Every year there are millions of startups around the world, some of which go on to make enormous amounts of money while others fail, often even before getting off the ground. Some of those that never saw the light of day could have been extremely profitable but they were lacking something very important, something that would have almost guaranteed success. Do you know what that was? If you guessed ‘a team’ you would have been right. So many startups fail simply because they don’t have the right people to do the right job; or perhaps not enough of the right people to cover all of the jobs that need to get done!
It All Starts with a Dream
Young entrepreneurs freshly out of school, whether those who majored in business administration on campus or those who successfully completed an online business administration degree, know that starting a new venture takes talent, and lots of it. It all starts with a dream, an idea, but few companies ever made it to the big time without a team working together as a unit, each with specific roles and tasks.
As a graduate with an online business degree such as those offered by Arizona State University, you have learned how to start and manage a business. Recruitment is a big part of management and so it is with a startup. You can never overestimate the importance of surrounding yourself with a talented team working towards a common goal – success.
Why the Numbers Aren’t Good
This leads us to the fact that 92 per cent of all startups are doomed to fail, a figure that was published on Inc. a few years back. Unfortunately, since that time, things haven’t improved very much because few would-be entrepreneurs understand the importance of working cohesively with a team. One man, one woman, simply can’t do it all, so it is imperative to fill key positions with people of a like mind. For example, as the graduate with an online bachelors in business, you have the dream. The startup is your brainchild.
But, you also need a marketing pro and someone who it going to be the workhorse of the group, someone who is task oriented and won’t stop until everything is done. Perhaps you need someone in R&D, someone who is going to be able to develop or modify your ideas so that they evolve with the needs of your market. You need a communicator as well, someone who is able to keep all members working together on the same page. Some of your team may be able to wear two hats simultaneously, but those hats must be filled nonetheless.
So why do so many startups fail? Most often it is because a dreamer goes in without the knowledge necessary to begin building a company. The dream is good, but without a background in business he or she is unable to pull it all together. This is why at least one member on the team should have a solid background in business; at the very least an online business degree so that a model can be developed to carry the startup forward into the future. Most startups fail because one person simply tries to do too much. If you are looking to build on your dream, surround yourself with a likeminded team. Together anything is possible.