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Setting up the company team is a process where the idea meets the doers.

Basic team principles

  • The team must be willing to work on the idea and make it happen.
  • The team needs to feel they have the ownership of the idea and are fully behind it.
  • The team must be the right size for the task. We recommend 2-7 people per NY Start Up -company
 Read:  5 Reasons why the balanced team is important (Forbes)  

Tips for team creation

Working as a team and sharing responsibilities is one of the fundamental learning points. Being able to trust your team member gives you an opportunity to concentrate on the part you are doing and makes the team stronger.

  • Discuss and select the person who will be the president of the company. What kind of skills and competencies should this person have?
  • Motivate this person to involve other people and to establish a team.
  • Define what each team member is good at and where the weaknesses are.
  • It’s good to have people with different skills to divide tasks and a wider perspective on idea development. You can even make a team of people from different universities.
  • It is more important to have a team of people who work well with each other than a team with the perfect skills.
  • Define the business mentors you will need and find them.
  • Be careful of conflicts and try to settle issues as early as possible. There will be some conflicts, but managing them well will make the team stronger.
  • Agree on the common rules of communication and attendance (i.e. for team meetings etc.). Write them into a contract of cooperation with the roles and responsibilities of the team members.

Be aware that creating a business with a close friend(s) can be great, but it will also carry high risks if things don’t go as planned. So discuss the situation beforehand.

Co-operation agreement

It’s recommended to create a team co-operation agreement about the goal of the company and motivation of each member. This is also great time to think about the personal motivation and commitment to the company and project in general.

You can use the template provided and add your own set of rules that everyone agrees.

Additional reading

Teams are about the people
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