TEAM COMES FIRST...Maybe Not

The order of priorities may vary, but building a strong team is essential for the long-term success of any startup. By strategically navigating the product, funding, and team building journey, entrepreneurs can lay a solid foundation for growth. The author takes on this topic next in his ongoing series on business asset management

“I can do it all myself.” This is what some entrepreneurs believe when they begin. Now, while it is true that founders often wear multiple hats in the early stages, building a strong team is crucial for long-term success and growth.

But here’s the catch: When should you really build the team? What comes first? Product, funding, customers, or team?

If you have been following the asset series for a few months now, you already know that quite a few things come before you can think about hiring your very first team member.

So, the first key point here is—for a startup, the team doesn’t come first but much later.

When the time is right... 

However, once you are done with those steps, you will reach a point where getting that first team member becomes logical.

But that doesn’t mean you get another version of yourself on board. A common sentiment I hear from startups is that “I should hire people who think like me.” I understand that this thinking comes from an expectation of aligning your vision with each team member. But vision alignment should not drive you to hire replicas of yourself. Rather, hire for diverse perspectives and backgrounds; that is invaluable. These team members will bring fresh ideas, challenge assumptions, and lead to innovative solutions. When you embrace diversity, you significantly enhance your venture’s growth potential, which then obviously leads to increased value.