Inside the investor's mind: 3 indicators of a good founding team
How does a VC pick out the best entrepreneurs to fund? There are three top indicators for a good founding team.
1. Relentless Enthusiasm
When an investor meets with the founders of a startup, intelligence of the team is a given. But it's not enough. Having great enthusiasm for the problem you are solving allows you to sell yourself. An investor funds your idea based on the notion that you will do everything in your power to make it a reality. Oftentimes it's not the one you first envision, but the idea in the back of your mind that makes you successful. Never lose enthusiasm for your work.
Steve Jobs was a stickler for details. From Jobs' point of view, every detail, no matter how small or seemingly insignificant, mattered.
In a growing industry, this will set you apart from the rest. Put in the extra 15% that your competitor neglects by focusing your energy to work harder and smarter. Pay attention to detail while discovering features your customer will crave in a product. Then, lower the friction for your customer to get to your product. Make it easier, faster, cheaper, and better than your competitors'... and you’ll win!
[Tweet " "Use a virus, use a magnet, use whatever you can" - the father of viral @timdraper"]
3. Team Dynamics
How your team gets along with each other and the respect you have for each other determines how an investor will perceive your team as a whole. As a general rule of thumb, find people who are smarter than you. Practice self-awareness by knowing not only what you are really good at, but also what you are bad at. Evaluate your personal character traits and skills, and seek team members with qualities that complement yours.