The organization team for Startups is vital for its success.
Building an efficient team could take a Startup through all its
ups and downs in an easy manner. Just as it's important to select
the right Startup its utmost important to have the right team in
place probably even before the Startup starts its commercial
operations. The promoter should always take his time to
diligently and carefully design the most effective organization
structure for a Startup.
So who would be the ideal team members the core team for a Tech Startup?
CTO: A person having the ability to learn and implement new technologies.
Business Guy: This person would make sure that he goes out and gets the business for the organization.
CEO: The guy who deals with all the important issues like fundraising, hiring, product expansion, a person who could sell his dreams in split seconds.
CFO: The Visionary who would be realistic and try to implement financial discipline with compliance, controls, and due diligence. The eyes of the company the person to chart our a realistic picture to the members of the organization.
These heads along with their team members could be ideal core team for the Tech or any startup wanting to grow. It is of utmost importance to have a strong team.
It's normally projected that 50 percent of Startup businesses
fail within five years. It's due to the fact that challenges that
these small business leaders face keep on changing from one day
to next. It's impossible to control all the risk which are posed
normally as external risks.
It's necessary to understand the unique challenges that are faced at every stage for these startups.
Seed Stage: the main risk in this stage is the failure to design a business plan & strategy that would enable the org to grow & make it profitable. Other risks are dependency on the seed money to meet the operational costs.
Startup stage: the inability to get a sufficient number of customers to meet the cash flow needs, deliver the volume of products or services, the costly impact of making or hiring decisions.
Growth Stage: there would be a decision to exploit a company's accomplishments by expanding rather than keeping it stable & profitable, expanding into new markets, installation of a new product, the common risk is also inability how to properly establish a valuation for the product.
Expansion Stage: delegation of primary responsibilities without understanding the capability, ill-advised investments. An owner should adopt new methods to overcome challenges.