A successful entrepreneur truly understands the importance of building a strong team. How many of you are fans of Marvel? I'm a huge Marvel geek myself. I like Iron Man. Yeah, he's amazing, but the Avengers are even more fantastic. The reason is that it's all about how Iron Man brings together that incredible team, right? Interestingly enough, not many people talk about Nick Fury. No one really does. Yeah, but it was actually Nick Fury who came up with this brilliant idea; let's gather a group of extraordinary superheroes to combat this unknown evil force that could strike at any moment. We don't know when it'll happen, but it's the Avengers we're talking about here, not just Thor or Iron Man alone or any other single hero for that matter. It's all about teamwork. So being good is one thing, but if you aspire to build an exceptional business, mastering the art of assembling a remarkable team is crucial.
Circle of Contribution
The image shown above suggests a structure that in my opinion would greatly benefit your business. Apart from the usual pyramid model I propose a different approach.
At the core of this circle, you will find mentors, advisors and peers who can provide advice and support while holding you accountable. This structure is crucial, for success. Entrepreneurs who lack this kind of network often. End up isolated. Building a business requires collaboration rather than working like a lone wolf. While you may achieve some level of success on your growth and wealth come from nurturing relationships, with others. It's important to remember that as we move forward.
The next group you have is your executive team or what I often refer to as your management team. Maybe you won't reach a stage where you have a full C suite and all that, but for now, it's just your management team. It could consist of your manager, a few individuals, or perhaps even a marketing person. Start with this core group. These are the people you communicate with regularly and who truly comprehend your vision and can contribute to making it a reality.
And then, at the next level, you'll find your teammates, your fellow members of the team, correct? Then there's that group right there.
And beyond that circle, you have your external contractors. They make up your remote team, in a sense.
I think what is best is to keep the core team small and efficient while relying on external contractors for larger projects. This approach offers flexibility since you can easily adjust the size of the external team as needed. Instead of working with just one website designer, you can collaborate with multiple designers, hiring independent contractors on a project basis. There's no need to hire a full time person unless it's absolutely necessary at that particular time. By tapping into a global talent pool, you can create a project setup that benefits both you and the contractors. So, in which category does the entrepreneur fall? They would be right in the middle of it all.
As the CEO and entrepreneur, it's crucial to have a clear understanding of what it means to be an entrepreneur. It involves having a vision and effectively utilizing the time, skills and resources of others to bring that vision to life. That's why your peer group, your advisory group, plays such a vital role in your life as an entrepreneur. Who are your mentors? Who do you turn to for advice? As an entrepreneur, your job is not just about doing things; it's about thinking critically. But how can you think effectively without receiving input from others? How can you be confident that you're on the right track when determining membership tiers or pricing strategies? And what about retention strategies? Unless these aspects are clearly mapped out and well defined, they cannot be effectively executed by your management executive team. Seeking feedback from the marketplace and discussing it with your peer group is essential for making informed decisions.
Question: I recently implemented something, like a membership system. I gave it a try. Found out what worked and what didn't. Now I'm wondering, what do you all think I should do next?
Answer: Would be great to gather input and seek advice from mentors or advisors. Then you can go back. Make some adjustments based on that feedback. This is actually similar to how public companies operate, they have a board of directors who provide guidance to the CEO.
You might be thinking, "But Ukeme I'm not a company." Well that doesn't really matter because having a system can still be beneficial in creating wealth and achieving success. Public company CEOs don't just sit in a room coming up with ideas; they have to present their decisions and strategies to the board, for discussion and approval through meetings.
If the majority of people are, in agreement then they would proceed.
However, there is a significant level of risk involved. When considering the perspective of a public company, such a poor decision would impact the livelihoods of tens of thousands, if not hundreds of thousands of individuals. Correct?. Yes, that's correct. It directly affects their jobs. Consequently, a CEO cannot simply make such a decision without considering the ramifications. Their approach should prioritize effectiveness rather than mere efficiency.
How can you foster a sense of unity and collaboration within a remote team?
So when it comes to managing a remote team, you should treat them just like your internal team. It's essentially the same, even though they work remotely and are contractors. To ensure they gel well together, it's important not to treat them solely as contractors. Instead, let them know that they are valued members of the team. Let me provide you with a perfect example; imagine you're a writer and I hire you to write some articles. In a typical contractor relationship, I would simply say, "Okay Desmond, I need three articles written," and that would be it. But that approach lacks cohesion and connection. It becomes very transactional. On the other hand, if I were to say something like, "Alright Des, I need these three articles written on this specific topic because it aligns with our overall goals and values as a company," it creates a stronger bond between us. By sharing our core values and explaining how your work contributes to the big picture, we foster better collaboration and understanding.
So, even though he's a contractor, I'll make sure to communicate all of those things to him. Do you notice how that can change the dynamic between us? What really helps people bond isn't just perks or gimmicks; it's actually about shared values. The more we explain the reasons behind our actions, the more connected they will feel. After all, people like to understand why they need to do something. It's similar, to being a soldier right? A soldier would receive a mission. Be told, "Okay I need you to go here and maybe eliminate this individual " like those terrorists. They would carry out the task. It becomes more impactful when I explain "This person has actually committed all these terrible acts. Removing them will help our country move forward. That's why we need to do it." See the difference? Now there's a level of dedication. You understand why we need this person dealt with rather than simply following orders because we're soldiers. It's a perspective. So make sure to let them know the reasons, behind it.
Conclusion
So, let's talk about the concept of a circle of contribution and how it can shape the structure of your company. We're moving away from the old fashioned approach with numerous layers and instead focusing on a more streamlined approach. The key is to start with your core team, which includes your peers, advisors or mentors who play a crucial role in helping you think clearly. When our thinking is clear, taking action becomes much easier. This clarity in execution then allows us to build our management team to carry things forward.
Now, I understand that if you're just starting out, you may not have a full fledged management team yet. But remember, it all starts with one person. That initial hire could be your executive assistant who becomes part of your management team from day one. So begin by assembling that first person and gradually add more as your revenue grows. The important thing is to start executing with that first person onboard.
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