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70 6 SECRETS TO STARTUP SUCCESS

edge. The objective is not to be perfectly rounded in all areas—no
founder will be—but to be well aware from the outset what you bring
to the startup effort, where relevant gaps exist, and how to address
those gaps. Consider the founder who plans to introduce a new tech-
nology into the medical field, bringing deep expertise in technology
but no experience in healthcare. Clearly, she will benefit from work-
ing closely with partners who bring experience and relationships
within the targeted medical markets. Or if an entrepreneur is highly
conceptual and independent, but not very focused or socially in-
clined, he or she will likely thrive in product development and plan-
ning roles but may be less effective driving execution, leading teams,
or building customer relationships. These are generalizations, so the
key is that you apply the above questions to your specific situation
to best align your strengths with the needs of your venture.

The realization that you don’t have to be a superhero in all areas
is tremendously liberating, as J.C. Faulkner discovered in building his
founding team at D1. “One of our philosophies,” he said, “was to ex-
ploit each other’s strengths and forgive and shore up each other’s
weaknesses. We came to the conclusion that each of us doesn’t have
to be well rounded. The team has to be well rounded, but as individ-
uals we don’t have to be perfect.”

LEVERAGE YOUR RELATIONSHIPS AND RESOURCES

Like every founder, you will bring a unique set of external connec-
tions and assets to your startup equation. Understanding how these
match up with your startup goals and needs is a key step in getting
your venture off on the right foot.

YOUR RELATIONSHIPS – Who can help? If you list the twenty, forty, or
sixty-plus people (potential clients, family members, funders, team
members, service partners, etc.) who might help you get your new
business off the ground, I’ll bet you can sort and filter that list down
to a handful of absolutely essential relationships. These are key rela-
tionships—the vital few that must work well in order for you to suc-
ceed. A financial backer, a spouse, an indispensable sales manager, a
well-connected client, a board chair, a father-in-law, any of these

American Management Association • www.amanet.org