The success of a venture does not always come from the idea of what the startup must offer; it is, in most cases, the relentless pursuit of the co-founders to make it happen that derives/determines the success. In some cases, it is found that even with a weak idea, business can scale with excellent execution which provides the differentiator. Success is not something that one can achieve as an end by itself. The human mind is such that, the definition of success keeps evolving as one keeps achieving success. It is not that urge to make the business successful that yields result, it is the relentless pursuit for growth that yields.
When in a startup situation, an entrepreneur means – transcendence from inertia to action, from thoughts to execution, from lethargy to deliverance, from comfort zones to unexplored areas, and most importantly all these in a situation, in most cases, with minimal resources, where there would not be anyone to motivate.
Quality of Founders: Quality of founding team is directly proportional to the success and growth of the business. It is the founder of the founding team that comes with the original business idea, be it a product or service. They only have the blueprint in their minds of what they wish to offer. For most successful businesses, it has taken them sometime before the others realized what the actual plan is.
Blueprint, Vision, Plan & Execution: The right kind of founding team converts the blueprint in their mindscapes to vision, mission, and plan. They focus their energies in the right direction to convert them into actionable items and execution.
Chemistry, Physics, & Maths: In a situation, where there are more than one founding member, it is most important that they have the right kind of chemistry between them, which will ensure that they will not disintegrate easily. Because in business situations, especially in early-stages, these founders would be confronted with unimaginable situations, from various sources. Unless they have the right chemistry, it is tough to have a long haul.
Each one of them must have good physics, which is both physical and mental health. These qualities are extremely important in an entrepreneur who is a founder member. Without which, he/she would find it very difficult to deliver. Without appropriate skills, it would be virtually impossible to commence, have baby steps, and get traction, let alone scale and grow.
Generally, it is said that technical founders need not have commercial understanding. Yes, it is so, but it is best if all the members of the founding team understand the mathematics involved. These are only basic math, but highly important. Each one of these founding team members must know how commercially viable the project is, even before they discuss the blueprints; because, success of an enterprise is wholly dependent on the commercial viability.
The thinker and the executor: It is not necessary that every member of the founding team should be endowed with all the skills. It is best that they have a good understanding of cross skills, while they are competent at what they are expected to do. More importantly, in the nascent days of their business, they must both think and execute, as they would have limited funds to acquire talent who can put their plans to action.
Founders need clarity: Ultimately the success of the venture depends on the levels of clarity the founders carry in their minds. Everything that starts from the mindscape such as a business idea, vision, plan, etc., will have to be constantly validated. Whether what they perceived as a market requirement is actually there, and what is planned is what is being executed, and what is executed is yielding results. It best that the founders have good understanding [or clarity] of what is what. Generally, clarity evolves with experience. So, even if the founder is not sure if he possesses the clarity, he must evolve with experience.
Self-motivated, & a motivator: The founding team should be self-motivated, and be there to motivate each stake holder in his horizon. In some cases, such stake holders may not even be part of the business, they might in some-ways contribute to the success of the business, indirectly, or remotely.
Handle Pressure and taking ownership: Virtually in every business, the founders go through severe pressure situations, especially in the early days of their business. It is extremely important that they keep themselves balanced to handle contradicting and unnecessary situations. To be able to maintain balance in it is suggested that the founders are initiated in the yoga, meditation, and make sure they go through proper Inner Engineering. It is established scientifically that if one is initiated into yoga, and practises it over a period, it can help one maintain mental and physical balance. Yoga can also help in increasing energy levels, thereby increasing productivity as well. Similarly, founders must take responsibility both for success and failure of any transaction. Taking ownership in an adverse situation substantially increases founder(s)’ credibility and trustworthiness among others.
Founder should know what one is getting into: Even though the founders may be good friends or family, it is very necessary that they document most important aspects, including their partnership details formally. A founder or a set of them may not anticipate differences initially. But in an unforeseen situation, when differences start to trickle, the individuals start thinking, ‘Is this what that was committed to me by other founders?”. Every founder must sign the document that specifically mentions about roles, responsibilities, contributions, and expectations from the business, and expectation from other founders. Once it is written down in a document and read out, it is better learned and understood as to what one is getting into and one is responsible for.