Written by Nathan Chan | November 24, 2020, Want a heads up when a new story drops? The position statements of exponential organizations include declarations of purpose that might have seemed outrageous in years past. Nathan ran his own private consulting firm before starting Foundr Magazine and is an expert in the space. The last thing you want your founding team to be is a collection of skills and abilities that don’t complement each other. Visionaries keep their eyes on the prize and are always looking to capitalize on even the smallest of opportunities. Founders face a wide range of decisions when building their startups: market decisions, product decisions, financing decisions, and many more. READ MORE: How Foundr Created it’s First Product Launch. It’s a two-way street, you can’t get if you don’t give. READ MORE: How to Develop Powerful Business Core Values and Mission Statements. The nine Belbin Team Roles; their strengths and weaknesses, and how to use the nine Belbin Team Roles when working with a team. Starting a business with a friend and I can already see human traffic, machines and people hard at work. Founding teams operating in the high-tech industry need a diverse set of experiences—entrepreneurial, managerial, and industry (technological domain)-specific—to craft a venture strategy. That said, while it is better to have one person dedicated to each role, it isn’t mandatory. – Sydney Harris, READ MORE: How We Validated 12 Online Courses Without Spending A Cent. Ultimately, the prime job of a Founder is to assemble a comprehensive team to run the business and lead this team. For those looking for a cofounder, the best place to look is your professional network. The financial success of a new venture depends heavily on who does what within the founding team. Overall, it depends on what kind of business you want to run and the agreed-upon priorities of the team. Well for one thing, to investors, it’s a vote of no confidence. Mwabi Motaung shares a few things to keep in mind when picking your founding A-Team. SRINIVASA K V Co-Founder & Director ... a strong real estate domain knowledge having spent the last ten years of his career in the sector in senior executive roles covering all of South India. These team members — product developers, customer service representatives, account executives, salespeople, and more — should be working towards one common goal: developing, implementing, and managing a next-generation product or service designed to meet or exceed customers' expectations. All those detailed bits and pieces, the day-to-day operations that need to be done in order for the grand vision to happen. And a startup can only be as successful as its founding team. Founding teams don’t expect to fail when they create their startup, but something goes wrong along the way. As such, the CEO leads and the others are willing to follow him. May or may not be on the founding team or have a leadership role; Founding team - complementary skills - builds the company; Founding CEO - reality distortion field and comfort in chaos - leads the company Other entrepreneurs might panic and immediately share equity with someone, only to discover that in the long run their cofounder’s skills aren’t needed anymore. To convince the skeptics among the customers, market, and investors, and inspire the rest of the team. If I had to name one thing that causes most startups to fail, it would be issues within this team. Others will argue that three is the perfect number. READ MORE: 7 Legit Methods to Teaching Yourself Any Skill. Visionaries not only come up with the purpose for the company but also will hold the organization to it. I’m sure we’ve all had that boss who somehow finds the nitpickiest of things to nitpick. It’s a tough decision, but remember, a founding team needs to be lean. The website allowed visitors to compare two female student pictures side by side and let them decide who was more attractive. Jonathan had a really great attitude and hustle, and he started doing some contract work for us to start off, then came across full time as our official first content crafter . Then compare that to your Key Resources, where you’ll list everything that’s needed in order to execute those activities. But the team that brings it all together forms the company’s DNA. While hustlers can see and understand the bigger picture, instead they focus on the smaller scale of things. Not always a good thing, but can be if you manage to find the right person. But the perfect team is only perfect because of the bonds that tie them together, not the qualities of each individual. This makes programming and engineering more crucial than ever for tech startups. The serious point is that flexibility is a must - the very concept of partitioned roles and responsibilities is anathema to a startup. The objective of this work is to gain insights into the tasks and responsibilities designers take on a daily basis, and to subsequently determine their roles specifically in the context of a startup founder. While everyone understands the overall goals and objectives, the visionary is the one with the stars in their eyes, the one who sees into the future. There is only one thing that the hacker focuses on: product, product, product. While the world might love the idea of a sole innovator, of some chosen one singlehandedly bringing about change, the reality couldn’t be further from the truth. What Is Driving You to Want to Build a Business? It’s the visionary who organizes the rest of the team, and perhaps most importantly, inspires them. Every company has end users. Unfortunately I’m the