33. Building a Team: Finding Players for Each Position

The best entrepreneurs are great leaders, and great leaders know how to come up with great teams. Leaders know enough to understand that they do not need to do everything themselves.In order to determine the kind of team you need for your Cash Machine, you can have a look at the team of the model business you selected. The organizational and personnel structures of most businesses are very similar and work on the same group of best practices andbenchmarks.Steps to build your team .

The first members of the team should be mentors – successful entrepreneurs, business leaders who are worthy of respect and admiration.Next should be the immediate players, your support staff unless you can handle this yourself – an accountant, a lawyer, an entities specialist, a bookkeeper, and a database manager (and maybe other industry-specific players such as a copywriter or graphics designer). Next you will have to decide how to pay your staff.

You can hire them outright and pay them cash, offer them equity or ownership in the company, pay them both cash and equity, or give a bonus based on specific criteria. Later on, if need be, you can set up an organization more in line with that of a traditional business – including marketing, management, sales, operations and finance/accounting divisions – that can be in-house or outsourced.

You may also need to get investors and/or lenders to help you get capital. Lastly there is “life support” – time you spend taking care of your home or errands is time away from your business; you may need to get someone or some people to take care of these “little” chores for you. Businesses are run by numbers – enough said. Future Pacing.