This is a very sore point for me. I cannot emphasize enough how important a good founding/management team is. Currently I have some good ideas in my mind and have this great urge to start out again on one of them, I am just staying back because I don't have and am not currently being able to build a good team around the idea. I believe that ideas contribute around 30% of a startup's success, the rest comes from the ability to execute the idea. And to execute well, you need a 'good team'!
Let's take an analogy to understand this. In raising a child, the mother and father both have a significant role to play. The mother can provide the child with the warmth, love, care and the finer things in life. The father is more responsible for the safety, comfort and the more basic needs of the child (this is generally the case and differs totally from case to case :). Hence, the parents need to jointly complement each other and provide the child an environment where the latter can fully grow and realise his/her potential. Same is the case in a startup as well. Founders, with complementary skills, need to come together and create a structure and culture in which the business can grow and flourish. Skill sets of the initial team are key. For example, in the case of a Online Tea Retailing company, ideally founders should have the following skills within the team:
Online - Technology Expertise
Tea - Domain Expertise
Retailing - FMCG Retailing Expertise
Not necessarily will all teams have all requisite skills. But I suggest that each founding team should try to incorporate as many skills as we can within the team as it betters the chance of success.
Startups are all about risk. A good team is a big factor which can help mitigate the risks involved. So the better the team, the better will be the execution and the better the chance of building a sustainable business.
Let's take an analogy to understand this. In raising a child, the mother and father both have a significant role to play. The mother can provide the child with the warmth, love, care and the finer things in life. The father is more responsible for the safety, comfort and the more basic needs of the child (this is generally the case and differs totally from case to case :). Hence, the parents need to jointly complement each other and provide the child an environment where the latter can fully grow and realise his/her potential. Same is the case in a startup as well. Founders, with complementary skills, need to come together and create a structure and culture in which the business can grow and flourish. Skill sets of the initial team are key. For example, in the case of a Online Tea Retailing company, ideally founders should have the following skills within the team:
Online - Technology Expertise
Tea - Domain Expertise
Retailing - FMCG Retailing Expertise
Not necessarily will all teams have all requisite skills. But I suggest that each founding team should try to incorporate as many skills as we can within the team as it betters the chance of success.
Startups are all about risk. A good team is a big factor which can help mitigate the risks involved. So the better the team, the better will be the execution and the better the chance of building a sustainable business.
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