Recruiting Daily splashes this surprising (or not) stat above the fold:
23% of Startups Fail because of an Inadequate Team.
Wait What? But I thought most would fail because they got no traction, didn’t find a product-market fit and of course burnt through a lot of money and ended up with nothing to show for it. Yes, those are reasons as well, but not having the right people working with you seems to be the most easily solvable reason as well as one of the most glossed-over.
The hard truth also comes in another flavor: you or your co-founder. When you’re just starting out it’s logical that you’ll be a jack of all trades, but your startup can outgrow your utility and you need to be self aware regarding your weak spots and who is best positioned to scale and grow the company in its different stages.
Also remember that your founding team and first employees will set the direction of your company’s Culture, so choose wisely.