Insider Secrets to Making Team Ventures Succeed

Success of any venture often times boils down to the harmony within the corporate team. Unfortunately many startups fail not because of a product issue, but because of a leadership issue.

A few years ago I partnered with two others on an initiative that within less than two years it had completely blown up. It wasn't a passion issue, business plan (values, vision, mission statement etc.), or even a skill set issue, it became a team issue that couldn't be rectified. It was more than a personality issue because outside of the working environment we did things together as friends would. The issue boiled down to not having an infrastructure in place that would facilitate team collaboration and coexistence. The error was that the team couldn't play by team rules within a team concept.

Looking back I've observed other teams and collaborated with others on the success of their ventures. Here are 5 keys to making your team venture succeed:

Put Things in Writing
Everything has to been in writing and agreed upon. Job descriptions, salary agreements, buyouts just to name a few.

Work From Each Other's Strengths
This is why your a team. Being comfortable in what each other brings to the table and knowing what you offer makes it easier coexists on a project.

Lead by Your Expertise
In many settings you'll have the cheerleader, the nuts and bolts individuals, the analytical individual etc, by leading by your expertise you can be honest with your team and flourish within your skill set. While collaboration is always open to the entire team, many times events will run smoother by defering to the individual who's skill set best fits the task.

Friends Don't Always Make Good Team Players
Golf buddies and beer buddies don't always make the best team players. A history of working within a team environment is always helpful. Also, mutual respect for each has to be at the top of the list. This also includes knowing what personality types you are assembling.

Invest in the Team
Teams work when teams will do what it takes to get the job done. The team comes first and investing in it's future and well-being will determine the longevity of doing business together.

Recently, two businessman, Todd and Rob shared their insights in what has made their team initiatives work.

1- We define areas of control. Sometimes Rob gets the final call in a financial decision, sometimes it’s me choosing functionality of an app. Either way, the lines are established from the outset.

2- We’re focused on the same goal… building profitable ventures. When things are at an impasse, we examine how the outcomes affect the goals. When in doubt, follow the path to the goal.

3- We discuss and debate without friction. This may truly be our secret sauce. I’ve never formed a partnership where so many differing opinions can be fleshed out without feelings getting hurt or impeding progress. I cannot overstate the value of #3, it’s worth more than all our ideas combined.
[see article]

While there is no startup venture that is easy, working within a healthy team environment can be the difference in a successful business venture. Just as you would guard your secrets and blueprints, make sure you also guard your team.

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photo by robpurdie

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