Fred Wilson, a successful venture capitalist based in New York, once said, "Building product is not about having a large team to manage. It is about having a small team with the right people on it.". This manifests the importance of building the right team for a start-up to move forward.
The team of a start-up is integral to ensuring its success. It won't be easy to get far without the right team, even with a great idea and solution for society. The company will progress further and find itself on the right track to success with the right team. The right team will support and motivate one another to further support each other along the way. Being able to press on in the face of difficulty is an important quality. If the team cannot hold on tight and work well with each other, they will be phased out by other competitors in the industry.
Hiring the right people is important to avoid unimaginable losses. Undercover Recruiter found that a start-up can suffer up to USD 240,000 losses when a bad hire is made. The expenses are spread across training, hiring process and pay. Thus, for a start-up to avoid such unbearable costs, it is important to be familiar with the hiring process to equip managers better to hire the right applicants into the company.