Posted by: Mark Sorenson | April 3, 2010

The Founding Team

I attend the Friday BoomStartup meetings. John Richards, founder and co-managing partner of BoomStartup,  is usually the one who conducts these meetings. We have a chance to discuss entrepreneurship and ask questions to these seasoned entrepreneurs. We talk about what it takes to be successful as an entrepreneur and it’s agreed that there is one thing that contributes more to an entrepreneur’s success more than any other thing; the founding team.

Every angel investor will agree that solo entrepreneurs are at a huge disadvantage and generally have a small chance of being successful. With years of investing in start-ups, most investors will tell you that a start-up that has 2-4 members on the founding team has a much better chance of survival. Why is this?

If you have any experience at all working within a team, you know that it is much easier on everyone to complete a project than if you were to work on it by yourself. I have been feeling frustrated and exposed as I try to take my business ideas and build companies around them all by myself. I know I have some real strengths, but I am also aware of the many weaknesses and skills that I don’t possess that will be required in a business. For months I have been looking for a computer programmer to partner with me. With that person on board, I would surely be successful. The problem, though, is that most programmers are not going to be excited to team up with you if it is just you. They want to be careful not to put their time and effort into something that is going to fail.

Two weeks ago I joined forces with Jared McQuarrie and Matt Bills. Both of these guys have similar ideas to mine for starting a company and they both have a lot to offer that the rest of us don’t. I have been amazed at how much we can get done as a team. There is so much more excitement and we all push each other to stay focused and on task. It’s wonderful.

So if you are thinking about starting a company, do yourself a favor and find someone else who will partner with you. Maybe even two other people. That way you can experience the kind of synergy that I have been experiencing for the past few weeks.

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