No-one has the capacity to run a high growth venture all by themselves and if they are, they are sacrificing growth, creating risk and are not an investable opportunity.
As you share your vision with the world and attract like-people you become the constant amongst a range of teams that form around you. Those teams, however, need to have a purpose and perform a function.
Identify candidates for your three startup teams
Strategic Team: Board of advisors
Your board of advisors is your strategic team that has a proven history and has DONE what you want to do.
To help identify who you’d like on your board of advisors, answer these questions:
- What industry are you in?
- What business are you in?
- What strategies do you want to execute?
- What is your goal?
- Who has DONE what you want to do?
The roles you need filled on your Board of Advisors depends on your startup. If IP is a crucial aspect, you’ll need an IP lawyer. It you are building a tech startup, you'll need a tech entrepreneur who has started and exited a venture previously. If your startup relies on Government dealings then a former politician or senior public servant would be appropriate.
Identify the areas of expertise you need, then secondly make a list of the people who have DONE it.
Personal Team: Board of mentors
Your board of mentors is your personal team who UNDERSTANDS what you want to do. Your mentors will follow you across many ventures over time as you and life evolves.
To help identify who you’d like on your board of mentors, answer these questions:
- Who shares your vision and values?
- Who do you respect and trust?
- Who can help you with accountability, focus and balance?
- Who has impacted you?
- Who UNDERSTANDS what you want to do?
Identify the areas of mentorship you would like, then make a list of people who UNDERSTAND you.
Tactical Team: Founding team
Your founding team is your tactical team who wants TO DO what you want to do.
To help identify who you’d like on your Founding Team, answer these questions:
- What is your ONE core skill out of the four options below?
- What gaps do you need to fill?
- Who is actively looking for a startup to get involved in?
- Who wants TO DO what you want to do?