Finding The Right Founding Team
It is super crucial for any firm to have strong Human Resources, however, when we are talking about a startup, finding the right founding team gains much more importance. Why? Because, let’s be truthful, the new firms are usually made up of the core team itself only. This means the smallest mistake in choosing the team will create a ripple effect and unfortunately, you will feel it deeply.
After being around startups for years, there are two crucial things that I have learned; one, it is a frustrating journey to succeed as a startup and two, if your team isn’t strong enough to encounter problems resourcefully, then you are doomed. And who are the must-have players in a startup?
Instead of trying to talk about field expertise or specializations, today I want to talk about the three most crucial positions that you need to fill ASAP to have a rising startup:
From the moment you found a company, the success of your startup depends on whether it can generate revenues and profits, whether it is sustainable or not. When it comes to finance and accounting there is no room for mistakes, you need to keep clean records from day one and always be on top if incoming and outgoing invoices or expenses/gains. So, you need someone to take charge of finance so that you do not lose track of what’s going on and who documented what.
Starting from scratch, startups are all about business development. This is because a successful business will have its biggest growth margin when there is space for growth. You are starting from Zero at all matters. New company vision, new strategies, leadership model, operations, processes and so on. Therefore, it is crucial that you have a team member who can make conscious decisions on these matters and help your team find the most fitting models.
The better you position yourself in a market, the faster you shall grow. Startups who manage to effectively utilize digital marketing will not suffer from lead generation. Startups starting with limited funds can get a competitive advantage over big corporations just with a kick-ass digital marketing plan. Fighting big dogs on minimum budget is a skill every startup should hack. Needless to say, most of it happens through successful digital marketing.
It is our opinion that these 3 positions should be the first ones that founding teams should cover. Of course, every company is unique and has a unique selling point. There will also be field-specific recruitments, but from a business perspective these positions are crucial to fill. Find a good synthesis between the business and technical development teams. This way, you can delegate duties to respective experts on these positions. There is also the matter of personal strengths of course to bare in mind when delegating responsibilities. Some traits are needed by all and some aren’t; you can find more about these on our previous article “Characteristics of Successful Founders“.