Behind every startup is a great team. In the early days of a startup, there’s often one person performing multiple roles. In the beginning, a one-person team is the most cost-effective way to do things. However, as the business grows, there will be an increase in tasks and a need for a team.
In the beginning of launching a startup, it’s important to establish a team of people who are willing to put in the time to succeed. The founding team of a startup is the foundation for its. It determines the path and the outcome the startup will take. It requires building a strong team that’s able to manage critical areas of your business to make it a success. One of the main challenges of developing a strong team is figuring out the most critical roles to fill first.
Here’s four places to start:
Chief Executive Officer (CEO)- The Dreamer aka the Boss
The Chief Executive Officer is usually the founder, leader and the face of the startup. The CEO is a primary role and is responsible for upholding the mission of the startup. They’re passionate about the mission and are the boss of everyone and responsible for everything. Most importantly, they hire and build the senior team and make all the final calls.
Chief Product Officer (CPO)- The Visionary aka the Product Guru
The Chief Product Officer knows the ins and outs of the products and can recognize problems and offer solutions. Similar to the CEO, the CPO has to understand the mission and goals of the startup. The product officer is not only responsible for utilizing various technologies to build a product or service—but they’re also responsible for finding ways to use technology and information to create a successful business model.
Chief Financial Officer (CFO)-The Monkey Maker
The Chief Financial Officer handles the money. The person has an integral role on the founding team because they access the growth and profitability of the startup, which is key to getting investors. The person in this role creates budgets and financing strategies. They create systems that monitor your company’s financial health.
Chief Marketing Officer (CMO)- The Architect
The Chief Marketing Officer oversees the marketing and sales strategy. The CMO will be an expert in your industry and will help position your product, discern it from your competitors, enlist distributors, and make customers crave what you’re selling. In today’s business world, marketing is a part of every business, making a CMO a critical role to fill when launching a startup.
In today’s entrepreneurial world, to go from “idea” to “execution,” a startup needs a team to make it all happen. Filling these critical roles will help build a team to help you reach your goals. In the end, you have to have a strong team launch your startup into success.