Can you get away with just a great product? The answer to that is probably NO, and there’s enough research to back this. A successful startup is a lot more about than just a great product. One of the critical factors that can otherwise cripple a startup’s abilities is A GREAT TEAM.
A startup can only build an excellent product and a sales & marketing machine with the right team in place. Research has shown that a startup with a team is better positioned for victory than a solo-entrepreneur. Let’s look at how teams create spectacular benefits for startups:
A WIDER PERSPECTIVE
Great teams share and discuss all thoughts and ideas in the form of verbal and written dialogue. This brings different viewpoints for solving problems and moving the venture forward.
MORE ATTRACTIVE TO INVESTORS
A team is a strong validator for the startup idea and business model. VCs and Angels take your concept more seriously if they see that you have built a committed team to the cause. A team gives you great content to put on your “About Us” page.
STARVED STARTUPS DON’T SUCCEED
A startup gets twice or more resources available (time, money, skills, experience, knowledge) with a team and also a bigger contact network at reach from all founders. Besides, there are different skills & personalities at hand for the company.
It’s much more fun to be able to genuinely share the highs of successful developments as only those who are part of the venture can understand and connect. At the same time, going through tough times is more comfortable as a team than as solo.
HARDER TO GIVE UP
It’s much harder to give up after having committed together to a shared venture and to have confirmed that promise with a real shareholder agreement.
THE SHOW MUST GO ON
If everything is run and manged by one person, it’s an obvious risk. Not only from accident or health reasons, but also in case of making decisions without any input or value-add from others. If something happens to one founder, there are others that understand that the show must continue and can keep pushing forward.
A great team can be victorious even with an average idea, and a mediocre team will fail even with the most fabulous idea.
For these reasons, specifically in the early phases, those looking to provide support or other resources to help, like incubators, accelerators, business angels, etc. focus more attention evaluating the in-house muscles, compared to the idea itself.
Nitesh Marwaha is the Founder and Lead Instructor of Startup Masterclass. He is an innovator and entrepreneur with 10 years in business leadership. Experienced in all aspects of business formation, operation, finance, marketing and management. Visionary product developer with deep knowledge in research and marketing.