I had an interesting email question the other day, a single entrepreneur with a new invention who was pretty sure his business plan proved the need and the potential. He asked when he should hire a CEO.
This reminds me about one of the more important elements of developing the plan for a successful startup: building a team. Other things being equal, the plan development should include bringing together the team that will grow the business for the first few years. Ideally, that CEO should be part of the team developing the plan, rather than somebody to be hired later on.
True, some businesses are developed by one passionate founder; but a lot more are developed by small teams whose members bring different skill sets to the table. You need the invention, the production, the selling skills, marketing, administration, and management. Can you do all of that by yourself? Do you know others who might be interested?
You can’t always get the team together as the plan is developed, but when you can, it’s a good idea.
Is nobody interested in joining you in the new startup? Hmmm … maybe that’s a clue.