0:14
We've all likely heard the silly phrase, teamwork makes the dream work.
Often, people use this in a very sarcastic or funny tone.
But the reality is that it's 100% accurate.
In life and in business, the team that you recruit to be part of it is often what
separates success from failure.
Let's take a look at why the team you build is so critical.
First and foremost, entrepreneurship is never a solo activity.
Even those of you that plan on creating a one person freelance agency type of
company.
You need to understand that you can't succeed without the help of others.
You may never hire a single employee.
But your team will still consist of lawyers, accountants, vendors and
other partners that'll be critical for your success.
Just like hiring an employee, these team members are just as important.
Without the proper employees and partners, a company will stagnate.
An entrepreneur can't handle all the responsibilities of a growing company
on his or her own.
By correctly building your team, you allow for
proper delegation of responsibilities and position yourself for success.
1:05
Remember that each new team member you bring on isn't just a cog in the system of
your business.
Think of each new team member as an exponential accelerant.
Take a second to think about all the different things
you bring to your own job.
Think of all the connections you have in your network,
all the ideas you have bouncing around in your head.
All the untapped skills waiting to be used.
You're ability to empathize with your colleagues and
even moral support that you provide to others.
Now think about the fact that if done correctly,
each one of your new employees or partners.
Will bring the same set of skills, capabilities and
capacities to work on your behalf.
This to me is an incredible thought.
You're team is an accelerant just waiting to be tapped.
It's your job to get them all to utilize their power to help move your
company forward.
In fact I bet if more executives began thinking about their employees in
this manner.
I doubt that layoffs would often be the first cost cutting measure
implemented in down time.
That's just my personal opinion of course.
Last and probably the most important reason why team matters so much.
Is that it'll force you as a founder to self evaluate your skills and
role in the new company.
We all know that to many small business owners,
the business itself becomes their baby.
And often times letting go of responsibilities can be very difficult.
However I challenge you to become self aware early in the team building process.
A great way to do this is constantly remind yourself that a start up is
very limited in resources.
And that opportunity costs matter more at startup than at any other time.
If you think about your professional network, I bet most of you know a small
business owner who is constantly running themselves ragged.
Regardless of how well the company seems to be doing.
This types of owners have a hard time delegating.
And often taking upon themselves to tackle new problems,
although they might not have the necessary skill set to do so.
They convince themselves that it's necessary for
them to learn all the required skills to do so.
2:44
This is a silly way to approach business growth.
I'm certainly not suggesting that you shouldn't push yourself to
learn new skills.
But I am suggesting not to do so at the expense of your company.
Here's a simple example.
Let's say you're opening a bakery and you need a logo design for
marketing materials.
Would it be prudent for you to buy Creative Suite, learn how to use it and
then design your own logo to save $500?
The answer is of course not.
You should be spending your time perfecting the recipes that can scale to
meet your anticipated demand.
Yet, many entrepreneurs fall into this I need to save money trap,
which is actually a waste of time and resources.
These same principles need to apply to your hires.
Look for talent that complements your skills and
fills gaps in your knowledge base.
Be willing to admit that you aren't an expert, and
you'll create an empowered employee, and save yourself a lot of time and headache.
3:31
Let's take a second to recap the material we just covered in why team matters.
One, solo entrepreneurs don't exist.
We all depend on others to succeed, so
make sure to choose the best team to get you there.
Two, your employees will help you drive the growth you want,
they're your backbone.
Three, your team is not just specialized tools from one job.
There's so much more and
it can lead to exponentially growth if utilized correctly.
And lastly your team is important because they allow you to focus on
the things you do best.
Which means that you're running an optimized team.
Now let's jump into the next topic on how to build that team for
your business needs.
[MUSIC]
Ken SzymusiakManaging Director, Burgess Institute for Entrepreneurship & Innovation
Forrest S. CarterAssociate Professor, Faculty Director of Institute of Entrepreneurship and Innovation
David WheelerCreative Research Faculty, The Hub for Innovation
