Angel Investing, Entrepreneurship & Learning

I have always known this, but it has become 100% apparent that so much of success is dependent on the quality of talent that you have leading the ship.  Talent is an interesting thing to define:  talent isn’t experience, talent isn’t age, talent isn’t about the same skill set (all CEOs, etc.).  To me, the best team consists of a strong combination of the following characteristics:

• A strong combination of experience (people that have “been there, done that”) and energy (those that don’t care how it’s been done before — they push limits and find solutions).  Interesting enough, I wrote a blog post about this some time back.
• A combination of people that have VERY different skill sets.  This is key.  Each member of the management team should have very different things that interest them.  The more diverse the skill set, the more you appreciate each other.  In addition, it allows each to really focus on the areas that allow them to succeed.
• A team that is ultra-driven (as opposed to those that are just there for a 8-5 job).  When one member of the team decides to take his/her contributions to the next level (i.e. performance is high), this automatically will motivate the team around him/her to step up their game.  This only happens when the team is very driven.
• A team that is full of problem solvers.  This characteristic may be the most important attribute that sets the “A” players from the “B” players.  When someone is a problem solver, they don’t get stuck on hiccups/challenges.  They don’t come to management to ask how to solve each problem.  After being assigned a task, they won’t stop until they figure out a solution.  I love problem-solvers.

There’s no question why investors always say that they’d rather invest in an “A” management team with a “B” idea than a “B” management team with an “A” idea.  “A” teams will figure out how to make the “B” idea a success while “B” teams will figure out how to make the “A” idea a failure.

What other attributes have you seen in great teams that I am missing?

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Yesterday, we had another committee meeting to discuss the details of the upcoming UtahStudent25 awards gala.  If you haven’t heard about this awards program, you’re missing out.  Led by BYU Professor of Entrepreneurship/Angel Investor/good friend John Richards, the idea is to recognize the state’s student entrepreneurs.

Utah Student 25 is an awards program that recognizes the top student-founded businesses in Utah, encouraging growth and interaction with Utah’s renowned entrepreneurial community.

The goal of the Utah Student 25 is to encourage growth and entrepreneurial activities in the state. We help student entrepreneurs get the recognition they need to thrive, as well as provide them with resources to contribute to Utah’s economy and their communities. Winners receive recognition, significant exposure, and opportunities to interact and mingle with successful Utah leaders, including entrepreneurs, angel investors, and venture capitalists.

I’m excited to be a part of the committee and am especially excited for the awards gala that will be held on November 5th at the Grand America Hotel.  If you are interested in attending, you can go here to register.

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