The Secret to Business Success? It’s All About the Team.

Launching a business isn’t a walk in the park. From sleepless nights to endless decisions, the journey can feel like a rollercoaster with no seatbelt. But if there’s one thing that can make or break your venture beyond the idea or the funding, it’s the team behind it.

One thing I learnt from the book “Surviving a Startup” by Steven S. Hoffman is the importance of having the right team from the inception of a business. Hoffman doesn’t sugarcoat it: startups are challenging, unpredictable, and often chaotic. This is also the same even when you are setting up a business in an already existing industry with what seems to be a “hit the play button model” in place. And while a strong idea and funding are important, they’re nothing without the right people beside you. Your pioneer team members are your co-creators, your sounding board, and your backbone during those challenging early days. Surrounding yourself with individuals who are not only skilled but also share your vision and values can be the difference between scaling successfully and burning out early. This is a lesson that continues to resonate with me in every business decision I make.

So, how do you build a team that sticks around and grows with your business? It starts with people who believe in what you’re building. Not just employees clocking in for a payslip, but a team who are deeply committed to the mission and see your business as part of their future. This level of dedication can’t be bought with a fancy salary or flashy perks. It comes from shared values, vision, and belief in the work being done.

So, even if you’ve got the budget, consider offering equity to your pioneer team instead of just relying on salary. Why? Because equity gives your team skin in the game. It aligns their success with the company’s success. It turns “your” startup into “our” startup, and that shift in mindset can be powerful. When you consider taking on co-founders, look for partners who are in it for the long haul and use partnership agreements that encourage long-term commitment. Remember, you are not just looking for people who are interested in your idea but those who are committed. Anyone can fill a role, but only a true partner will go the extra mile to help you build the business, not just work for it.

At the end of the day, your team is your greatest asset. They’ll carry your vision forward, support you during setbacks, and celebrate the wins with you. So, choose wisely, invest in relationships, and build a team that believes in your mission as much as you do.

If you are a young business owner or an entrepreneur looking to set up your business and you currently are struggling with any area we have talked about in this post and you would like some free advice on how to navigate these challenges, send us an email at hi@lexandia.com with the topic “The Secret to Business Success? It’s All About the Team” as the subject line. We would love to get your feedback as well if you find our post useful, so you are welcome to pop us an email on what you think and any topic you would like us to talk about next. .

Till next time. Have a great week and all the best in your business endeavours.