Teams are dynamic, its members come and go. The initial founding team, however, usually leaves a significant mark on the start-up. Founders create a team culture which is likely to outlive the original team itself. People change but the team identity remains.
Selecting co-founders for a new venture
A team usually starts with either a single leader or a group. When an entrepreneur has an idea, they shouldn’t go solo. That is not ideal, since starting a new venture means dealing with many aspects:
- Technological
- Legal
- Financing
- Management and operation
A promising idea simply needs adequate backing, according to an article published by the INSEAD business school.
It is not only about the product
Don’t fall victim to the lure of product-centricity. You can’t afford to underestimate the importance of having the right people around you. Invest in your team and don’t be limited by anything when seeking new team members. Aim for strong relationships and a solid skill sets base.
Entrepreneurial teams are often formed on academic ground, but also among relatives or work colleagues. Unique features of the context in which those involved get together then have an impact on how the team is formed. In academic contexts, teams emerge around innovations based on research, so there are usually well established connections. When it comes to family enterprises, key values are trust and the concept of stewardship.
Each context provides distinctive features; therefore, it may be a good idea for founders to extend their search space by going beyond the initial context boundaries, e.g. outside the family or circle of colleagues at work.
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