A few months ago I saw my startup die. I worked hard and long hours putting together specs, building, marketing, and sweating with my co-founders and it just ended up not working out. When I began working on this project I made a few first time entrepreneur mistakes, especially dealing with angel investors. But the worst mistake of all was working with people who weren’t as passionate about the idea as me.
I heard Amos Windbush speak last night and he had a quote that every entrepreneur should know. “There two types of people. Those that gain you energy, and those that drain your energy.”
You will fail if you don’t have a great team, no matter how good the idea is. No matter how talented a person may be, if he/she drains more energy from you than they give, it still will not work out. This is something I learned the hard way. So when it comes to locating those good people always look for a few things such as:
2. Work ethic
4. Role player
If it doesn’t work out, you can always put in another quarter and try again. This is a shameless plug, but we will cover most of these topics in my book The Phat Startup. Dropping early 2013.