This document provides advice on building a startup dream team and discusses co-founders, first hires, and advisors. It recommends that co-founders should have complementary skills, the right chemistry, traits like integrity and perseverance. The first hires should believe in the company vision and fit the culture. Advisors can provide valuable guidance if asked and properly compensated. Building the right team is essential for startup success.
8. right chemistry (as important as right skills)
personality fit
• complimentary, not identical
culture fit (values)
compatibility (like-mindedness)
& partnership
right skills but wrong chemistry leads to failure
9. required traits
integrity
• do what you say by when you say you will do it
entrepreneurial
• flexible, ok with change
• ok with uncertainty
• risk taking
• start up DNA (not “big company type”)
perseverance!
• determined, unstoppable
10. "I'm convinced that about half of what
separates the successful entrepreneurs from
the non-successful ones is
pure perseverance.“
- Steve Jobs
11. best teams win
factors most important for start up success:
according to Bill Gross
https://www.ted.com/talks/bill_gross_the_single_biggest_reason_why_startups_succeed
12. be cautious and smart
about equity
founder vesting (for
everyone, even you!)
• 4 years
• 25% per year
13. agreed vision
co-founders need to agree on:
• what problem are you solving?
• what does the future
look like with your product,
service in it?
• what’s your goal?
• why are you the right team?
14. learn to sell
to attract co-founders, investors and employees you
must SELL
16. sell the future
early stage recruiting
• sell "the future”
• vision for the company
• vision for the job
Have a great answer to:
why would someone awesome
want to work here?
17. hire ahead of your stage
hire people who can lead your growth
(not struggle to keep up)
19. success flows from culture:
accordingto Tony Shieh,CEO ofZappos
“If we get the culture right, then most of the other
important stuff will happen naturally…"
https://www.youtube.com/watch?v=-uINIExpJ3I
watch this video!
20. culture fit, values exercise…
who are the people in your life you consider to be your
closest friends?
what characteristics do they share?
• character
• personality
• traits
• Values
this will help you understand what type of people are
good co-founders for you!
21. engagement
people stay when:
• they share core values
• they love the company
culture
• they FEEL your care for
them, their development
leads to emotional commitment
to your
• company,
• business goals, objectives
22. be a great boss
#1 reason for job dissatisfaction:
• boss SUCKS
serve your team members, not just your company
some will still quit.
it’s ok. remain unstoppable!
https://www.linkedin.com/pulse/20130709152707-5799319-the-top-10-reasons-people-hate-their-job
http://www.forbes.com/sites/work-in-progress/2014/01/20/8-common-causes-of-workplace-demotivation/
Quick poll:
HAVE or WANT YOUR OWN STARTUP?
Currently looking for or in the future will be looking for co-founders, early team members, advisors?
Hope today’s talk will help you overcome some of the challenges of building a founding team.
During our talk: write down WHO DO YOU KNOW WHO COULD BE YOUR CO-FOUNDER?
2-3 co-founders is best.
4 is more complicated and may create a 2 vs. 2 dynamic.
Google "how to find a cofounder” 67M RESULTS!
Story: How Sean and Chris became my VNW co-founders.
VNW: job site, but initially SALES & MARKETING & CX (not tech/product) were most important success factors.
I’ve hired some great people, but made mistakes too.
If values/culture don’t align, then failure is certain!
BOTH VNW co-founders had done startups already!
“Characteristics of an entrepreneur include the ability to take calculated risks and accept the realities of change and uncertainty.” – Financial Times
"Many people fail because they give up at the first sign of difficulty. On the other hand, almost every success story includes an element of endurance and determination.” – Inc. Magazine
Gave up after 1 year story
Pawalla story
If you can answer these questions you can RECRUIT & FUNDRAISE!
How will you change the world?
What will you be known for?
What's the goal – Unicorn or lifestyle biz? Local or regional? IPO?
Story of early VNW: Nothing to offer… bad office, low salary but awesome future!
https://www.youtube.com/watch?v=-uINIExpJ3I
At VNW we spent a lot of time and energy on this!
Create A Company Culture (Deliberately):
What is it like working here?
What does it mean to work here?
People stay when they FEEL your care
According to Reid Hoffman's ALLIANCE "In an alliance, the manager can speak openly and honestly about the investment the company is willing to make in the employee and what it expects in return. The employee can speak openly and honestly about the type of growth he seeks (skills, experiences, and the like) and what he will invest in the company by way of effort and commitment. Both sides set clear expectations.”
https://www.linkedin.com/pulse/20130709152707-5799319-the-top-10-reasons-people-hate-their-job
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