Teamwork is the Key to Building a Successful Startup

You have the most innovative business idea. You have backed it up with a solid business model. You have arranged ample funding and resources while hiring the smartest people for the job. Does it guarantee business success?

No. Not unless you have good, seamless teamwork. With a reliable team of people who aren’t just skilled but work well together, you can drive success with even frugal resources. Without teamwork, even the best ideas and business models are bound to fail.

Data suggests that 18% of startups fail because of team problems. Another statistic suggests that 14% of startups fail because they don’t have the right teams. Further, 7% of startups fail because of disharmony among the team/ investors.

Why is Teamwork So Crucial to Startup Success?

Here are a few answers maybe...

Startups operate in the VUCA world

Startups are themselves characterized by change. To add to that, we live in a Volatile, Uncertain, Complex and Ambiguous (VUCA) world where there is relentless change. And for startups to thrive in such a business environment, they need to be agile, nimble, responsive and flexible. They need to be able to pre-empt and adapt to changes quickly, else they will perish.

When the team works together seamlessly, early-stage startups will be better equipped to weather the storm of uncertainty and risk facing them. The burden of risk and uncertainty doesn’t fall on a single person, it is shared among all team members.

So, there’s room to innovate, creatively solve problems and adapt faster to changes in the VUCA world when there is good teamwork.

They always have frugal resources

Most startups, especially those of student entrepreneurs, are typically resource constrained. And startups must use these frugal resources in the most efficient, effective and productive way possible. You cannot afford to waste anything.

With strong teamwork, you can ensure that resources are judiciously used. Further, there is accountability and self-monitoring among teams. If teamwork is poor, then the risk of wastage and inefficiencies is much higher. Even small errors due to miscommunication between teams are much costlier for startups.

There’s no room for silos

Siloes are costly even for well-established businesses; they are deadly for startups. Siloes cause broken customer and employee experiences and lead to a great deal of inefficiencies. Decision-making will become ineffective and based only on guesswork, not actual facts.

Great teamwork ensures that channels of communication are always open and strong. They ensure that information is always shared among team members; that everyone is updated on the happenings. This helps to keep everyone focused, motivated and aligned to the common goals.

Startups need to be quick and efficient

Startups need to be quick and efficient to drive greater value and be successful. Unless there is seamless teamwork and a collaborative culture within your startup, delays and wastage will be unavoidable.

Seamless teamwork = More innovative teams

Seamless teamwork enables startups to achieve faster, deeper innovation. There will be different perspectives from the diverse team members on how to turn challenges into opportunities. And since there is a culture of openness and communication, everyone will be more receptive to new ideas. So, you can build MVPs faster, make quick iterations and improve your speed to market.

Greater scope for learning

When teams work together seamlessly, you pool everyone’s strengths and weaknesses. So, there is greater scope for learning. This is especially useful for student entrepreneurs.

Concluding Thoughts

There is no such thing as a solo entrepreneur or completely self-made entrepreneur. Great entrepreneurs, even if self-made, are backed by reliable teams and support systems. If you are an aspiring entrepreneur or a student entrepreneur, go ahead and hire a small, reliable team with diversified skills and experiences and expertise. Make seamless teamwork a priority…because that’s the secret sauce to startup success.