“No matter how brilliant your mind or strategy, if you're playing a solo game, you'll always lose out to a team”- Reid Hoffman, Co-Founder, Linkedin
The above quote summarizes why your team should be front and centre for your startup. As entrepreneurs, it’s natural for startup founders to treat their company as a baby that they need to nurture and be involved with at every stage. It’s a common desire to want to be the centre of attention for your startup and take pride in the idea that you have built. However, a good leader is someone who shares and shifts the limelight on the team behind the startup.
A good team is the foundation for a strong idea, a good team will help you build good products, and a good team works towards a shared vision. On the other hand, a good leader knows when to take a step back and let the team take over. A good leader learns to let go and give others a chance to lead.
When you first start a company, the founding team typically takes charge of everything. From marketing to sales, and coding to financial planning, founders are knee-deep into almost every aspect of the business. However, if you continue to be the centre of your business as your company grows and the number of people grows, it will be detrimental to the firm's success.
Here are a few reasons why letting the team take the spotlight is important for a startup:
- Expertise brings growth: There’s a common adage ‘Always hire someone smarter than you’. If you have implemented this in your startup, the next step is to let those team members become outstanding leaders. If they are better than you, chances are that they will do a better job than you in their area of expertise. It’s impossible for a startup founder to know it all or do it all. The first step is to acknowledge that and let go so that your business can grow to its full potential.
- From Founder to Leader: As your startup evolves over a period of time, your role has to change from being a founder to a leader. When you initially start a company, you are involved with a number of different things that demand your attention. This role has to change as your company grows and evolves. It’s important to recognise the stage at which your company is. You can’t continue to function as a founder who does it all. Take a step back, let go, trust the team and give them autonomy to bring out the best in them.
- Builds trust: When employees are given the freedom and autonomy to make their own decisions, you encourage them to think bigger. It shows them that you trust them to make decisions that’s best for the company. Many entrepreneurs believe that they can do it better or that their employees are incapable of solving the problem in the right way. Curb your instinct of wanting to take care of everything yourself. Let your team take decisions on their own, and learn from their wins and challenges.
- Scalable in the long run: If you are a one-woman/man army, chances are that you are going to burnout. As an entrepreneur, you cannot do it all. You need partners who help you at every step of the way. Your team can be your biggest partners throughout your journey as a founder and leader. If you are planning to build a scalable and sustainable business, it’s important to share responsibility as well as the limelight with your team.
The underlying message is pretty simple and clear. If you want your business to grow, evolve and reach newer heights, it’s time to let go and trust the team.It can be beneficial not just to you as a founder, but also to your team's morale and the success of your company.