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Building the Team - Coggle Diagram
Building the Team
The
important
of Founding Team
Balancing
a Founding team
Relationships
Roles
Need to have significant roles
Clear division of labor
How to make decisions
(votes, consensus, unequal equality)
Rewards
Understand what people really want
Cofounders
Friends and family
(+) Trust, warmth, support
(-) Higher rates of failure
(-) Lowers innovation
Strangers
(+) more focused team
(-) Need to build trust
Senior management team account for
65% of failure
in VC-Backed firms
The Role of
Early Hires
A startup
messed up at its foundation
cannot be fixed
Early hires matter
People you work with every day
Performance differences are huge
Infrastructure
Middle manager
Role inertia
Goals
and
Motivations
Personal values
Who should be chosen
Similar teams
Act faster
Less likely to fall apart
Diverse teams
Slower to act
Innovation and invention
Founding alone or in a group
Generally, a group
Cofounders succeed more
Founders Agreements
Dividing equity
The problem is uncertainty about the future
Uncertainty and founders agreements
• Known knowns: – Standard provisions
• Known unknowns: – Contingent provisions
• Unknown unknowns – Building trust and “Unequal equality”
Hiring Key
Management
Skills & Roles
Demand of skill for a specific roles
Choose the correct ways to find suitable person
Finding Technical Sources
Software Development
Existing suitable tool
Build internally or Outsource
Managing the Process
Identify:
Who
Accountable person
What
Developing product
When
Deadline
Use Project Management Tools
Task assignment and tracking progress
Messaging
Allocating Equity
Allocating equity among founders
Based on the assets the
founders contribute
Bargaining is a significant way to determine
Advisors
Value of Sweat