Creating a successful business is hard, and it often takes a few more pounds of flesh than the start-up team anticipated. But concurrently, it can be one of the most rewardingyou might ever undertake. It reminds me a lot of parenting. You get less sleep than you thought was humanly possible, it costs you more emotionally and financially than you ever expected, but you wouldn’t trade a minute of it for anything, and you need a good partner.
I have personally experienced the ups and downs of the affliction that is the. Within the multiple companies I have had the opportunity to be involved in, some have succeeded and some have crashed and burned before they ever got off the runway. But I have found some similarities in the ones that succeed and that is what I call the Entrepreneurial Triad.
While there are a number of “must have” components on my list for a start-up opportunity, the Entrepreneurial Triad is something I look for first. Ideally it consists of three people with three specific roles they are bringing to the table.
- The Visionary – Every start-up needs a dreamer. An individual with a vision of a better future brought forth by the success of the business. Someone who inspires the team around them and influences them while positively pushing forward the vision. Often the Visionary is the source of the business start-up “idea” and passionately believes in its potential success.
- The – The Expert brings a substantial amount of experience in either business and finance, capital acquisition, or expertise in the specific field or area the business is focused on. As an example, if the business is to be in the field, the expert may be a , former CFO, or experienced financial adviser. If the business in the medical field, the expert will likely have a or doctorate with specific focus in the field the business is focused on.
- – The Builder brings everything together and is a master of resource acquisition and . The Builder capitalizes on the knowledge of the Expert and the mission defined by the Visionary to create a disciplined business culture with an ethic of entrepreneurship that can result in a magical alchemy of great performance and business success.
The Entrepreneurial Triad also offers other advantages overby or two person “partnerships”. Start-ups can be a wild emotional ride and major challenges driving uncomfortable conflict is inevitable. As the start-up endures the entrance into the market it will experience a massive learning curve and be faced with major pivoting decisions in order to keep the train on the tracks. In this environment, often sole proprietors experience decision paralysis as they face these challenges alone. Partnerships often experience a similar decision paralysis but often due to the inability of two individuals with opposing viewpoints to agree on major business decisions. The Triad by comparison can often transition through these tough times, not only due to the combined consciousness of three minds, but with an inherent checks and balances system found in the power of 3. Triads react and make better, quicker business decisions and can often find common ground among at least the majority of stakeholders.
Thinking about a start-up? Gather your entrepreneurial triad before you take the exciting plunge. One third ownership of a flourishing business beats 100% ownership of a migraine headache every time.