[SOUND] We've all likely heard the silly phrase Teamwork Makes The Dream Work. Often people use this in a very sarcastic or funny tone, but the reality is that it’s 100% accurate. In life and in business, the team that you recruit to be part of it is often what separates success from failure. Let's take a look at why the team you build is so critical. First and foremost, entrepreneurship is never a solo activity. Even those of you that plan on creating a one person freelance agency type of company need to understand that you can't succeed without the help of others. You may never hire a single employee, but your team will still consist of lawyers, accountants, vendors, and other partners that will be critical for your success. Just like hiring an employee, these team members are just as important. Without the proper employees and partners, a company will stagnate. An entrepreneur can't handle all the responsibilities of a growing company on his or her own. By correctly building your team, you're allow for proper delegation, and position yourself for success. Remember that each new team member you bring on isn't just a cog in the system of your business. Think of each new team member as an exponential accelerant. Take a second to think about all the different things you bring to your own job. Think of all the connections you have in your network, all the ideas you have bouncing around in your head, all the untapped skills waiting to be used, your ability to empathize with your colleagues, and even moral support that you provide to others. Now think about the fact that if done correctly, each one of your new employees or partners would bring that same set of skills, capabilities, and capacities to work on your behalf. This to me is an incredible thought. Your team in an accelerant just waiting to be tapped. It's your job to get them all to utilize their power to help move your company forward. In fact, I bet if more executives began thinking about their employees in this manner, I doubt that layoffs would often be the first cost cutting measure implemented in down times. That;s just my personal opinion, of course. Last and probably the most important reason why team matters so much is that it will force you as a founder to self evaluate your skills and role in the new company. We all know that to many small business owners, the business itself becomes their baby, and often times letting go of responsibilities can be very difficult. However, I challenge you to become self aware early in the team building process. A great way to do is constantly remind yourself that a startup has very limited resources. The opportunity cost matters more at startup than at any other time. If you think about your professional network, I bet most of you know a small business owner who is constantly running themselves ragged regardless of how well the company seems to be doing. These types of owners have a hard time delegating and often take it upon themselves to tackle new problems, although they might not have the necessary skill set to do so. They convince themselves that it's necessary for them to learn all the required skills to do so. This is a silly way to approach business growth. I'm certainly not suggesting that you shouldn't push yourself to learn new skills, but I am suggesting not to do so at the expense of your company. Here's a simple example. Let's say you're opening a bakery and need a logo designed for marketing materials. Would it be prudent for you to buy creative suite, learn how to use it, and then design your own logo to save $500? The answer is of course not. You should be spending your time perfecting the recipes that can scale to meet your anticipated demand. Many entrepreneurs fall into this I need to save money trap, which is actually a waste of time and resources. These same principles need to apply to your hires. Look for talent that complements your skills and fills gaps in your knowledge base. Be willing to admit that you aren't an expert and you'll create an empowered employee and save yourself a lot of time and headache. Let's take a second to recap the material we just covered and why team matters. One, solo entrepreneurs don't exist. We all depend on others to succeed, so make sure to choose the best team to get you there. Two, your employees will help you drive the growth you want. They're your backbone. Three, your team is not just specialized tools for one job. They're so much more, and can lead to exponential growth if utilized correctly. And lastly your team is important because they allow you to focus on the things you do best which means that you're running an optimized team. Now let's jump into the next topic on how to build that team for your business needs. [MUSIC]
