Entrepreneurship

Entrepreneurship Lesson no. 5: A strong team is a key ingredient of a successful business

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At the very early stage of your start-up, it might be a good idea to work on your innovative ideas individually till you are clear about the vision of your company. However, as you start moving towards the implementation stage, your first priority should be to build a strong team.

No matter how smart or talented you think you are, you will not be able to handle every single aspect of your business efficiently on your own. You may do well in some areas where you are skilled at, but you will also need to perform well in many other aspects in order to succeed such as finance, strategy, marketing, tech, PR, sales, distribution and much more. A well balanced team that works towards the same long term vision has a much higher chance of winning compared to an individual single-handedly trying to perform every single task. This will allow you to leverage skills beyond yourself and prevent occasional burnouts.

You may feel that at the very early stage you cannot afford to hire new team members, but there are many ways to cut down that cost and still get your work done. If you cannot afford to hire in-house experts, you can look for individuals who can help you on your projects on freelance basis. Another effective tactic I have used in the past is simply asking my friends for help. As Steve Jobs said in one of his interviews, “I’ve never found anybody that didn’t want to help me if I asked them for help. Most people never ask.” We all know someone know who might know someone who is an expert in something you need help with.

In the fast changing environment, the quicker you implement your ideas, the higher the chances of your business becoming successful. As an entrepreneur you must have a sense of urgency when it comes to achieving your short term and long term goals. A well balanced and strong team of motivated members will not only help you reach your goals faster, but it will also help you continue with the same momentum when things get overwhelming.

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