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Team Entrepreneurship: Are we together for business success?



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Team Entrepreneurship: Are we together for business success?

 

Introduction

Behind every successful business is a group of brilliant people that work together as a team. Sam Walton, founder of Wal-Mart used to say: “Individuals don’t win in business, teams do”. (Centre for preneurs 2023).  Every entrepreneur works to bring in money and make changes in the economic market, in order to make this happen, it requires the right players to make up the team. There is no way that a single entrepreneur will do all sorts of things to operate the business successfully. As startups and small businesses recognized the essence and benefits of team entrepreneurship, it has become increasingly popular. There is so much potential for business success in collaborating and sharing resources for attaining increased efficiency, better creativity, scaling innovation, and exploring opportunities.

An entrepreneur needs people to help and support him to get all things done. What would be the kind of team players can comprise a great team? So how much more success there is if the business is run together by a team of entrepreneurs? What benefits could there be if we work as a team and lead a team, learn and practice the principle of  “We did it” instead of “I did it”? The relationship is an important element in team entrepreneurship, how the team members interact and work collectively. It is a great point of discussion on what culture is manifested whilst working as a team. As team entrepreneurship thrives in the business world, being effective and successful is a tremendous challenge. There are several issues and struggles in being a team. These issues are barriers that lead to a dysfunctional team. Knowing these issues and recognizing them within the team and working for it is significant to foster harmony, and cohesion, and deliver great results. Being aware of all these aspects can help the entrepreneurial team be confident and effective in working with better productivity, great team morale, bringing in more value, and attaining business success.

Team Entrepreneurship Definition

Team entrepreneurship refers to a business model where a group of individuals comes together to start and run a business. Rather than one person taking on all aspects of the business, a team of entrepreneurs works together, pooling their skills, resources, and knowledge to build and grow the company. (Chat GPT). Entrepreneurs establish and share ownership of the business, jointly working the financial, executive, and daily operating responsibilities of running the business, and together commit to the pursuit of business success. As each team member possesses different skills and competencies, their uniqueness and diversity can be an advantage for growing the business. Many new ventures are founded by teams rather than individuals and such firms are often more successful than those founded by lone entrepreneurs (UKdiss.com 2019). The greater the team is, participation increases, deals with and overcomes challenges confidently, and creates more rightful decisions.

The Entrepreneurial Team

Build a team of people around you who can help you to implement your ideas and achieve the big goals you have for your future. No matter if you are starting out or you’re already a millionaire, it will be the learn you build today that will determine the results you get tomorrow. (Priestley 2013). Priestley imparted his journey when he build a team and run his business. Here is his draft pick of who should belong in the team. However, this composition may not be all true for any business type. So it would depend on what operation and business would there be.

 

A Visionary

This is the person in the team that can communicate and amplify the vision of the business and focus on the bigger picture. Has the potential to expand the business network. Hardworking and good at delegating different company responsibilities.

A Graphic designer

Concreting the business ideas and vision. Doing more designs and marketing strategies and actions for the business.

A Salesperson

Taking the financial and sales operation responsibility. This includes initiating and managing relationships with the customers, making them the point of contact for making any business sales. All entrepreneurial teams need a salesperson or like.

A Swiss army knife

It is someone who is not perfectly brilliant in a particular aspect but can complete things enough.

A Mentor

As team entrepreneurs bring different skills and expertise into the business, everyone could be a mentor in his own way. Able to share and teach his knowledge to the group that brings about success to the organization.

Team entrepreneurship can bring success in business in some ways:

  1. The complementary skills and expertise (Chat GPT)

When entrepreneurs form a team together to run a business, their skills and expertise are shared and utilized collectively to explore more business opportunities, collaborative decisions, and deal with difficulties efficiently.

  1. Increased creativity and innovation (Chat GPT)

Definitely, two heads are better than one. As a team, entrepreneurs’ creativity and innovation are far better than just one. This enables the team to explore widely to develop a new product or service for the business.

  1. Shared workload and resources (Chat GPT)

Starting and running a  business take so much work and can drain resources. But working together as a team can make the business workload lighter and have enough resources to scale further the business.

  1. Enhanced decision-making (Chat GPT)

Deciding together as a team can achieve more confident and deliberate decisions. All aspects of making a decision can be considerably taken into account more consciously to arrive at a well-informed choice.

  1. Better networking and partnership (Chat GPT)

To expand the scale and network of the business, working as a team can leverage each other’s connections and collaborate intently for business growth. As a startup, building partnerships and networks is a much-needed aspect in order to increase business activities and achieve success.

The power of “We did it”

Entrepreneurs forming a  team can surely bring a lot more success for the business, than just being alone, however working together to achieve great results is a whole lot of challenge. Leading the team and working together is also difficult at times as people have different perspectives, opinions, beliefs, principles, and other things that matter for running the business or organization. What team and work culture should there be to bring more impact and contribution to the business? How the “we do it instead of I do it” concept can bring about the team’s authenticity and transparency? As said, working as a team entrepreneurs can bring better results than just one. Here are the 10 WE principles from the book Begin with WE by Kyle Mcdowell, an author, inspirational speaker, and leadership coach. The guiding principles from this book are Kyle’s foundation for leadership philosophy that brings about a great team culture for excellence.

