I decided to address what I call the 4 Companions of Startup Failure. They always travel together, and have caused great damage in the market, being responsible for a large share of the mortality of promising businesses. In this series of 4 articles, we will talk about them.
The first of them is the lack of diversity. Have you ever stopped to think about why some startups flourish while others struggle to survive? Why do some brilliant ideas seem unable to take off, while others transform into successful companies? The answer often lies in diversity, not only the diversity we usually hear about in conversations centered on ESG, but also diversity of specialties and of thought.
1. A Complementary Founding Team
Imagine a startup founded by a group of friends with identical backgrounds and similar experience. They may share affinities, but they may also share blind spots that go unnoticed. Now consider a startup with co-founders from different specialties: a software engineer, a marketing specialist, a designer, and a business strategist. Each one brings a unique perspective to the table, creating a more resilient and adaptable team.
2. Critical Thinking and Innovation
Diversity of specialties means you will have people looking at the problem from different angles. When people with diverse backgrounds come together, more creative and innovative ideas emerge. Complex issues are approached in varied ways, allowing for more effective and often disruptive solutions. Do you want your startup to be more of the same, or do you want to challenge the status quo? After all, is the principle of a startup not to build something innovative?
3. Minimizing Gaps and Weaknesses
No matter how skilled the founders are, everyone has their gaps. Having a team with varied specialties helps fill those knowledge and skill gaps. This means your startup is better prepared to face unforeseen obstacles and adapt to market changes.
4. The Question Beyond Obvious Diversity
Often, when we talk about diversity, we focus on factors such as gender, race, and ethnic origin. That diversity is fundamental and must be pursued, but we should not forget diversity of thought and of specialties. It is also essential for creating a richness of thinking and different capabilities.
So, my advice is that before starting your next entrepreneurial venture, ask yourself: Does your founding team have real diversity of specialties? Do you have a team capable of understanding the basic principles of the solution your company will propose? Are they ready to face challenges from different angles? If not, it may be time to rethink and bring varied perspectives to the table, with other partners or consulting firms that help fill those gaps. Remember, diversity of specialties can be your trump card, but the lack of it can be yet another "companion of failure".
Article also published on LinkedIn.
