team: the power of two
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Importance of a Team in a Start Up and what are the things to keep in mind for setting up a TeamTRANSCRIPT
TEAM: THE POWER OF TWO
Team Building Challenges for Start-ups
Sujit Panigrahi, Co-founder and CTO
Why create a Start-up?
Predicting the Future
The best way to predict the future is to create it
Peter Drucker
Phases of Entrepreneurship?
• Phase I : Before Starting out (Go-no-go)
• Phase II: Early Days (1000 day test!)
• Phase III: Sustainability (10 year test!)
• Phase IV: Taking it Forward (>10 years)
• Remember: there is no exit !!!
Entrepreneurship is like a Marathon (with many short sprints).
Be ready to run that far!
Step 1: Idea to Business
• Identify the following:
– Idea (Product, Service, Innovation, Supply Chain, Social Problem, Rural, etc.)
– Customers/Prospects
– Market size and industry forces
– Understand how company and your technology/value proposition will work
– Project into the future
• Evaluate all Opportunities
– Pick the Idea that you are Passionate about
– Are your Close Friends also equally excited about the Value Proposition? Get Feedback from the Sample Customer Base
– Once you are convinced, take your Idea to the Next Stage
Step 2: Investor vs Customer
What comes first: Investor or Customer?
• Customer look for:– Product or Service (Prototype/Blueprint)– Team/Delivery Capabilities
• Investors Look For:– Team– Team – Team– Market– Product or Service (Prototype/Blueprint)
Step 3: Building a Team
Association
Imagination
Association
Association
Association
Association
Association
Step 3: Building a Team
• What I am capable of?
• What I can get from Team Mates?
• What I/we can improve upon?
Step 4: Building a Team
• Organization Trust
– Principle of Alignment
• Choose Your Leader | Trust Him
• Core Team (Complementary vs Similarity)
• Employees
• Market Trust
– Principle of Reputation (Customers, Competitors, Suppliers)
• Societal Trust
– Principle of Contribution/Giving Back
Value #1: Trust
Brand = Σ (Residue after a transaction is made) = [Delivery –Promise] x Trust
Step 3: Building a Team
Core 4: Results
Core 2: Intent
Core 3: Capabilities
Core 1: Integrity Character
Competence
Results
Value #2: Credibility
Step 4: Making it Grow (1000 days)
• Growing Business
– Recruitment/Building the Team vs Outsourcing
– Vendor/Partner Selection
– Skill Building
– People are leaving you
– Back-up Plans
• Facing the Heat
– You went through a major Financial Crisis
– Market is growing and you are not/Market has crashed
– Working Capital Issues/You want to expand, but there is shortage of funds
– Customers did not Pay
– Outplacing People
– Back-up Plan
Talk StraightDemonstrate
RespectCreate
TransparencyRight Wrongs
Show Loyalty Deliver Results Get Better Confront Reality
Clarify Expectations
Practice Accountability
Listen FirstKeep
Commitments
Extend Trust
Step 4: Making it Grow (1000 days)
work with people who value
Credibility. Trust.
believe in simplyCT