The Problem
To succeed, a startup needs a killer game plan and the right execution. Firstly, an ambitious yet achievable vision needs to be drafted, followed by deriving the strategy to achieve it. Finally, it’s time to implement it and reap the rewards. All of these areas require people with the right skills, knowledge, and experience.
The staff of almost any business can be classified into sections responsible for its vision, strategy, and execution. Incompetent members in the team for any one of these sections can drastically impact the efficiency and success rate of other sections as well. This eventually leads to a complete failure of a startup.
As you may expect, it’s a challenging task to ensure sufficient competence in each business area. 23% of the startups fail to get it right, causing them to shut down.
The Resolve
There are numerous ways to patch up skill gaps and incompetence in particular zones of a startup. Here are some game-changing ideas;
• Outsource! In this day and age, the perfect freelancer who specializes in just the task you need could be clicking away. Websites like Upwork, Fiverr, and Crew.co could be your best mates.
• Craft and follow a strict recruitment model, conducting in-depth interviews and carrying out close performance checks in the employees’ trial period.
• Minimize disharmonies in the team by encouraging positive communication and keeping subordinates on the same page. Members should know what’s expected from them and what they can expect from others in the group.
• This practice is known to have a direct impact on your team’s motivation and productivity: keeping employees well informed about the roadmap of the startup and the short-term and long-term goals it aims to achieve.
References
https://startupdevkit.com/wp-content/uploads/2017/11/Startup-Survival-Secrets-Why-70-of-Startups-Fail-and-How-to-Make-Yours-Thrive-First-5-Chapters.pdf
https://www.gadgetsnow.com/slideshows/15-biggest-reasons-why-startups-fail/Not-the-right-team-23/photolist/61638603.cms
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