Melinda Kim: Select Your Founding Team For Your Business Like You Would A Marriage. Only When Your Values Are In Aligned Will It Stop The Breakup!

Founders need to build the cultural foundation before building the product! Building the right team is more important than just any team.

Today's Quote:

“Alone we can do so little; together we can do so much” ― Helen Keller

Show highlights:

• The importance of taking the time to select the right team
• Recognizing the team challenges
• How to set the right foundation for building a great team

Challenges we see with teams:

• What you really need in a team...Taking anyone is not the right thing to do 
• Hiring anyone or for skills dramatically increases the likelihood of failure.
• Founder need to develop their muscles to make smart hiring decisions
• The foundation- transparency & culture
• Purpose- What's in it for me?
• How and who makes decisions?  
• Most importantly, How does the team solve problems?
• Develop the EQ to have the difficult conversations

Framework for Building the Right Team from the Beginning:

• Establish mission, vision & values (as a team)
• Communication standards
• Foster transparency
• Business Model Canvas (product driven)
• Establish process
• Define who you are BEFORE you make your first hire
• Only hire people who mirror your core values and align with your vision
• Great things often come out of conflict

Takeaways:

• Culture first
• Transparency
• Hire people who will take you where you want to go

Melinda Kim is the Executive Director, co-founder of PeopleSpaceOC, an incubator and workspace located in Irvine, Ca. She is a proven executive/entrepreneur who facilitates collaboration and innovation between developers and business entrepreneurs from around the world.

Aside from her responsibilities, Melinda is also a Startup Weekend Facilitator and NASA Space Apps Lead. She specialize in Statistics Driven Product Analysis, Business Strategy, Growth, Community and Social impact.