When we think of entrepreneurs, we often think of one leader—the lone CEO, the idealistic founder, and so on.
But building a business isn’t a one-man job, even if you’re in the early stages. Perhaps, more formally, an early-stage business only has one employee (its founder), but even still, that person is surrounded by a network of a supportive community.
This image of entrepreneurship is, however, inconsistent with studies of successful startups. According to a study published in the Academy of Management, the most successful startups are made up of people with varied skillsets who have a shared passion and vision for the project.
Whether your company is in the beginning stages, or you’re working with a full-fledged staff, shared passion is the common denominator in successful businesses. Here’s what to look for when adding team members.
Shared Vision Leads to Resilience
The journey to building a business is challenging, and entrepreneur Alois Köhle is familiar with many entrepreneurs’ struggles. He’s the founder of multiple companies, including a cryptocurrency trading company SocialSwap.io. The company is built on the idea of combining social interaction and currency trading. He and co-founder Dennis Koray shared this vision for their company, and it’s what has sustained their success in the market.
Köhle said that resilience is the most important quality any entrepreneur can have. When it comes to building a team, sharing a vision for the company will boost your ability to recover when the business hits (inevitable) rough times. Throughout the launch of SocialSwap.io and his other businesses, Köhle found that working with a team kept the mission and values alive.
Diverse Experiences Drive Creativity
According to the aforementioned study, the best startups have teams with a variety of experiences. It works the same way in sports, too. Every team member has a unique role that is essential to the group’s overall success. According to Investopedia, 90% of all startups fail. If you want to be among the few that succeed, you need a team with varied talent that can respond to the many challenges the company will face.
Build a team that includes people who excel at communication, numbers, vision-casting, networking, organization, marketing, and more. These skills will always be necessary for the entrepreneurial journey, and it’s essential to have people who can fulfill these needs for your company.
Examine your specific niche and make sure that your team has the skills needed to address more unique challenges. If you’re in technology, you may need a team member with development skills. If you’re in marketing, you might need a team member with graphic design skills. Consider these things as you build your business.
Overall, the team is what makes or breaks a company. No matter the size of your business, if you want to scale it, you will need to grow your team. As you search for people to include in your mission, go for a variety of talents among people who share the same vision. Ask these questions at the beginning, and you will reap the benefits of a stronger team in the end.
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