One of the commonest concerns of many startups is usually to have a product or service that really fills a void, and has returns enough to sustain and make the business progressive. Yes, products and profits are notable parts of any venture, yet one of the greatest assets amongst many others in building a sustainable and progressive enterprise is working with the RIGHT PEOPLE.
Most startups usually place funding or making money as the only problem that there is to solve. But beyond funding or making money is another monster that is killing startups and businesses alike- Finding the Right Fit of People for your Venture.
One of the 3 things Y-Combinator founder, Paul Graham considered in building a successful business is GOOD PEOPLE. As simple as this may seem, it is one of the single most important starting point for any significant advancement in enterprise pursuits.
My recent business development exercise showed how much one requires GOOD PEOPLE to build GREAT BUSINESSES.
Wise people usually say that one’s greatest asset is people. Yes, having the right people is indeed a great asset.
At the turn of the year, I started working on some projects with people I hadn’t worked with before. We had different values, visions and vigour levels for work. As we worked, I observed at a very high cost how much important it is to have GOOD PEOPLE work with me on the team.
There were deficits in areas of time, value, excellent delivery, quality, and overall, understanding that business is a going concern and not a one-off sprint where you use a bridge and burn it off!
I have spent a greater part of my time dealing with the people, attempting to reset them to factory setting than actually working on the project itself. Sincerely, one of the most unsung factors of production is PEOPLE. This obviously reflects in the dearth of skilled and smart people to fill voids or vacancies in businesses as well as startups.
While it is good to think profit and ideas, it is of utmost importance to think of people; good people as Paul Graham calls it.
In my estimation, having good people on your team is the bedrock of any sustainable, progressive and profitable venture whether you’re a startup or a business that is already running.
Nathan Rose, Equity Crowdfunding Advisor who has raised over $11 million and notes that the #1 thing seed investors ask of early startups is your credibility.
So their questions will centre on establishing the credibility of YOU, YOUR TEAM and YOUR BUSINESS. Nathan also notes that a probable question will be; What is the record of you and your team? These are very important bits to consider if you are set to build a great business venture.
Anyone on your lead team should have a track record that is in tandem with, or can support where you’re headed. If not, you may be heading in opposite directions.
The truth remains that while ideas are sacrosanct, the fundamental force driving a business or startup’s growth is the management team or the people behind it.
For those crazy about funding or investment, you should let this sink in and remain in your system for as long as you can sustain it:
Investors are 1000x more likely to invest in your company/startup/venture if they believe that you and your team possess capability, ingenuity, and integrity.
It is the right people over everything else!
© Joseph Oakon™