  1. We do the right thing. Always

Each person has a unique understanding of what is right, which is shaped by a variety of things including upbringing, education, religion, and personal experiences. And it is not always easy to determine what is the right thing but it is always the way that people can be able to depend on and genuinely work together.

  1. We lead by example.

Leading by example is an important aspect of leadership and is crucial for building trust, respect, and credibility. Setting a good example for others not only motivates others to follow, but also makes it clear to them what is expected of them. Leading by example is an effective way to create a positive workplace culture and drive success. Thus, mirroring the right behavior promotes better results.

  1. We say what WE are going to do. Then We do it.

When we make a promise or commitment we need to deliver. We are essentially creating an expectation that we will follow through on our word. Relationships may fail and trust can be lost when commitments are broken. In order to effectively interact with people, it is crucial, to be honest about our capabilities. It is essential to express any issues or problems that hinder us from keeping our promises as soon as possible and to work cooperatively to find a solution.

  1. We take action. Taking action and making a mistake is okay. Being idle is not.

By taking action, we actively endeavor to accomplish our objectives and have a positive influence on our lives as well as the lives of others. Making mistakes is a normal aspect of learning, and taking action is necessary for growth and success. It is better to take action, learn from our mistakes, and keep moving forward than to be idle and miss out on opportunities for growth and success.

  1. We own our mistakes. We aren’t judged by our mistakes.

We’re judged by how we remedy them. And If we repeat them.

By owning our mistakes, we imply that we accept responsibility for any adverse consequences of our actions. It is important to take ownership of our mistakes rather than deflecting blame onto others or making excuses. Despite the potential for unfavorable results, it’s vital to keep in mind that mistakes do not define us. Rather, we are judged by how we respond to them. When we acknowledge our mistakes and take action to make them right, we show that we are dedicated to doing the right thing and avoiding repeating the same mistakes.

  1. We pick each other up.

This brings in positivism, support, and encouragement among the team members or within a group. It means that we help each other when we fall, whether it’s physically or emotionally, and that we work together to overcome obstacles. When support is there, the feeling of safety, connection, and engagement is guaranteed. And it would be a way easier to get back on the right track and get the situation fix.

  1. We judged ourselves by Outcomes. Not activity.

Others are judging us purely on the outcome of our activities, without considering the work or process that led to that outcome. While results matter and can have a big impact on how people view us, it’s also vital to appreciate the importance of the action or process that the team undertakes to lead to that result.

  1. We challenge each other. Diplomatically.

Being in a team can bring more challenging moments, yet arguing and criticizing in a constructive way without being unpleasant, insulting, or aggressive. Instead, discuss viewpoints and opinions in a mindful and diplomatic manner.

  1. We embrace the challenge.

Embracing challenges can have numerous benefits for the team. By facing challenges with a positive and proactive mindset, people can learn new skills and competencies, build resilience, ignite innovation, improve motivation and teamwork, and deliver opportunities for success.

  1. We obsess over details. Details matter. A lot.

The team can thrive at their work or projects and have higher success if they value and prioritize attention to detail. Being obsessed with details can increase accuracy, quality, problem-solving, professionalism, and productivity. It also implies that thorough care of the work emphasizes customer satisfaction and can contribute more value to the business.

 

Culture of Successful Team

 

Daniel Coyle, a New York Times best-selling author, in his book Code of Culture, cited the three most important skills required to master and transform the organization with a  highly effective group culture. Some organizations deliver better performance than others and seamlessly collaborate and act like a single-hive mind. Group culture is one of the most reasons for this. It is a set of living relationships embodied toward a common goal. The work environment matters so much, as how people in the team care, inspire, and empower each other. So what kind of culture should an organization or an entrepreneurial team must manifest that would lead to better performance, team cohesion, and high chemistry and ultimately contribute highly to business success? Here are the three most important master skills required to transform an organizational culture. These are things that the team could do no matter what size the group that can bring about the principles of cultural chemistry that transform individuals into a team who can accomplish things together impressively.

  1. Build Safety.

When the team or organization lacks cohesion, embrace safety. Group culture is built through safety. Belonging cues create psychological safety for the team. People are able to deliver bad news related to work openly, give thoughtful feedback, suggest ideas, and share a vision for a better business operation. Once safety is built and belonging is felt, better performance and better business result are easy to achieve.

  1. Share vulnerability

Being open of one’s vulnerability develops cohesion and trust which are integral for fluid and organic cooperation. Acknowledging and accepting one’s vulnerability and being able to give support promotes more understanding, clarity, and connection among the team members.

