Starting a company with no money is tough. You need a team, but how do you build one without funds?
It's a catch-22, but it's solvable.
Start by looking for Startup team members around you. But what qualities should they have?
Startup Team qualities to look for:
Startup Team building is about matching your requirements with the skillset. This is easier said than done, but there are other soft qualities that are just as important. The top few are:
- Willing to Work for No Cash: Find people who can work for equity. They can keep their day jobs or do consulting on the side.
- Integrity: Never compromise on this. No talent can make up for a lack of integrity.
- Passionate: Team members must be fanatical about your mission. Passion drives success.
- Cultural Fit: A strong company culture is crucial. Only hire those who enhance it.
- Expertise: You need the best of the best. Excellence is non-negotiable.
Notice, how Expertise was listed right at the bottom. Even though you would think this should be your top ask. At this early-stage, you need team and vision cohesion first. Without it, the rest of the skill sets don't matter.
Common Mistakes in Startup Team Building
Startup Team Building is hard and you are likely to make mistakes. Here are a few common pitfalls that are easy to avoid:
- Poor Team Fit: Knowing people doesn't mean you'll work well together in a startup. High-stress environments reveal differences. If they can't be resolved, the team falls apart.
- Lack of Hunger: Team members must be motivated. If they don't need the money, they're less likely to push through tough times.
- No Business Sense: Every team member, especially the CTO, needs to understand the business. Without this, the startup is doomed.
- Misunderstanding Fundraising: Team members must have realistic expectations about fundraising. Unrealistic demands can scare investors away.
- Unlocking Skills: Your team must be highly skilled to succeed. But you're unlikely to find someone extremely skilled at this early-stage. It's better to look for people who are willing to invest the time and effort to up their game.
Where to Find the Startup Team you Want to Build?
With the fundamentals in place, start to look for your team members around you. Look for connections on:
- Social Networks: Find people on LinkedIn, Facebook, Instagram, TikTok who are within your circle of friends and share your interest in your startup idea.
- Your Company or School: An excellent way to find like-minded people as you who can work towards your startup vision.
- Professional Networks: Find professional networks, either local or online to join.
- Everywhere Else: Don't be shy to talk about what you are trying to build. You can make business connections at the Gym, Library or even at the Grocery store. Go out of your comfort zone and talk to new people.
How to Recruit your Startup Team
As you look for new members to join your Startup team, keep in mind you will be working with this group for years. So just keep it real.
- Sell Your Vision: Share your pitch deck with potential recruits. Transparency builds trust.
- Be Transparent: Let them in on your plans. Yes, some details might leak, but it's worth it for trust.
Building a startup team with no money is challenging but possible. Focus on the right qualities and be transparent.
This approach can help you assemble a strong team ready to succeed. Good luck!