Entrepreneurship For Dummies, 2nd Edition

Chapter 9

Putting Together Your Founding Team

IN THIS CHAPTER

Selecting your partners

Choosing the best attorneys, accountants, and other advisors

Forming your boards

Bootstrapping your way with outside talent

As an entrepreneur, you bring your concept and skills to the table. It’s rare that you would have all the skills and experience required to launch and grow a new business. That’s why the most successful new ventures start with a founding team with diverse knowhow.

A Little Science Behind Founding Teams

The fact that teams are associated with successful startups is supported by a large body of research for reasons such as the following:

• You can share the enormous effort it takes to start the business.
• The business can continue even if one team member leaves.
• If your founding team covers all the primary functions in the business — marketing, finance, and operations — you go farther faster before bringing others on board.
• You gain more credibility with lenders, investors, and others if you have a team.
• You make better decisions as a team than as a solo entrepreneur, especially ...