Great business ideas are a dime a dozen — the real success lies in finding individuals who can really execute on them. A fabulous idea for a startup doesn’t mean anything if it’s not backed up by a killer team.
Why does this trend exist in the first place? Simeonov blames arrogance and ignorance. Early-stage startup business plans often change countless times, but, “at any given point along that evolutionary path, many entrepreneurs are over-confident that, this time, the plan will succeed. Then they look at the founding team and, if they think they are missing a key role, they may bring a co-founder on board,” he says.
Unfortunately, when the plan changes, that new co-founder may no longer be a good fit.
VCs see this all the time. And Simeonov says that they’re not likely to invest in a good idea backed by a weak team for several reasons, including the poor judgment shown by the CEO in choosing the weak individuals, and the work it would take to get involved in restructuring the team.
So how do you build a flexible team? Simeonov advises founders to “minimize wasted effort.”
“One of the cornerstone strategies — supposedly one of Toyota’s rules, too — is to delay decisions until the last responsible moment. Because the future is uncertain, the idea is to make decisions with the most information.”
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