6 Steps to Building a Successful Team as a STEM Entrepreneur
Finding the right people for your startup team is one of the most important – and most challenging – tasks you face as an entrepreneur and business owner.
A strong team is about much more than recruiting specialists with the right technical skills. It requires a clear strategy for collaboration, leadership, shared values and well-defined roles.
Below are the key considerations you should keep in mind:
1. Acquire the skills your startup is missing
Many entrepreneurs hire people who resemble themselves and share the same professional background. However, this is not always the best approach. Strong teams are built on diverse skill sets.
Instead, take a close look at what your startup lacks. Do you have the business acumen needed to navigate your industry and market? Do you have marketing expertise to ensure your product reaches the right audience? Do you have fundraising capabilities to secure investment and build a solid financial foundation?
Seek out people who complement your own strengths. This also makes it easier to define clear roles and responsibilities.
2. Avoid chaos – define roles clearly
A startup with many new team members can quickly become chaotic if roles and responsibilities are not clearly defined. Who is the CEO? Who is the CTO? You should define what these roles mean in concrete terms for your day-to-day operations. You should also consider whether you are the right person to lead the team you have built. If you would rather focus on the technical aspects of your product or service, you may want to bring in someone who is better suited to the leadership role.
3. Shared values are essential for good collaboration
When it comes to skills, diversity is a strength. But when it comes to values, work ethic and goals, alignment is key. This ensures that you are moving in the same direction while contributing different perspectives. For that reason, it is wise to choose team members who share your vision for the company and agree on how you work together. This helps minimize potential conflicts.
4. Create an open culture – and learn from mistakes
A zero-error culture stifles innovation. It is crucial that you create an environment where your team can safely experiment, take chances, and share experiences – both failures and successes. This promotes your shared learning, and builds trust within your team.
It also creates an open culture when you delegate responsibility and show trust in your team members. Avoid micromanaging and show that you have confidence that others will get the job done.
5. Focused and adaptable leadership delivers results
The team leader – whether that is you or someone else – must set clear, ambitious and realistic goals for the startup and for each team member. Break these goals down into milestones so everyone knows what they are working towards. Celebrate your successes, but be ready to adjust your business strategy if the market or external conditions change.
6. Be flexible – but stay true to your core values
Startups operate in a constantly changing landscape. New markets, political shifts or technological breakthroughs can all affect your business model. Adapt to changing conditions, but hold on to the values and vision that define your company.
Get more support for your startup
A strong mentor can elevate your startup by providing industry-specific guidance and access to networks that may be critical in your particular situation.
IDA’s mentoring programme is also open to self-employed professionals and entrepreneurs. You can be matched with a more experienced founder and receive one-on-one guidance to support your role as a startup leader.