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Episode 57 The Art and Science of Building Successful Teams
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A critical milestone in scaling a startup for growth involves building a high-performing and well-rounded team that can make or break a venture's success. The guiding hypothesis is that we tend to gravitate towards people with similar interests, and values. That is a foundation at the very early stages for moving the company the right direction.
There is complexity in finding the right fit that involves considering not only individual strengths, complementary skill sets but also cultural fit and team dynamics.
These days, human judgement can be augmented and we know that data is increasingly help companies do this.
One approach that has gained traction in recent years is the use of structured assessment tools, such as the Gallup StrengthsFinder, to identify individual strengths and guide team formation. These tools aim to provide objective insights into each team member's natural talents and tendencies, enabling organizations to build teams with complementary strengths and minimize potential gaps or redundancies.
Here is why building the right teams are so critical:
1. According to a report by CB Insights, team composition and lack of complementary skills are among the top 20 reasons for startup failure, accounting for 23% of the cases analyzed.
2. A study by the Kauffman Foundation found that startups with a balanced team of technical and business expertise are 30% more likely to succeed than those with a single founder or a homogeneous team.
3. Research by Gallup indicates that teams with complementary strengths and a focus on individual strengths development can achieve up to 72% higher engagement and 29% higher profitability.
We were pleased to speak to Ernesto Guillermo Leal. Guillermo is an industrial engineer with intrapreneurial experience in consumer products and has worked for companies such as Procter & Gamble and Telefonica. For the past 10 years he has been a consultant helping companies accelerate the pace of innovation. We discuss the importance of methodologies such as Gallup Strength Finder in discovering talents within existing teams and in building more effective human capital.
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