If you think about a few of the most successful business teams in recent times, we naturally recall Afterpay’s Mike Molnar and Anthony Eisen or Mike Cannon-Brookes and Scott Farquhar of Atlassian fame. Both ‘teams’ who put Australia firmly on the global tech map, writes Jason Toshack, General Manager ANZ, Oracle NetSuite.
These visionaries had very different goals, but what they all had in common was a symbiotic partnership of high performers with complementary skillsets, who set out to create something extraordinary.
While most of us can only dream of reaching the (literal and figurative) heights of these Aussie tech duos, there are three important considerations when building your ‘all-star’ line-up.
3 things to consider when building your dream team
1. Surround yourself with the right people
According to research by Frost & Sullivan, over 60 per cent of surveyed entrepreneurs in APAC have set up a business alone, rather than with a partner. But even if you start your business alone, you will still need some help to scale it from an idea to a household name.
So, what should you be looking for?
Whether you’re working with angel investors or external consultants, it’s important they share your vision for the business and bring complementary skills or experience to the table. In addition, last year taught us that even the best-laid plans go awry, so it’s important to ensure your team members are agile, can deal with challenges quickly and efficiently, and can think of creative solutions when needed. It might be impossible to plan for all outcomes, but you can certainly build a support network to help you handle issues as they arise.
2. Choose to partner up
Globally, business greats have relied on support from a partner or confidant in one way or another. Choosing to launch your business with a partner can provide a supportive shoulder to lean on or additional expertise to diversify your thinking, broaden your opportunities, and lighten the load.
When selecting the perfect partner, both parties should ideally have the same vision and a complementary skill set. With the long hours needed to get your start-up off the ground, you also need to ensure that you have the right ‘chemistry’ to help keep you both focused and motivated.
Many tech startups have achieved success with a team comprised of a ‘technical’ founder, who handles the technology needs of the business, and a ‘non-technical’ founder, who handles the commercial aspects – from growth strategies to sales and marketing, operations, and hiring.
Even if your business is not a technology startup, you can take a similar approach by having someone with deep sector expertise and someone that brings commercial skills to the table. With an innovative idea and the right mindset, you can build your team around these core skills to navigate the complexities of scaling a growing business, while staying as lean as possible.
3. Embrace technology to drive team success
When it comes to startups and growing businesses, almost all have two things in common; they need to move quickly and operate with limited resources. This means effective processes underpinned by technology should be key to your startup team from the get-go. There are a wealth of tools that can ease the strain on an already stretched team and improve operational efficiency. The same Frost & Sullivan survey found that 39 per cent of successful Australian entrepreneurs attribute their success to detailed business planning and strong processes and procedures enabled by their IT systems.
As your business grows and you add to your team, you may look at setting up a presence in new geographies or introducing new product lines. Complexity may snowball and stall growth when inflexible systems become a barrier to efficiency. However, the right business management solution can empower your team to ensure important tasks don’t get buried, while maintaining a consistent customer experience and increasing employee collaboration.
It’s no secret that setting up a new venture is extremely hard work and requires great dedication. And while there is no recipe for success, surrounding yourself with an agile team of go-getters, investing in robust technology, and with proper planning and execution you can put yourself in position to build the business of your dreams.
Want more? Get the latest coronavirus news and updates straight to your inbox! Follow Kochie’s Business Builders on Facebook, Twitter, Instagram, and LinkedIn.
Now read this