4 Tips for Hiring the Right Team to Help You Succeed The CEO of a cloud-based fintech company reports on why there is NO success when you select subpar partners.

By Lil Roberts Edited by Bill Schulz

Opinions expressed by Entrepreneur contributors are their own.

According to the Bureau of Labor Statistics, as reported by Fundera, 20% of start-ups fold in the first year, 50% fail in five and 70% flame out in ten. Notably, CB Insights cites "not having the right team" as one of the top reasons for the demise of small businesses.

Partners who lack vision can be detrimental to operations even if the concept, cash flow and market conditions are perfect. On the other hand, the right team can help an owner navigate any challenge.

Here's what to keep in mind when considering the people to build your business around and what to do when you've found them.

Find those who excel at your shortcomings

It's not easy running a company with only one viewpoint to guide the ship. Oftentimes, small business owners are required to juggle multiple operational roles that could potentially lead to mismanagement or even downfall because important objectives fall through the cracks. Opportunity lies in determining your strengths and hiring for your challenges so you can focus on what drives you to achieve success.

Related: How to Let Go of Control and Hire an Expert

Take a deep dive

Once you've identified someone with the right skills and experience to complement yours, the hard part is over, right? Not necessarily. Now is the time to do your due diligence. Check to confirm everything that seems right about the candidate is actually true.

It's a value-add for the person you're considering to have different viewpoints, perspectives and skills than you possess. However, it's critical for partners to share the same spirit and vision – even more so in smaller enterprises with modest-sized teams. Even if their skills check out and compensate for any areas where yours may lack, your overall ethics must align for the partnership to work.

If all of the boxes are checked, congratulations! Now, get everything in writing. Have a clear plan for day-to-day responsibilities, decision-making and resolving disputes while making a binding document. An operating agreement at the onset of any relationship ensures you are both protected.

Related: 10 Questions to Ask Before Committing to a Business Partner

Plan for disagreements

Not every good partner is right for every idea. No matter how compatible you and your team are in your business relationship, there will be times when you will disagree. It's how you deal with those arguments that matter and it's best to plan how you will resolve them before they even occur.

Begin with establishing a clear vision for the partnership and company that everyone agrees with. This will reduce the likelihood of off-track ideas coming to the table.

Understand the difference between acquiescing (lose-lose) and compromising (win-win). Once a decision is reached, everyone must be prepared to meet challenges as a unified team, regardless of the outcome. Good partnerships don't allow room for "I told you so's". Unity is key.

Hire slow and fire fast

If you're in a partnership that you know for certain is wrong, it's better to rip the band-aid off sooner than later. Glaring issues in a partnership are unlikely to change, even if you're successful. In fact, the conflicts will get worse over time.

Having the right team can be the essential component in keeping your company within the 30% of small businesses that make it 10 years and beyond.

Not every decision will be right, but as long as you treat perceived mistakes as lessons and pivot quickly, each experience will make you wiser.

Related: How to Break Up With Your Business Partner the Right Way

Lil Roberts

CEO and Founder of Xendoo

Lil Roberts is CEO and founder of Xendoo, a cloud-based fintech company that specializes in online bookkeeping and accounting for small businesses. Roberts is a serial entrepreneur with a passion for small business, and is known as an innovator with an enviable ability to foresee market trends.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

JPMorgan Shuts Down Internal Message Board Comments After Employees React to Return-to-Office Mandate

Employees were given the option to leave comments about the RTO mandate with their first and last names on display — and they did not hold back.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

Zillow Predicts These 10 Places Will Have the Hottest Housing Markets in 2025

Zillow predicted that the hottest housing market of 2025 will be Buffalo, New York. Here's why.

Business News

'More Soul-Crushing Than Ever': Popular Hiring Platform Finds Around 20% of Its Postings Were 'Ghost Jobs'

Is that job listing too good to be true? There's a one-in-five chance that it might be.

Business News

'Masculine Energy Is Good': Mark Zuckerberg Tells Joe Rogan He Thinks Companies Need More Aggression

On the most recent episode of "The Joe Rogan Experience," Meta CEO Mark Zuckerberg said corporate culture has become "neutered."

Growing a Business

5 Risk-Taking Lessons From Founders Who Bet Big and Won

Discover the bold moves and strategic risks that catapulted these entrepreneurs to success. Learn how their fearless decisions can inspire your own path to growth.