’s even worse when life problems of the past haunt you back and become problems of the present.

It may be that what you have done is now striking your conscience, keeping you awake at night. Or someone who knows about it is trying to use it against you, and it is standing in the way of your progress.

Solution

Be true to yourself and forgive yourself. If it is an issue with another person, you can reach out to the person to settle with them. If it is a secret that is now being leaked out, own up to it, take responsibility, and move on.

Advertising

11. Safety and Security

You may find yourself in an environment where there have been unexplained murder, gun violence, police brutality, insurgencies, and other life-threatening situations. This can make you feel like you might be the next victim. What should you do in this situation?

Solution

Ensure that you watch where you go and keep your home secure. You can also get involved in a neighborhood community watch to collectively find solutions to the threat. If the situation persists, you can move to a more secure location.

12. Failure

Failure can bring disappointment and can also slow the pace of progress. But failure is also part of life, and we have to learn to deal with it. But what do you do when an experience of failure weighs you down?

Solution

You can read a book or biography to get inspired by other people’s success stories.

13. Grief

No one loves to grief but we can’t totally shield ourselves from it. The loss of a loved one is painful and, if not properly handled, can lead to an emotional breakdown.

Solution

Take your time to express emotions. You can also pen an emotional tribute to the individual. Writing can help us bring out the feelings that cannot be expressed otherwise, and it helps us breathe a sigh of relief.

You can also cope with your grief by helping them to realize some of their unfulfilled dreams or do something in their honor. Lastly, while you think about your loss, you will still have to move on, accepting the fact that life is transient.

The Bottom Line

Problems are what make life worth living. They help us adapt to become tougher as we adapt to different situations. Always remember that whatever problem you are facing has a solution or, at least, a manageable approach.

Therefore, never allow your challenges to stop you from fulfilling your true potentials in life.

More Tips to Help You Get Unstuck

Featured photo credit: Danka & Peter via unsplash.com

Reference

[1] Medicinet: Confusion: Symptoms & Signs

Read Next