Having the right team at your adult startup means the difference between a successful venture and a failed dream. It was recently cited as the cause of failure for up to 23% of startups (but that figure is probably higher). Having the right team is everything because you can’t do everything yourself. There are lots of commonly suggested tips and tricks: Hire slowly and fire quickly. Hire people that are smarter than you are. Hire around your weaknesses. No matter your method, ensure you’ve got the right people. How you get there is going to depend on your leadership style, and you might be surprised to find that the problem leading to your company’s failure is you.

Founder’s Syndrome Strikes Again
Sometimes, it’s not the team; it’s the founder. Think you can do everything yourself? You’re not alone. That core belief amongst founders is so common that it has a name (Founder’s Syndrome), and I wrote about it in the June 2020 issue of XBIZ. The TLDR (too long, didn’t read) version is that it causes centralized decision-making to flow through the founder for most everything instead of standard company management and decision-making structures at most successful large companies. The best thing you can do is let go of tasks or consider hiring a CEO to replace you. The only way to start to feel comfortable with letting go of tasks is through practice, so try it, you’ll like it. Giving your team responsibility and authority to make decisions and execute will empower them as your team and empower you as a more effective leader.

Think you’re unstoppable on your second venture because you were successful before? The chances of success for someone who failed in their first endeavor is only 20%. Previously successful founders have a 30% higher chance of success, which is why most investors are eager to fund entrepreneurs with a previous exit. However, some VCs avoid investing in repeat founders because they anecdotally believe they are less likely to succeed the second time because “they got lucky the first time” and don’t believe they have the same craving or hustle as before their big exit. While these investors are clearly outliers, there is a case to be made about the power of multiple co-founders. [Continue Reading in XBIZ Magazine]