A team is vital for startups to achieve success. Besides financials, market size, and problem-solution fit, investors meticulously look at the teams' quality, including founders' background, skills, and experience. There is a reason why Ben Horowitz titled his book, "What you do is who you are." According to CB Insights, not having the right team is the 3rd among the most common reasons startups fail. Since the team is important in the success of a startup, there are a lot of myths about how to build a perfect team. Although some of them are stereotypic beliefs and one size does not fit all, there are vital factors for team creation to move your startup to a scalable business. Let's look at critical facts for a perfect and unshakable team.
First of all, one thing that all startup teams must have is motivation. Startups fail not because of lack of money but because of lack of motivation in founders. Dedication in a group defines the whole journey, and it can be regarded as a prerequisite for a perfect team. If founders lose their focus or passion, then the company might easily crash. Note that lack of focus, lack of power, and burn-out are among the top 20 reasons startups fail.
Your startup may have a legendary team consisting of highly skilled engineers, wise product guys, sales tigers, and founders with deep expertise in the sector or with previous entrepreneurship experience, all having dazzling track records in their careers. However, without a shared vision for the company, all these fancy CVs (which might seem to be the factors that bring success for the company on paper) are useless. Founders and teams without shared future strategies about the startup cannot put total effort into the company, so they start to act independently. This ruins the unity of the team and carries the company to failure.
As written in a Quora post by Saul Klein, a startup needs
· someone who understands how to build technologies and systems to solve problems;
· someone who understands the human factors behind those problems, why they exist, what it takes to fix them, and how to shape the experience;
· someone who understands how to reach, talk to and sell to the people whose problems are being solved - and keep finding more of them
Of course, a startup doesn't need to have three founders. These are three core skills that founders must equip in a startup. One founder can have more than one skill among these. Also, it is notable that there is no disadvantage in being a solo founder. A solo founder, founded one in five billion-dollar companies, according to Super Founders written by Ali Tamaseb. "Perhaps more important than the number of co-founders in a startup is how they get along and how they work with each other." Ali Tamaseb adds.