When starting a new business, it can feel overwhelming to juggle creating a new product, finding investors, and learning how to run a business. However, the most crucial aspect of a startup is building a strong management team. Without the right team, your business is more likely to run into issues that could lead to failure. In this article, we’ll explore what makes a successful startup team and how you can build one.
The Importance of Trust
Trust is the foundation of a successful startup team. As a founder, it’s essential to surround yourself with people who will speak honestly and challenge you to create a better product. Yes-people won’t generate new ideas that could take your business to the next level. It’s also crucial to trust your team members to have your business’s best interests in mind.
Take Your Time Hiring
It’s easy to feel rushed when starting a new business, but taking your time to find the right team is crucial. Changing team members in the early stages of your business can be costly and disruptive. Investors often invest in the team, rather than the product or idea, because a quality team can tackle challenges and find ways to succeed.
When hiring, it’s essential to build a team that will give investors confidence in your business. A good rule of thumb is to “Fire fast and Hire slow.” While change is inevitable, a strong start-up management team can provide stability and confidence in the early stages of your business.
The Ten Management Roles
In 1990, Henry Mintzberg published his Ten Management Roles in his book, “Mintzberg on Management: Inside our Strange World of Organizations.” The ten roles are:
- Figurehead
- Leader
- Liaison
- Monitor
- Disseminator
- Spokesperson
- Entrepreneur
- Disturbance Handler
- Resource Allocator
- Negotiator
These roles are important to consider when building a management team. It’s essential to have team members who can fulfil these roles effectively.
The Five Functions of a Good Team
To form and maintain an effective team, five functions are essential: trust, conflict management, commitment, accountability, and focus. Trust is the foundation of a good team, but conflict management, commitment, accountability, and focus are also critical components.
In Summary
Building a successful start-up team takes time and effort. Trust, taking your time hiring, considering the ten management roles, and focusing on the five functions of a good team are all important factors to consider. With the right team in place, you’ll have the foundation to create a successful business that makes your customers happy.
