S12 E49 The Impact of Having the Wrong Team: A Conversation with Janis Machala – Practical Solutions to Difficult Problems with Jeremy Gray
I had the pleasure of hosting Janis Machala in this episode of Practical Solutions to Difficult Problems podcast. In this episode, we discussed the importance of having the right team in a startup. Here are three key takeaways: 1️⃣ Carefully Choose Your Co-Founders: It's crucial to have a clear understanding of your co-founders' values, work ethic, and commitment to the business. Don't assume that personal relationships will automatically translate into a successful business partnership. Conduct honest conversations and involve significant others to avoid potential conflicts down the road. 2️⃣ Beware of Family Founded Companies: While launching a business with family members might seem like a great idea, it can raise concerns among potential investors and employees. The perception of favoritism and potential issues with decision-making can create tensions within the company. It's essential to be aware of these dynamics and address them proactively. 3️⃣ Loss of Control with Funding: As your startup attracts investors and secures funding, be prepared for the possibility of losing control of decision-making. Ownership percentages don't guarantee control if you fail to deliver on your commitments. Stay focused on fulfilling your promises and maintaining a strong grip on the direction of the business. Listen to the full episode to gain more insights into building a successful startup team and avoiding common pitfalls. Link to the podcast in the comments below!
- S12 E49 The Impact of Having the Wrong Team: A Conversation with Janis Machala
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