Visionary, the hustler and the hacker by default. The brains of the operation, their entire job is to make sure that the required tech and hardware is up to scratch. When there's rapid scaling up in size and limited resources, the composition of a founding team is especially critical for what I’ve identified as exponential organizations -- or companies that have impact (or output) at least 10 times larger than their peers. READ MORE: 3 Ways to Express Gratitude to Your Team. In the last seven years, Nathan has interviewed some of the most successful entrepreneurs of our time such as Richard Branson, Arianna Huffington, Mark Cuban, and Tim Ferriss. Hey @disqus_AsfbtprdDA:disqus – I met @disqus_pYZOHMKYCy:disqus at a local event that I was speaking at in Melbourne! While undoubtedly the most famous, Steve Jobs was not the only founder of Apple. This role is usually performed by the core founder with the strongest vision and a higher, aspirational purpose for the company. Awesome read! For me, "founding team" represents the first few employees that warrant early stage equity packages (5-10% combined). Founder, Founding team, Founding CEO all have word “founder” in them but have different roles; Founder has the initial idea. Founders must be intrinsically motivated self-starters who deliver independent thought and possess complementary skills. The stress and pressure will make you want to tear your hair out, and possibly each other’s throats. While there’s nothing wrong with being a solopreneur, you have to realize that you’re playing with a handicap from the get-go. It’s not impossible to go solo but a startup is hard enough, so why go it alone? Hey Jonathan, how did you and Nathan find each other? Make no mistake, more than anything else, startups live and die by the people that bring them to life. That's who the person you're working with is and how they relate to you. However, this does not mean that he is the person that is paid more or has more equity. READ MORE: How To Develop An Online Course. Bear in mind, that does not mean that the hustler is replaceable. One of two things usually happens—either they lose it all in the early stages, or when the business starts to scale they realize that the contractors were only there for the short term and that they really needed a dedicated person. Having a unified, yet diverse, founding team is the first step toward achieving exponential growth. Because if your cofounder is just a carbon-copy of yourself, then you’ve got a big storm coming. A startup can have all the potential in the world, but nothing can derail things faster than its “people problems.” In a study about startup performance, venture capitalists attribute 65% of company failures to problems within the startup’s management team. Having a friend to talk to, who understands exactly what you’re going through, to be there when you need it makes all the difference in the world. At the end of the day, the size of your team is nowhere near as important as the qualities that each individual member brings. So the person you choose to have as your cofounder better be someone you’d consider a life partner. Just don’t ask someone to be your cofounder if that person isn’t someone you’d hire to be your employee. I’ve identified the following critical roles for founding teams that are seeking exponential growth: 1. And how do you find someone you can trust if you can’t find the right team member from your existing network? One thing startup founders hate with a passion is relinquishing control. Surround yourself with smart people and let them do their job while you do yours. Any other roles, while helpful, are unnecessary in the early stages. But the hustler ultimately walks the middle road, they’re the jack-of-all-trades competent enough to fill whatever role is necessary until a more suitable replacement can be found. They have that unique ability to articulate that dream to others. Make sure you choose your hacker carefully because the product starts and stops with them. Founder, Founding team, Founding CEO all have word “founder” in them but have different roles Founder has the initial idea. And just as was the case with the shift from film photography to digital photography, now that the process is moving from a material, mechanical basis to a digital and informational one, the match is lighted for an inevitable explosion. And your goal is to balance relationships, roles, and rewards. Above all, the person in this position is also responsible for managing the all-important burn rate, ensuring that the team doesn’t peter out before the company gets off the ground. Ensure that there’s a programming-savvy member on the founding team responsible for bringing together the various technologies required to build the product or service. Founder, founding team, founding CEO all have word “founder” in them but have different roles. A startup can have all the potential in the world, but nothing can derail things faster than its “people problems.” In a study about startup performance, venture capitalists attribute 65% of company failures to problems within the startup’s management team. On one hand, you can get a cofounder who will stay with the company long term, but you’ll dilute your own equity. So, what are relationships? Whether it’s coming up with the overall strategy, recruiting and hiring the best talent for the company, or making sure that the right people are kept happy. For example, Airbnb has guests and Uber has passengers. Always remember, the Team contributes more than 70% in the success of a Startup Business. 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