A letter to an Entrepreneur - 7
You & I, we have worked together in past, and I have seen your strong desire to create your own organization. I am sure you will do it in future, as your track record clearly says that you have achieved whatever you aspired in your life.You have also discussed your start-up ideas with me and I gave you some inputs from my side on those. But I forgot to share the most important aspect of start-up which I am going to share with you in this email.
Friend, first of all understand this fact that entrepreneurial bug bites everyone at least once in their life. But not all dare to start something of their own. Some are afraid to take risks and some wait for right time..which never comes.If everyone would become self-employed, then who will work for entrepreneurs like us? Hence, never force anyone hard to understand your visions..yet try to make them part of it. Yes, you got it right. I will be discussing about 'How to make right team?'
Success or failure of any organization depends on the people involved in it. No two people are same and so it's really difficult to search for right ones.In Business you must not look for people with similar skills - the key is to search people who possess complementary skills to you. Most of the successful ventures are results of great team-work and the success of organization depends upon how well the team members complement each other at the same time gel themselves in a team.
When you will approach Venture capitalist with your business plan, the first thing they would see is "feasibility of your project" and the second - "who are the people with you involved in your project ?" The most important aspect of any team is 'Goal congruence'. Are your team members aware of overall mission of your organization? Are they aware of their responsibilities in team and importance of their area to the overall growth of Organization? Are they all motivated and competitive enough to convert paper plan into reality? An entrepreneur should first consider all these aspects of team building (human resource management) as really early stage. Because, the performance of your organization very much depends upon nascent stage of your Organization.
Every team member has their professional goals and personal ambitions and a stage comes when everyone tend to walk in different direction if they are not fully aware of their growth w.r.to Organization growth. And that can result into poor delivery of results or lack of enthusiasm towards work, which can shut down your business completely within few years or deceleration of growth. So it's really important for leader to make them understand their growth path and how they can achieve it? Remember, you can't afford to show your depression in such stages.A leader must always motivate team irrespective of what he feels inside. He should discuss his fears, but shouldn't create panic situation among them.
The subject is really vast and may be I will discuss more about Human Resource Management and Team Building with you in coming letters. But at this stage I just want to suggest you that; don't be in a hurry with start-up if you don't have right people to bank upon. Work with smart people - even smarter than you to keep yourself always on toes. Discuss your plans with them and don't even try to force your vision on them, no one can see what you see for your Organization. And finally make a team which may be amalgamation of people with different skills like Sales, Marketing, Technical expertise, Legal knowledge, Troubleshooting skills, Finance knowledge, etc. Choose most enthusiastic and people with positive attitude among them.
All the best for your start-up. Be in touch. May be your humble friend can give you more handy tips for your organization in future. Take care. Bye.