As much as an entrepreneur loves independence, it’s a luxury most can’t enjoy. To materialize a successful idea, he’ll need financial support. The startup will need funds to feed off of in its early days, and they come from co-founders and investors. Both these parties have been known to pressurize and question the business regularly. While they’re in their rights to do so, it does get pretty annoying, leading to toxic internal relations.
This only makes things worse for the company’s performance, as the people in the driving seat of the startup can easily be distracted and frustrated. This then translates to disharmonies developing in the team, and all of it combined formulates a recipe for startup failure. Around 13% of startups studied by CBInsights were found to fail due to disharmonies within the team and with investors.
While you cannot ignore investor’s demands and expectations, you certainly shouldn’t yield to them easily. To resolve issues with the investors, keep them on the same page and update them with strictly realistic expectations for the future to avoid further disharmonies.
Now, looking to your subordinates, there can be even more chaotic conflicts and unrest there if you haven’t had the time to keep a close check. Without a team that executes everyday tasks with synergy and collaboration, it’s hard for any startup to live long. You’ll need to keep making constant moves to ensure there’s near perfect harmony in the team you’re working with. You could do this by;
• Keeping milestones deliverables clear to all concerning individuals.
• Address the issues your team is facing that hinders their performance.
• Maintain a good HR department for timely conflict resolution.
• Clarify each individual’s responsibilities to avoid inconsistencies in work expectations between subordinates.