Inability to close sales and the lack of marketing capabilities are also among the top barriers for early startup success. Considering you can't take care of all business processes on your own, team management, the ability to delegate tasks and empower individual members of the team are crucial.
According to Peter Drucker
, who is considered the father of management, delegating the power to control projects and make decisions motivates employees. They feel more confident and valued by the company. As a result, they are less likely to leave your startup in a pinch and move for greener pastures.
Disney is the perfect example of a giant corporation that knows how to split responsibilities and decision-making power between its new acquisitions. Pixar, Marvel Studios, and Fox all save partial artistic independence that allows them to perform best and create disruptive products in their niches.
Julia Hartz of Eventbrite also knows the power of entrusting more responsibilities to her team. She claims empowered employees work extra hard, and careful delegation frees up time on her schedule for large-scale management tasks.
As the CEO of WOBB, Derek Toh
feels it is essential to pay attention to your star players, not just runner-ups. According to Toh, when founders focus their attention on the weakest team players, high performers can often feel unrecognized and underappreciated. He recommends celebrating every achievement and showing appreciation for star players to keep their motivation and performance high.