Your startup business is nothing if you don’t have an outstanding team to put your ideas into action. Successful companies like Apple, Google, Microsoft and Facebook have been able to able to grow their businesses because they understand the true value of having the right team in place. The incredible loyalty for the Apple products wouldn’t have been achieved if there weren’t people working so hard to deliver the best.
Having the right team in place is considered an asset for your business and it is something that shouldn’t be overlooked at any time. While the entrepreneur may have big dreams, it is ultimately the team that help him or her to realize the goals. This article takes you through why your startup 100% needs a strong team in order to achieve success.
To edge higher in Innovation & Creativity
A right team in place will put your startup business at a certain level where your competitors can’t even reach in terms of innovation. Startups that hire the top minds usually make incredible products that turn out to be really disruptive in the market. For example, Apple is one of those companies that are notorious in finding the best minds to bring the best innovations into their businesses. Your business needs to carefully analyze the kind of brains it requires to spur innovation and also advance creativity. This is why your team must comprise of people with various skill sets including the technical and business-minded people.
To drive your business growth
Many businesses fail to grow and realize their goals because they simply lack the right people and the strong team in place to achieve this. According to the study from Rotman School of Management, it reveals that the success of a new venture often depends on the ability of the founder to attract a great team around him. or her. According to the research study, “a founder’s individual characteristics are important but what’s more important is that person’s ability to bring a bigger and more experienced team with them, … and the bigger that team the more likely the firm will succeed.”
To become more competitive
Being competitive is a traditional norm in the world of business. An entrepreneur with the right tools, resources and the team end up competitively edging up better than the other competitors. Even when the business has more money or resources but lacks a stronger team, it is likely to lose out to other players with the top-notch minds. Having the best minds at workplace means accessing a diverse pool of invaluable ideas that could make the business stand out and take over the market.
To attract more funding into the business
Most investors would only be willing to give you money for your startup business unless if there is a guarantee that your company has the most qualified team in place. In fact, the issue of having a team is one of those major factors which investors critically look at before giving you their money. When you have a strong and qualified team in place, investors are assured that their investment would be put into good use by the most intelligent people who understand business. That is why most investors ask questions like; why would you want me to invest in your business? Some of the best answers they expect is for an entrepreneur to tell them how his or her company has the best team in place to put their investment into the right use in order to generate profit for them. However, lack of a good team could put your business at a bigger disadvantage especially if you trying to source for capital from the outside.
To diversify the business
If your business intends to diversify in other areas, you obviously need a good and strong team to help you achieve your vision and goals. This means you have to hire to the best brains that understand every section of your business. If your startup is into manufacturing, then you need serious people who understand things like marketing, production, sales, supply chain, engineering, Product quality testing and so many other skills needed for the success of your business.
To drive efficiency & Productivity
A strong team is one that is result-oriented in the company. Your startup needs a team with people who deeply think out of the box. These people should be willing to provide solutions that you as an entrepreneur can’t think of as a person. Successful entrepreneurs trust their companies’ top minds to solve serious problems that could affect their businesses. When your team is not effective or efficient enough, your startup is likely to fail and you won’t be able to fulfill the visions and dreams you had set.
To put the company’s vision into action
An Entrepreneur’s vision without the team is a complete lie. It is the team that executes the Founder’s vision by breaking it into short team goals and ensuring that the targets are met, thereby playing a crucial role in turning your vision into a reality. How well and soon you are able to progress and achieve the milestones along the way is dependent on the quality of the team – their knowledge, skills, competence, attitude and aptitude.