As a startup, the team matters the most. In any new company, building a team should be a priority. Team building can sound like a task in some cases but there are two reasons which make it necessary for any company to make a solid team, for the smooth functioning of the company.
The first reason is scalability- which means doing all the work by yourself until you build a proper team. This might lead to inefficiency of work and the business might never grow. The second reason is building a strong team at the initial stage sets an example for the people who are going to come afterward. A proper team helps in achieving a goal that is set by the company and helps to follow the league about seriousness followed by the initial team.
If you’ve been able to make a great team, your startup is already halfway to achieving success. But building a team might be crucial, so here are some factors which help in making the best team.
1. Honesty with your team
Building a team is not only hiring some people but first thing first- do not hide anything from your team. Be open to them about your goals and what do you expect from them as a team. Be sure they trust you and your goals. And if they are unsure about it, it’s always better to walkout at the initial stage itself, which helps them to focus on your priorities as well.
2. Equity along with salary
This is the most trending step taken by companies these days. Offering some share of equities along with salary. This keeps employees motivated and puts that extra effort into the growth of the business whenever needed. Make sure that the equity comes with the lock-in period so that the employees stay for a little longer and do not quit. Keeping their salaries low initially would help you in external funding.
3. The right funding for a startup
No matter whether you’re planning to build a product based company or service-oriented company, you will need funds initially for its marketing and development. So, the best way is to not depend on external funding initially, you might opt for that at later stages. But initially, make sure you have enough funds to run the business smoothly without any hiccups. Make sure you have enough funds to pay bills and salaries for 4-5 months to keep your employees motivated.
People always think that people who have failed earlier would be risky. Rather it is suggested to hire those kinds of people because a startup is not a cakewalk, you will see failures as well initially, and those people keep you motivated because they do not give up so easily.
5. Be a leader
Be a good leader for your team and set the best example by supporting them in every aspect. There is always a difference between a boss and a leader. The Boss tends to order but the leader initiates the work and supports them throughout. No one will like getting orders every time and no help, this makes the employees frustrated and they tend to leave the jobs.
6. Fun is important in a startup
Everyone agrees startups might be crucial work. But over-burdening employees with work and not giving them time to have little fun might frustrate them at some point. Involving some activities related to their hobbies weekly or monthly keeps them motivated and they tend to do better work for your company. Motivate them to even enjoy their personal lives and have a calm and refreshed mind. Keep some relaxing programs for them. If your employees are happy your company will definitely grow.
7. Vision of employees
Knowing your employees’ vision helps the company to decide on so many things. As it is said startups are nothing without discussion, yet this is true. When you discuss your ideas and goals with your employees, they involve more in the company and give more than you expect. They consider themselves an important part of the company which keeps them motivated for the long term. And you might end up getting some better ideas which you did not think of, but will definitely help in growing the business.
As it is said, a team is the backbone of any company. Keep them motivated and create a working culture in such a way that they never give a thought on leaving the company. Moreover, they always welcome their feedback and suggestions to improve the work culture and way of working. This might help both the company as well as the employee.