10 Vital Things To Note When Building A Start-up Management Team

10 Vital Things To Note When Building A Start-up Management Team

By Dana Hughes | Business Contributor on October 25, 2021
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The management team can make or break any start-up. For your business to stay afloat in India, let alone flourish, you need the right people in the right positions. No man is an island, and even the most talented entrepreneur cannot manage everything on their own. Here is how to choose a team that will propel your business from zero to hero.

1.   Self-Evaluation

Recruiting people can be exciting, but you need clear criteria. What does your business need, and what do you need from the team? What are your own strengths and weaknesses? What things are you unable to do yourself?

A clear vision of your strengths will help you maximize your skills in managing the company. The weaknesses, on the other hand, highlight the roles you must fill to scale the business. Focus on what you are good at, and find competent employees who will handle the rest.

2.   Identifying Positions

To determine the key positions for your management team, think about the way sports teams select their players. Each of them has a vital role to play, as they contribute to the shared goal. Here is the most common structure for a tech start-up (you do not have to apply all the roles if you are in a different industry):

  • CEO (Chief Executive Officer);
  • CPO (Chief Product Officer);
  • CTO (Chief Technical Officer);
  • CSO (Chief Sales Officer);
  • CMO (Chief Marketing officer);
  • CFO (Chief Financial Officer).

3.   Find Action Takers

Your managers must be proactive and flexible, so they will take action when necessary and change their gameplay based on the circumstances. They must understand their roles and act accordingly.

4.   Pay Attention to Personalities

Professional experience is not everything. The clash of personalities causes teams to fail. While disagreements are normal, you need to handle disputes correctly to maintain cohesion. Every position requires a particular personality. While you should not try to eliminate all conflicts, they must be fruitful.

5.   Focus on Long-term Employment

Some entrepreneurs think that hiring people temporarily is acceptable, as their companies are still in their infancy. In reality, this approach is hardly advisable. Look for professionals you can entrust your company to. Changing managers is only a band-aid.

Temporary employees can hinder your company’s growth, as you will need to spend time and resources on onboarding again and again. For example, every new executive may need to learn to use free trading tools by Forextime. This adds to your opportunity loss and affects the team spirit.

A Closer Look at Team Roles

Now, you are ready to zoom in on the specific positions. Here is what the members of your executive team will do.

1.   CEO

If your start-up is a vessel, the Chief Executive Officer is its captain. The CEO develops and communicates a high-level view of the business. They present the concepts they consider feasible and viable to the whole organization. CEOs are the leaders employees look up to when it comes to decision-making and strategy.

2.   CPO

This executive is the visionary who turns ideas into reality. The Chief Product Officers supervise product development. They are in charge of visualization based on the needs and expectations of the customers and the corporate goals. CPOs chart the route to success.

3.   CTO

The Chief Technology Officer is usually found in tech companies, such as forex trading brokers. As the industry is complex, businesses need experts who deal with issues related to the technicalities of their niche. A CTO is the head engineer who also seeks out tech talent.

4.   CSO

Obviously, the Chief Sales Officer is in charge of selling to the target audience. They need strong soft skills to be persuasive and help the company hit its sales targets. CSOs select sales reps to boost revenues.

5.   CMO

The Chief Marketing Officer is the biggest influencer. They must build a name for your company in its niche. They guide the marketing efforts, promoting the products or services to the right target audience based on specific buyer personas. After being approved by the CEO and realized by the CPO, every idea is introduced to the potential customers by the CMO.

6.   CFO

You may not need a Chief Finance Officer after the initial stage, but a scaling or model switch is unimaginable without a CFO. This executive controls all finances of the business, making sure it stays in the safe zone.

To Sum Up

When building a team, entrepreneurs should consider hard skills, soft skills and personality traits. While your business may not need a CFO or a CTO depending on its industry and development stage, you can do without tough managers who will handle product development, sales, and marketing.

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