In today’s economic climate, it is essential to have a seasoned team, a fast path to revenue, and a staged rollout plan. When it comes to the team, there are some absolute necessaries that you need to put in place. I’ll cover that a little big here, but if you’re REALLY ready to move, I suggest that you come to my Results Now Summit this weekend.
You have to ask yourself, what are the first questions a prospective investor will ask? People questions, of course! Here are some of mine: Do you or your team members have massive experience in your field of choice? How about your advisory board: Do its members have this much-needed experience? Do you even HAVE an advisory board? It’s easy to set up an advisory board, which can bring you phenomenal expertise at zero up-front cost, as well as the one commodity you simply cannot buy in this world: Credibility. Without a seasoned team or a long history of experience and income sheets to review, how can anyone possibly trust your revenue and cost projections? As a business owner, you need credibility, and you need it pronto. Follow this “people plan” to help you get off the ground.
1. Lock in well-known and respected advisers who are veterans in their respective industries. Timeline for this? Like, now.
2. Secure contract staff to work with you and those advisors in order to move your biz forward or hit your next Results Now marks.
3. Make sure all team members (employees, founders, contractors, advisers, web developers, strategic alliances, everyone!) sign a confidentiality and proprietary-inventions agreement.
4. Follow standard processes when recruiting. Use STAR to screen candidates, then top-grade those you are seriously considering. You can see my column from BusinessWeek, 4/23/08 on these two techniques to get some more guidance on this.
5. Maintain a backup bench. Always be on the lookout for the next adviser, contractor, or employee. You don’t want to be empty-handed when a key hire quits and you need a speedy replacement.
6. Finally, refine your networking skills. A huge part of your success will be based on the ability to get others to help you.
If you can be prepared with the how-to on picking your people, come to my Results Now Summit in San Francisco. You’ll also get a million-dollar education in business acceleration from me personally, and there will huge networking opportunities and amazing strategies for success to help you launch your business into the stratosphere! (Plus two amazing angel investors: The Golden Gate Angels and the Harvard Angels). Christine Comaford, Business Accelerator and CEO of Mighty Ventures, Inc. http://www.ResultsNowSummit.com