To start a successful business you need to create a founding team with complementary skills and off-the-charts passion for your idea.
AUGUST 12, 2013 Back in the 1990s, when small-business ownership metamorphosed into its sexier version—entrepreneurship—entrepreneurs were thought to be lone wolves, the antithesis of team players.
And while there are plenty of solo entrepreneurs today, truthfully that concept is not very entrepreneurial. Entrepreneurs today understand that it's important to have a solid team in place to build a successful startup.
It’s also important, says Steve Blank, a serial entrepreneur and associate professor at Stanford University who created the concept of the "Lean Startup," to understand not all startups have the same goals:
- Lifestyle business owners work so they can live. The goal is to survive, and by starting a business, they’ve essentially bought themselves a job.
- Small-business owners don’t want to (or can’t) work for someone else. Their goals are to feed their families. These folks are historically what we think of as small-business owners (many are immigrants). These businesses are not designed to scale.
- Entrepreneurs are those folks we think of today as the Silicon Valley types—those who start scalable, high-growth companies with the idea of “taking over the universe.” The goal is to “go public and make billions.”