Entrepreneurs too often forget that having the right team around them is essential to achieving business success. Ed Cooper, hub director of the Thames Valley Hub, offers top tips on finding the people you need.
One of the biggest and most common mistakes that individuals starting out in business make is assuming that they can reach their full potential by themselves. Wrong!
Individuals may have brilliant ideas and develop an excellent product or service but, without the right team behind them, they can end up with an ill-managed business which no-one has heard of. Start-ups with high-growth aspirations must recognise from the outset that a strong and entrepreneurial management team is vital. Of course finding such a team can seem daunting and expensive, but costs can be kept low by share ownership schemes – perhaps offering equity in the company in return for expertise. Whichever way you look at it, the benefits a strong team can bring usually outweigh the dilution in equity.
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