The Entrepreneur's Secret Toolbox: The Team



“Teamwork is the ability to work together toward a common vision. The ability to direct individual accomplishments toward organizational objectives. It is the fuel that allows common people to attain uncommon results” - Andrew Carnegie

Every successful entrepreneur has a few success secrets. The smart ones have a secret toolbox. A toolbox that works like a magic wand. The magic wand that solves all problems. What's that toolbox, you ask? It's called YOUR TEAM.

A project or a new challenge arises and many people, without careful planning, immediately run off and form a team to research, solve the problem and apply the solution. Teams can be a very powerful way to solve problems and implement mammoth improvements. But there's one catch. Your team has to be the BEST and CORRECT team for the project.

Business is a team sport and without a competent team backing up the business, it will stall its potential growth, and possibly even fail.

When do you need the team?

When you have a specific goal.

If the goal isn’t specific and clear yet, don’t assemble a team just yet. A team can develop a problem argument but they can’t work successfully with a goal that isn’t clearly articulated.

Who do you need on your team?

It's very important to lay out the kinds of professions and intelligence that needs to be collaborating to form a successful business. Entrepreneurs must figure out what kind of characteristics needed to assume duties and responsibilities. For example, in a restaurant business, you're going to need a manager, chef, assistant chefs, attractive waitresses, etc. And don't forget about the other professions behind the scenes, such as a tax accountant, a lawyer, and someone who can help promote the business.

Will the team have the resources they need to succeed?

This is by far the most important question to ask yourself. Not all people are built the same. For example, you might have a banker on your team but not all bankers are the same. One banker might be able to provide a different loan product than the other, such as a line of credit vs. a loan. They're different, and having the specific resources can help propel an entrepreneur's business to success. Be mindful on the resources you can acquire and that is possible. Find people for your team for that specific challenge, thereby customizing the plan of action.