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I have built several businesses in my life and my main task has always been to bring together a primary team to lay the foundation for the main business processes. Qualified professionals who care about what they are doing and are dedicated to ensuring the success of whatever venture you are undertaking. After all, 80-90% of your business success depends on having the right people with you.
Related: 10 Time-Tested Secrets Of Serial Entrepreneurs
My first task when launching a new business is to find the “right” people so that the team can grow in size and skills. My second order of business is to find someone who can handle most of the management for me. Once the problem is solved, I can step aside and participate in the strategic development only as a founder. I have followed this model several times in my life and it has proved invaluable.
Scaling a company from 20-30 employees to 50-100 is a career milestone for any entrepreneur. For large and medium-sized enterprises, management delegation is essential. Instead of trying to control everything to the smallest detail, better results can be achieved by finding a team of competent professionals who can provide an in-depth focus on specific tasks and branches of the company.
Related: 7 rules for entrepreneurs to delegate effectively
More brain power
In any organization there will always be conflicting views and opinions and the job of a wise CEO is to assemble a creative team capable of generating the best ideas. Business models shouldn’t be set in stone, but should shift and change based on the circumstances in which a company operates. The world is constantly changing, so blindly following a rigid business model risks bankruptcy.
Paying attention to the team’s ideas is necessary to maintain a creative spirit and a dynamic business model. When a rational, reasoned idea is proposed, which does not radically contradict corporate values, a good founder has no reason to oppose its implementation.
Effective crisis management
When the business is stable and profits increase, the founders can step back and provide overall guidance for the company as it grows, leaving the management details to subordinates. However, during a crisis, founders should return their focus to direct oversight of business operations and focus on resolving the situation.
I’ve experienced it firsthand: Before starting Crypterium, which is now Choise.com, I was the CEO of a company engaged in computing. At some point, it became apparent that this market didn’t have very good prospects, so we had to regroup and find a new direction in which to develop. My idea was to build a business in the cryptocurrency space.
Together with the team, we applied our experience and evolved into a crypto bank. It took a lot of effort and the process was not easy, but through the combined effort we were successful and greatly developed.
Related: 7 Outdated Habits That Will Cripple Your Business
Diversity is a virtue
Diversity is a virtue in business. No matter what type of business we are talking about, there should always be a mix of different skills. This is especially true for startups in emerging spaces like fintech. This market often moves so fast and unpredictably that a diverse team is needed to stay on top of the latest changes.
Successful teams combine different skills and abilities to develop the company’s potential in the most efficient way. It is essential that each position suits the characteristics of the team members i.e. reliable and responsible lawyers, honest financiers, daring marketers, creative designers, proactive sales managers and so on.
Related: Be intentional about diversity
An inclusive workspace
Our team has always been open to people with different backgrounds and points of view. It is essential that team members feel comfortable at work to avoid a toxic environment that is detrimental to the company’s goals.
However, a set of shared values is needed to unite a diverse team of different characters, nationalities and points of view. This is where corporate culture comes into play, combining very different mentalities with values common to the whole company
Some founders often make the mistake of being too perfectionist and wanting to always have everything under direct control, no matter how unsustainable the workload. However, effective team management is a must for any entrepreneur looking to grow their business. Building a team of target-focused professionals is essential for any entrepreneur with a substantially large company. Remember, no one can do it alone.
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