This week, I was sick at home. The only benefit from that is having plenty of time to read. I came across the PhD research of Eva de Mol. She dedicated her PhD research to startup teams. Experience alone is not enough to make a team thrive. So, what does make startup teams stellar?
Data shows that 60% of new ventures fail due to problems with the team. Common insight is that prior startup experience, product knowledge and industry skills predict the success of a startup. Next to rational factors like human capital, De Mol mentions four (affective) drivers.
A shared reason for being
Smart teams do not necessarily perform better. The right balance between hard and soft skills is significantly more important. Specifically a shared strategic vision is required to get to superior team performance. To put differently, a shared Why, a reason for being, makes the difference.
Conflicts are essential
Task-related conflicts, that is. These are fruitful and good to stimulate. Conflicts on tasks and processes are beneficial to experiment and to come to great ideas. This works best in a safe environment, where everybody is able to contribute and share their thoughts.
Passion – the good kind
A shared entrepreneurial passion is one of the secrets to success. But this motivation needs to be there for the right reasons. Passion also has its dark side. If its only focus is on status and money, it could lead to obsessive work ethics and, in the end, to a burn-out.
Learn to deal with fear
Stellar teams know very well they can fail. Entrepreneurs never let that fear get into their ways of effectiveness, new ideas and innovation. They fail fast, adapt learnings and continue until they make it right. They step over their fears in order to become successful.
This research is focused on startup teams. While I mostly work in bigger companies, I feel I can definitely learn from these stellar startup teams. It supports my trust in the importance of a clear and shared Why. A willingness to learn from our mistakes and from each other. To dare to ask the difficult questions. To become better together.
Source: articles on Harvard Business Review and Sprout.
Essence of Change 