This is the most important thing in a startup. Most people think it is funding, sector, UI/UX, product, marketing etc but these are the subsets of a Strong Core Team.
Why am I stressing so much about the Team, everything in the company is connected to Team, be it the investment, product, revenue, etc even the employees look up to the team. For e.g. just think if you get an opportunity to work with the superstar Elon Musk, will you still ask "what`s the package"? Yeah, even I will say "Yes" without being concerned about the money involved.
Inference: good employees also look at the founders as they also want to grow in personality and knowledge instead of just money.
What makes a team great?
Best friends with complementary profiles make a very good team. No two people should have the same skill-set, it's good that everyone knows coding, but one should be the CTO of the company and will be responsible for the all the important tech decisions.
The CTO: A person who is deep into Coding, need not be much experienced but the ability and willingness to learn new technologies like firebase, orchestrate.io, Heroku, Node.js, Angular.js etc which make development and deployment of the app in a matter of weeks is really important.
The Business Guy: This guy is the one who will go out there and make sure you get business anyhow, even if he gives an unrealistic deadline to the client and the team shouts at him for doing so and gets back to work and meets the deadline.
The CEO: This is the most shorted guy in the company and deals with all the important issues like fundraising, hiring, product, expansion etc. He needs to have a very cool head on his shoulders because he will respond with all the important decision making of the company. A person who can sell his dream in split seconds, preferably a marketing person is the perfect CEO, but there is no hard and fast rule for that. Pitching is another important responsibility of the CEO, so the CEO needs to be convincing enough. The Investor will invest or not in the company will be decided in a fraction of a second, it's quite similar how Tinder works.
Although this is the best possible scenario, it is really tough to build a team like this in reality. A lot of issues like Team Structure, ideation, motivation, coordination, family pressure, the difference in expectations etc all these things will one time or the another will come to haunt the solidarity of the Team. Best friends tend to manage all this quite easily, so try to bring onboard best friends for longevity of the venture
I have worked in 5 startups till now on the full-time and part-time basis and what I observed was that Team was the most important thing that differentiates a normal startup and probably unicorn. Do share your thoughts on this, would like to hear your thoughts on this topic
About me: Graduate from IIT Roorkee with an excellent design and product sense. I am the founder of Actiwate where we are Building Companies of the Future. Apart from this, I am also responsible for managing operations at Delhi Angels.