⚡ Get All Content for 20% Off ⚡

How to build the right founding team for your Startup While it is beneficial to have a sound founding team, it comes with its own risks too.

By Vikram Upadhyaya

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

pixabay

We all are aware of this old African proverb, "If you want to go fast, go alone. If you want to go far, go together."

While this holds true for our personal lives, it has its own significance for startups as well. There is enough data and surveys done that support how working with a good founding team improves a startup's chances to succeed. While it is beneficial to have a sound founding team, it comes with its own risks too. One of the most common reasons why startup fail is the differences or conflicts among co-founders or the founding partners. Therefore, it is extremely important to exercise caution when choosing a founding team.

Another challenge is to get people interested to come on-board at the pre-revenue stage because of the degree of uncertainty involved.

Here are few things to keep in mind:

Keep your objective and vision clear

Despite a great idea, many startup founders lack a clear vision about what problem they are solving for customers. Getting your vision clear about these important aspects are critical not just attracts a great co-founder or founding team but also to know whether they share the vision and belief that you have for your startup.

Bring diverse skill set

Your co-founder or founding team's skills should complement yours that would not just help you with a great start but even attract investors who look for diverse talent in the team and their ability to find solutions to problems. Nonetheless, the candidate's work experience, industry expertise, intelligence, credibility, communication, personality, and most importantly passion or fire in their belly can't be ignored.

Use your personal network

The best bet to locate the desired talent is your personal network. Try to find out who can help you with the referrals you need and tell them what you are building and what qualities you are looking for in a co-founder. Vouch for people that can personally recommend the candidate to you..

Look beyond your network

Find out peers in the start-up community and network with them. This is possible if you are spending time in a co-working space, attending any start-up-meet or are part of start-up forums on social media. Networking, whether online or offline, can put you in touch with like-minded people and help develop meaningful relations to eventually come across the right partner.

Know the person well before the wedlock

Know your partner before mutually agreeing to this professional tie-up. Go on several dates before you decide to enter into a formal marriage. Over the time you might realize that they don't share the same ideologies or complementary style of working. To avoid any clashes later, its best to ensure that you share long-term compatibility or else the marriage will fail, thereby putting the start-up's future in jeopardy.

Vikram Upadhyaya

Chief Mentor & Accelerator Evangelist, GHV Accelerator

Vikram is also the Founding Board Member of the Indian Angel Network Incubator and an advisor to projects being undertaken through the Telecom Centres of Excellence (TCOE).
Leadership

If You Want to be Successful, Become a Better Speaker — Follow This 7-Step Process for Effective Speaking

Discover the transformative power of mastering presentation skills with this 7-step process.

Marketing

Ever Wonder Why Certain Websites Rank Higher Than Yours? This SEO Expert Reveals The Secret to Dominating Search Results

It's often the smart use of SEO, now supercharged with AI, particularly in keyword optimization.

News and Trends

Rural Commerce Startup Rozana Raises USD 22.5 Mn from Bertelsmann, Fireside Ventures and others

The Delhi-based startup will utilise the fresh funds to fuel its expansion into new districts, upgrade its technology platform, and increase hiring in technology, product, and operations teams.

Career

The Best Paying Jobs in Finance and How Much You Can Make

Want to pursue a new, high-paying job in the financial sector? Check out our breakdown of the best-paying jobs in finance here.

Business News

AI Is Impacting Jobs. Here Are the Gigs Affected the Most, According to an Analysis of 5 Million Upwork Postings

The researcher said in the report that freelance jobs were analyzed first because that market will likely see AI's immediate impact.