3/24: How to build a strong startup team?

okay we already said that building acompany is like getting married that's for the better or the worst so getprepared to storms and hurricane start up life is far from a quiet life that'slike a rollercoaster with ups and downs from failure to success so to be astrong team you should validate it couple of checkbox in order to align and to be focused on the company goal the first things isthe time and the salary we already said that during a startup is risky so you doneed to define what is acceptable for you or not that might require you tomake some sacrifice like giving your time with your family or where it may beyour weekend or maybe some savings for example will accept a salary of onethousand two months for the next five years without vacation it's up to eachfounder to define their own rose and let me share the frameworkI recommend how many hours would you dedicate per week to the project howmany time are you ready to work as a bootstrap period and by the way what isa bootstrap period this is a dedicated time where you are going to reduce atmaximum all the costs no salaries and reducing expenses the goal is to avoidor postpone external investors that's easier and that reduce risks so how muchtime are you ready to work without pay check how much money would you like toearn on long-term when we build a company counting is the best way to befair with your co-founder so can all the time like if you were earning a regularsalary and apply discount rates from 0 to 100 the rest will goes to the captable but what is a cap table a cap table is the percentage of the companyequity and we can adjust the equity along the project based on theinvestments and the result of each individual's so do your accounting likeif you were earning salary that's the great indicators especially to measureresults and costs and to know if you are able to be profitable or not but time isjust one aspect to account you should also count as investment themarket knowledge of the key partners that you are able to put on the tablemaybe previous clients or existing applications or anything that can addvalue to the company and keep it simple use time tracking software and simpleExcel spreadsheet updated monthly that will do the jobthe second aspect is even more important as a team is to align your visions andyour personal value so let's ask yourself that question whether you wantto be in one year three years or five years what is your future companyculture you want to create and how can we achieve thisit starts from a personal retrospective by asking ourself basics questions notalways simple to answer the basics question why do I want to do with mylife what are my values and what are my beliefswhat is the deep reason why I am taking this adventure what do I have to proveto myself off maybe to someone else as a boss how would I treat my employees orhow would I be treated and basically what is my management style a verypragmatic approach is to create a vision letter to your co-founders where you aregoing to share your motivations as well as your long-term vision for yourcompany everything that comes to your mind might worth sharing and share yourpersonal character as well what do you like or dislike or what sports do youlike what are your good reads what is your purpose in life why that projecthow that project is going to help you achieve your purpose or how would youlike to be remembered so before sharing it with your co-founders check that youhave a back-up plan what about if it fail how to recover asa company maybe you can try to find other business model or as an individualkeep that in mind that 90% of startups fail but I believein the power of intention so make sure that you have a back-up plan and forgetabout it focus just on your plan a so I would like to invite you to add to yourto-do lists to write a vision letter to your co-founders what are your valuesshare your project visions and your motivationsfor that projects that will contribute to create the right soil for yourproject next I'm going to share my own vision of an entrepreneur's mindset andmy daily productivity Abbot's to be a successful entrepreneur.

Source: Youtube