Entrepreneurs are innovators with new ideas that solve problems. However, there are many barriers between a good idea, commercialisation and launching this idea into the market. The skills required to support the new venture are usually greater than an individual. You know the saying, “Surround yourself with team members smarter than yourself”. There are 5 key people you’ll need on board to ensure that your startup is a roaring success:
Most entrepreneurs can sell their vision to others. More often than not, they can also sell the service or product to their first customer. This initial success can be a mixed blessing. T
The entrepreneur will need to lead the team and the startup will need ever increasing sales to be viable. Delegating sales, any sales, to another person can be very testing for an entrepreneur, but finding someone to assist with your growth is vital to success.
They manage the three most important things in a business. Cash flow, cash flow and cash flow. Many good start ups crash, not for the want of a good product, sales of that good product or lack of really clever people, they simply run out of cash.
Not enough cash to pay the bills at any one time means the startup is about to crash. Good cash flow requires hardnosed management by a savvy accountant. It may cost you in the short run, but the long term benefits of business viability far outweigh the expense.
All the talk in the world will not make a start-up successful. It’s the delivery that gets customers to want to buy your product or service.
Skilled operators who know and love the product are vital. When a customer is asked what they think of their experience, it’s often the person who delivered the product or service that will win or lose more business.
Falling in love with your own idea is a given for any entrepreneur. But would you mortgage your house? Some would say yes within a heartbeat. But are they acting as an investor?
For a startup to be viable, it will need the cold hearted approach of a professional investor. All startups have investors, and the better the investment stacks up, the more likely the startup will achieve the finance needed to progress.
The team needs a leader with the vision. The vision thing can be a massive advantage, but also a burden. Most entrepreneurs are complex characters, dreaming of the vision one minute and sinking to earth when demanding that cash flow is king!
Entrepreneurs leading a startup share a mutual experience with their staff and customers. The product or service will evolve to meet the market and so too will the entrepreneurs adapt to their environment. Not only are they gamblers, they are also survivors. Their characteristics will vary depending on what stage of the startup journey they are experiencing at any one time.
All startups have the same basic needs for its key team. The earlier they gather the essential skills, the more likely they’ll avoid being one of the 80% of startups that fail in the first year. So assemble your team early, and strive for success with your best foot forward.