Locally, one of the most common reasons for startup failures is the team
composition. 3 best friends, or two siblings, or 4 students who took a course
together in college are not a strong enough foundation on which a big, high
growth business can be built. The founders of a startup need to complement each
other. For example, a great product engineer, a charismatic marketer and a
designer who can empathize with the prospective customers are a winning
combination for a consumer Internet business. Yes. Chemistry, shared company
culture values and camaraderie are important but must not come at the cost of a
good skills mix among founders. The sooner you realize and take steps to fix
this in your startup, the better will be your odds of succeeding in an already
high risk and stakes game.
Executive Director, LUMS Centre for Entrepreneurship
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