You Can’t Do It All On Your Own - The Importance Of Having A Team

According to a recent study from Rotman School of Management, the success of a new venture often depends on the ability of the founder to attract a great team around him or her: "A founder's individual characteristics are important but what's more important is that person's ability to bring a bigger and more experienced team with them and the bigger that team, the more likely the firm will succeed."

Even as an entrepreneur, you need a team around you; otherwise, life can be very solitary, and even with all the best ideas in the world, they'll never come to fruition without the right help around you. Trying to do it all by yourself will require you to devote all your time to completing key tasks and, depending on the idea you are working on, time could be of the essence in making your business a success.  

Remember, there is strength in numbers, and if you surround yourself with like-minded, motivated, and positive individuals, who share similar lifestyles and values, who share your passion, and are ready to go through the ups and downs of the journey with you, you can create an unstoppable team. 

As an entrepreneur, you not only need to invest your time and money into your innovation, product, or business, but you need to get the right people on board, and that doesn't mean a team of people who agree with everything you say, but a group of people who have the same vision as you do and are working toward the same goal. They should bring different skills and be able to complement what you're doing. 

You are not an expert in everything.

You may have come up with the idea, and you may be the best person for the job of building an app or cooking a new cuisine but are you the best person when it comes to designing a logo, building a brand, or building a design team? Are you the best person to write blogs, manage your social media, to build your website, or to manage your accounts? There are so many different components when it comes to creating a successful business, and it's better to have an expert managing each of those separate things. 

It's no full celebrating on your own

Sharing your passion with a small team of people who will celebrate when you are doing well, cheer you up during the tough times and constantly work to support you and your dream startup will get your through the difficult times too. All startups, at some point in time, face unexpected setbacks, and this is when you really need your team around you. If you build a good team and have good people around you, they will be there when things get tough; they will stand by you and be there with you when you come out on the other side. 

A team brings more creativity.

Having a team means that your business will not only benefit from multiple sets of skills, but it will benefit from multiple sets of thoughts, different perspectives, and different ways of problem-solving. If you can also motivate this group of people to reach their individual potentials, then you will reach the collective goal of the team quicker and with less effort. It's far more fun and effective than when one person is trying to do everything. It's also no use having a team who are all of similar age, experience, and background. The best thing about being able to build a team is that you can make it diverse and bring in new ways of thinking, ideas, and opinions from other perspectives, other points of view, and essentially a chance to appeal to a broader audience and be more successful.

There will be more learning opportunities.

Bringing these different experiences and backgrounds together means that everyone in the team has the opportunity to learn from each other's insight. You also have the opportunity to learn from others and find new or different ways of working, different approaches to work, and new ways of solving problems.

You will increase in efficiency and productivity.

When teams work together closely, they get to know each other and know how to complement each other's efforts. This positive environment where everyone is doing their best adds to the team's morale, which in turn increases productivity. Workloads shared among team members also reduces pressure and improves the quality of work and the rate at which it is completed. As Sam Walton, Founder of Wal-Mart, used to say: "Individuals don't win in business, teams do."