  1. Establish purpose

The team establishes the purpose and it must be clear in order to work and achieve together the future goal. This could include listing priorities and wrestling with the choices. Plans turn into concrete action from clearly defined goals. It is important to know each one value and the team’s purpose.

Five Dysfunctions of a Team. How can team entrepreneurs work together to bring business success?

Founder of the Table Group, a firm dedicated to making companies more successful and more fulfilling, Patrick Lencioni describes five common dysfunctions that can undermine a team’s effectiveness in his book, “The Five Dysfunctions of a Team,”. These dysfunctions are interrelated and can be difficult to overcome, but understanding them is essential to building a strong, cohesive team. It is interesting and significant to look into each issue for a team entrepreneurship in which working together is the key operating element to run the business.  In this part, each of the five dysfunctions and their impact on team performance will be discussed and explored.

  1. Lack of trust.

Without trust, team members are reluctant to open up and share their thoughts and ideas. This lack of openness can prevent the team from addressing problems and making progress. Trust is built through transparency, honesty, and vulnerability and is essential to fostering a collaborative, supportive team environment.

  1. Fear of conflict.

When team members are afraid to disagree, dissenting opinions are suppressed and important issues are not addressed. Healthy conflict, on the other hand, can lead to better decision-making and stronger team relationships. To promote healthy conflict, a safe space for dissent must be created and respectful communication must be modeled.

  1. Lack of commitment.

When team members are not fully behind the team’s goals and decisions, they may be reluctant to take action or offer their support. This lack of commitment can lead to missed opportunities and slow progress. Building commitment requires setting clear expectations and goals and ensuring that all team members have a voice in decision-making.

  1. Avoiding accountability.

When team members do not hold each other accountable for their actions and decisions, trust fades, and progress stalls. Accountability requires clarity about roles and responsibilities and a willingness to hold each other to high standards. It is important to note that accountability should be constructive and supportive, not punitive.

  1. Inattention to results.

When team members place their personal goals or agendas above the team’s goals, progress can stall and morale can suffer. Focusing on results requires aligning individual and team goals and making sure everyone understands how their contributions support the team’s goals.

These five team dysfunctions can significantly impact team performance and effectiveness. Dealing with these dysfunctions requires a willingness to be vulnerable, communicate openly, and hold each other accountable. Building trust, fostering healthy conflict, supporting engagement, promoting accountability, and prioritizing results are all critical elements of a strong, cohesive team. When teams understand and address these disruptions, they can overcome obstacles and achieve their goals.

 

Conclusion

 

Team entrepreneurship is a popular business organization among startups and small businesses. As a group of talented and brilliant individuals coming together, team entrepreneurship can lead to business success by combining the strengths and resources that yield increased creativity, innovation, and efficiency. Working together as a team is an integral element of running a team business, thus team cohesion, trust, openness, and sharing the same vision are necessary to be taken into consideration. Team relationship is also a top priority on the list for creating a better organizational culture that promotes business success and excellence. Working together as team entrepreneurs deal with a lot of challenges like lack of trust, fear of conflict, loss of commitment, no sense of accountability, and no focus on results. However, these are situations that can be worked out together as a team and can turn into a highly efficient team that bring better business result.

Reflection

Taking a team entrepreneurship course has changed the way I look at starting a business. I used to think it would be a lonely and daunting experience, but now I know that working with other passionate entrepreneurs who share my vision can make the journey less scary. Although teamwork brings its own challenges, sharing resources and responsibilities can lead to better results. Through this course, I have gained hands-on experience and learned how to overcome obstacles that can arise in a team, which will prepare me for the real world. I hope to use what I have learned to create value and contribute to future entrepreneurial teams. This essay has given me helpful insights and guidance on how to work as a team member in a startup, and I believe that teamwork makes the dream come true.

As the saying goes, teamwork makes dream works.

 

References:

Centre for Preneurs. 2023. Single Entrepreneurs versus teams: why teams are important when building a successful business? Read on 25.03.2023

https://centreforentrepreneurs.org/single-entrepreneur-versus-teams-teams-important-building-successful-business/

 

Coyle, D. 20218. The Culture Code: The Secrets of Highly Successful Groups

USA: Random House Publishing Group

 

McDowell, K. 2022. Begin With We: 10 Principles for Building and Sustaining Culture of Excellence. USA: Lioncrest Publishing.

 

Priestley, D. 2013. Entrepreneur Revolution.

United Kingdom: Capstone Publishing Ltd.

 

The Exec. n.d. Culture Code Synopsis and Insights. Read on 15.4.2023

https://youexec.com/book-summaries/the-culture-code-by-daniel-coyle

 

The Tyler Wagner Show. 2022.Kyle McDowell: Begin With We.

Watched on 18.4.2023

https://www.youtube.com/watch?v=3nnNzYLmP-8

 

UKDiss.com. 2019. Relationship between Entrepreneurial Team and Performance. Read on 4.4.2023

https://ukdiss.com/examples/entrepreneurial-team-performance.php

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