According to the statistics, the number of startups has grown exponentially from 2015-18, from 29k, and is estimated to touch 55k by the end of 2020. With more and more people readily giving up on their nine to five sessions in the office, startups are paving their way out. A good idea is no more just an idea; it’s a start to a new life.
I recently came across a graphical representation of the data regarding the top 20 reasons startups fail, based on an analysis of 101 startup post-mortems. I was surprised to find out that 23% fail because of not having the right team. So, it is not just the mind-blowing idea or some funding you need for a successful startup, but it is also about hiring the right people for the correct positions and creating a good team.
But, what do we mean by a good team? What are their roles exactly? Listed below are five essential and exciting job roles for startups.
The CEO or ‘The Dreamer’
A CEO or the Chief executive officer is someone who leads the team. The leader needs to be a bit aloof from usual, a bit more passionate than people ‘ typically’ are, a bit more imaginative than ‘normal’, and a bit more visionary.
To make his team believe in the idea, he needs to believe in it first, no matter how much it fails—believing in it, looking forward to changing the strategies, and keeping on going even after failures make someone a good leader and CEO.
The CTO or the strategist
Though knowing how to code is a must, the CTO or Chief Technology Officer is the innovator or the strategist in the startup space. The CTO helps the CEO regarding many aspects, like strategizing, developing and implementing product infrastructure, and thinking about the right tricks to get the best out of ideas.
Though he can seem to be in charge of the tech area at the startup, assisting the engineering team, they also have to stand out as innovators using customers’ requirements to increase the company’s revenue.
The product manager, also the supervisor
From owning the business strategy behind a product to managing the launch of the same, everything that involves the development of a product falls under the responsibility of the product manager.
In the early stages of creativity, the product manager makes sure there is a market for the product and ready. Keeping the responsibility of developing products aside, a product manager also needs to help the founders strategize.
The Chief Marketing Officer or the creative enthusiast
How can you create and maintain the demand for the service you provide, if not by marketing? So, to build and maintain the startup’s customer base and bring in revenue, the company needs the Chief Marketing Officer. An idea without a marketing strategy is not enough to run a successful business; so, we should not underestimate the CMO’s role.
The Chief Financial Officer or the financial manager
If you consider the Chief Financial Officer’s role to be just calculating revenues, the CFO’s role, of course, would not seem to be crucial in the early stages. But, the role of a CFO is beyond that. Along with taking care of the finances, they also need to create financial processes, prepare budgets, partner strategically, keep records of the expenditures, and are responsible for the company’s profit.
What are the Hiring Secrets for Startups in India?
You know how the success story for every Startup works. There are so many more that do not get there. Why? One of the reasons can be ‘not having the right team.’ Teamwork is vital for any venture. Looking for job portals for startups? Check out SkillCounty. But, the ones that make it to the top, how do they get the best team? Let’s get into their secret to success.
The first step is hiring for startups. So, let’s discuss the hiring secrets for Startups in India:
- Get the people who are passionate about the company, not just the financial outcome:
Your team needs to have the vision that you have. When you’re on a venture, you do not look for the result as soon as you start. It takes time. Even for generating a passive income, you need to work hard initially. Make sure your team knows that and is ready to give the best.
- Give them an actual test to see if they are good at what they do:
How do you know about the candidate’s capabilities? The skills are more important than the experience. How can you assess that? Assign tests to them. Covid has normalized remote hiring. Now, you can’t just rely on the resume.
- Conduct structured job-specific interviews:
There is a report in the Harvard Business Review. According to the report, standardized interviews tend to be more focused. Assess their skills specific to the job roles.
- Communication skills are vital:
You can not undervalue communication skills. It is okay to target candidates who lack communication skills. But when you want to hire for a startup, you need an employee who talks about issues and details about their work aspects.
- Find partners for long term commitment:
What if you also find a business partner in an employee? A person who is there with you for a long-term goal. Choose wisely. It would be best if you looked forward to partners with the resources.
The startup recruiters should look for the right team. We can reframe that as looking for the people with the required skill and a flexible mindset to adapt to a small yet exciting squad. If you are looking for startup jobs for freshers, you should try out http://www.skillcounty.com. This platform helps you showcase your skills and get better with experience.