'A Start-Up's Success Story Is Written By Its Founding Partners'
What ingredients are to cooking, skill sets are to a start-up. Ever tasted an Indian dish that you relished albeit without salt? Similarly, ever heard of a business scaling up without good management?
Just like a handful of fundamental or magic ingredients add zing to a dish making it delectable, a few necessary skills give the required push to start-ups to succeed. Now, imagine a rare scenario where individuals with all the requisite skill sets come together across a single table to contribute for a company. It might be rare but not impossible.
A unique amalgamation happens when partners with different skill sets come together. More often than not, start-ups are born when two or more persons pitch in with their innovative ideas and efforts. There are examples galore of companies going bust only because the partners could no longer see eye to eye. There are also many examples of companies not achieving desired results because of the varying levels of commitment from different partners to a cause. Partners who successfully rise above odds and work for the singular cause of company's interest taste success.
So what goes into finding that magical A-team that can contribute to success and growth?
Partners Contribute To Productivity
Each partner specializing in areas different from the other help ease the decision-making process for the team and is less time-consuming. With each one having expertise in a certain area, some productive decisions for the firm can be reached by any one of the partners without bothering others on every small instance. Needless to say, decision making happens faster as the number of people involved in it will be less.
Partnerships Build Trust
Being able to trust your partner with important decisions is one of the key elements required to build an institution. With partners focussing on different aspects of the business individually, it is but obvious that they have to trust their counterparts and be trusted in return. An undeniable understanding comes into play as each partner is making choices, keeping in mind the best interests of his/her respective companies as a whole. Thus diversity in skill set helps develop mutual trust among partners.
Partners Can Limit Possibilities For Conflict
More than one mind working on the same issue/domain, more often than not sees a difference in opinion, opening ground for potential conflicts. However, with partners individually taking up the charge of certain areas of the company, the chances of a conflict get substantially reduced. This is again key to success as many start-ups fail to take off simply because of difference of opinion on minor issues, followed by ego clashes and so on.
Having partners with good prowess in their respective fields of operation helps evade unnecessary horizontal overlapping at the management level. Moreover, with heads of different sections onboard the management team, decentralization becomes effortless in a start-up as the company expands exponentially. This will further ensure the smooth functioning of a company.
Diversity In Expansion
Every business eventually looks to spread its wings and expand further. Keep this in mind to safely conclude that expansion methodologies play an important role for the future of a company. These expansion initiatives can enjoy diversity if people with a wide array of skill set comprise the decision making panel.
As is said, variety adds essence. A divergent approach towards a start- up's functioning ensures a wider scope for improvement. When people with proficiency in more than one domain join hands, they bring with them the very quality required for any business to flourish in today's date.
The saying goes, "there is no magic bullet for success." Like I mentioned earlier, it is the combination of several factors that determines the success or failure of a company. The smooth functioning of a company is dependent on its team play, where each member complements the other. Thus, a suitable idea can only take off in the hands of compatible partners, who will write its success story.