The next step after profiling and prototyping is to source what you need for the “execution”-part in your entrepreneurial journey. Cleaning up with a general myth of pop culture around startups, you have to realize that there is no a harder job than building a startup. You better gather a team of like-minded people to go the extra mile.
Your Navy SEAL team
One of the main reasons for the failure of new ventures are difficulties and problems within startup teams. The logic behind it is simple: If you are pursuing a purpose with a special unit to operate behind enemy lines, would you then occupy your team solely on the base of friendship and sympathy? Not at all! You would try to get the best and most experienced soldiers in the country. Although a martial example, the parallels to new venture teams are evident.
»The venture capital industry agrees: You are much better off with an average idea and a good team than with a good idea and an average team. «
Alexander Stoeckel, btov Partners
Same but different
Heterogeneous start-up teams with different competences have more potential than homogeneous teams. New problems can be solved creatively by complementary knowledge of different disciplines. A team has more resources to meet the demands of implementing innovative business ideas.
In addition to a wealth of experiential knowledge, a balanced role allocation is crucial for the success of your entrepreneurial team. British psychologist and team researcher Meredith Belbin identifies three role categories and nine associated team roles. Specifically, Belbin describes the implementer, the perfectionist and the doer as action-oriented, the coordinator, team player and pioneer as people-oriented and the inventor, observer and specialist as knowledge-oriented. Based on research, all three roles should be distributed as evenly as possible for a successful team composition. Yet, a person may usually take one to a maximum of two roles.
Learn more about the eleventh module “Team Roles and Competencies” of the Startup Navigator in our handbook.