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Seldom does a startup team include all of the human resources needed for the new
firm to be successful. Founders tend to form teams of like-minded individuals, often with the same educational
background and similar talents and work experience. If the founder is an engineer, for example, then the team
is usually laden with technical talent.
What is the typical makeup of a startup team? The minimal core team should include
individuals with skills in marketing, finance, operations and the product or service that you will offer.
You also need someone with experience in your industry and market.
Problems for most startups include coordinating availability schedules for all the
key players, securing enough money for salaries and finding all of the key team members.
The perfect team may be hard to find, let alone assemble on day one, but there are
issues that you can control. Here are eight things that you might consider doing to improve your chances of
building a winning team - and ultimately, a successful company.
- Select the right type of organization. If
you need equity to attract talent, then consider organizing as an S
Corporation or a C Corporation. If you know your fellow team members
and do not plan on raising capital or increasing the team size in the
near term, an LLC might work.
- Put critical items in writing. If you are
going to issue options, establish an option plan and have the forms
ready to grant the options when attracting the core team. Use employment
contracts - talented people expect to sign these agreements.
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