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Podcast | Episode 7: A team for your startup venture

Gitanjali Diwakar | Updated on March 28, 2020 Published on March 28, 2020

This week, I would like to share my thoughts on the ideal team for a startup venture.

A wiseman once said that too many cooks spoil the broth. Running a company is as challenging as cooking an elaborate meal. You not only need the right set of skills, but you also need the right people for the job. But hiring too many people could complicate the game.

How do you define a team in the startup world?

Some entrepreneurs believe that the ideal team would include like-minded personalities. Some others believe that a team should consist of friends who love doing the impossible. There are also businessmen who stand by their families and feel that a venture is often successful when the family is involved.

Here is my take.

A company is also a product. Confused? Let us analyse this aspect.

Like any product, a company can go through changes. Like products, even companies can be put to a halt.

Now, if you were to alter a product to ensure better revenues for your company, would you do so?

Of course you would.

But if you had to alter the structure of your company to improve the operations you might consider thinking twice.

This is because a company is about the people. Unlike things, people have emotions and human bonds are dicey. In short, you are likely to retain a team because you are emotionally attached to each member.

That is why it is important to be objective about choosing your team.

A team should ideally consist of people with specific skill-sets, subject matter expertise and a certain level of mutual understanding. For example, a finance expert should be allowed to manage funds and strategies related to it, while a programmer or a person with a fundamental understanding of computerized technology should look into the technology requirements of a firm.

It is always wiser to set the terms and conditions of the contract from the beginning or as many would say in ‘black and white’. The members of your team deserve a fair share of the profits and should be held equally responsible for the losses incurred by the company.

It would also be better to include a chartered accountant and a lawyer as part of the team. After all, an expert in finance and legal expert are always useful assets to a company.

Tune in for more aspects about startup enterprises on our segment – Startup Saturday.

If you wish to share your thoughts, write to me at gitanjali.diwakar@thehindu.co.in

Published on March 28, 2020
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