In the world of politics it is not uncommon for a presidential contender to select a running mate primarily because of his political appeal in a geographic area where the lead candidate is weak. This may be necessary to enable the newly formed political team to win the election. When this happens, the ability of the team to effectively lead the nation is secondary to getting elected. Unfortunately, the newly elected vice president may find himself being excluded from inner leadership circles and may even be given only perfunctory duties. This is one reason why it is often said that politics makes strange bedfellows.

Likewise, in the business world, entrepreneurs may be persuaded by investors to select key members of the management team primarily because they will enhance the ability of the new venture to raise essential capital. This is the equivalent of simply getting elected.

It's true that venture capitalists will insist that the members of your management team possess all of the necessary business skills and experience required to produce and market your product or service. However, a startup doesn't have the luxury of selecting key team members to simply be used as window dressing to impress a prospective investor.

Building a management team is a task where the overused word "synergy" really does apply. For example, if your team includes three capable and effective key players, you will often find the team doing the work of four or five fully qualified people. The increased productivity isn't just because each team member is willing to work long hours. It is the result of each member being able to work together in such a way that the whole is truly greater than the sum of the parts.

This close working relationship requires compatibility between team members that typically exists only within a close-knit family or with life-long friends. Interpersonal skills are as important as business skills. The team will spend so much time together that they will be able to communicate fully with few words, sometimes even with body language. It is necessary that each person has complete confidence in his own ability, but there is no room for unbridled egos and arrogance. Each participant must work hard to bring out the best in the whole team.

Clearly, the chief executive officer has the primary responsibility to provide the vision and the leadership that is necessary to succeed. But each participant must bring integrity, loyalty, respect, trust, motivation and the desire and ability to function as a team. Often the best candidates for key management positions are people with whom the founder has previously worked. These prior relationships will help participants understand one another's strengths and weaknesses and their ability to meet and overcome difficult challenges.

Investors will not expect that your key managers possess all of the essential business skills. For example, it is typical for a new venture to rely upon outside legal resources and for specific advice on complex financial and tax matters. Also, some necessary expertise may be provided by outside mentors or members of an advisory board, or from your board of directors.

Choose your management team carefully, because you will likely spend more time with them during the startup phase of your new venture than you will with your own family. There should be a quiet confidence and sense of trust and harmony as you zealously pursue your shared vision. Compatibility within your team dictates that there is no room for strange bedfellows.