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building a start up dream team:co-founders, first hires & advisors

JONAH LEVEY

 jonahlevey@gmail.com 

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 Jonah Levey•  entrepreneur,

•  angel investor

•  board member:

mekong capital

• 

founder:vietnamworks.com& navigos search

about me…

8/20/2019 HCMC September 3 - Team and Advisors: Jonah Levey

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 1. co-founders

me 

s e a n m a c d o na l d  c o - f o u nd e r , v i e t na m w o r k s  g l o b a l  c hi e f  d i g i t a l  o f f i c e r  

Mc c a nn w o r l d g r o u p  

c h r i s  f re u nd 

co - fo u nd i ng  i n v

e s to r,  v ie t na m wo r k  s 

 fo u nd i ng pa r t n

e r, 

 me k o ng cap i ta l 

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how many…depends on…•  complexity

•  Industry

• 

your skills & experience

2 or 3 co-founders is usually ideal

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where to look…

personal network•  colleagues

•  classmates

• 

other connections…

expand your network•  events

• 

referrals• 

online… 

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right skills

complimentary to you

in line with growth/success drivers of your start up

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right chemistry (as important as right skills) personality fit

• 

complimentary, not identical

culture fit (values)

compatibility (like-mindedness)

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required traits

integrity 

•  do what you say by when you say you will do it

entrepreneurial

•  flexible, ok with change

•  ok with uncertainty

•  risk taking

• 

start up DNA (not “big company type”)

perseverance!

•  determined, unstoppable

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 "I'm convinced that about half of whatseparates the successful entrepreneurs

from the non-successful ones ispure perseverance.“

- Steve Jobs

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best teams winfactors most important for start up success:according to Bill Gross

https://www.ted.com/talks/bill_gross_the_single_biggest_reason_why_startups_succeed

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be cautious and smart

about equity

founder vesting

(for everyone, even you!)

•  4 years

•  25% per year

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agreed vision

co-founders need to agree on:•  what problem are you solving?

•  what does the future

look like with your product,

service in it?•  what’s your goal?

•  why are you the rightteam?

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learn to sellto attract co-founders, investors and employees

you must SELL

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2. first hires

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sell the future

early stage recruiting•  sell "the future”

•  vision for the company

•  vision for the job

Have a great answer to:why would someone awesome

want to work here?

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“up-hire” for your stage

hire people who can stay ahead of your growth

hire above your current stage

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remember: right chemistry(as important as right skills) 

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success flows from culture:according to Tony Shieh, CEO of Zappos

“If we get the culture right, then most of the otherimportant stuff will happen naturally…"

https://www.youtube.com/watch?v=-uINIExpJ3I

watch this video!

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culture fit, values exercise…who are the people in your life you consider to beyour closest and deepest friends?

write down a description of the characteristics theyshare…

•  character

•  personality

•  traits

• 

values

this will help you understand what type of peopleare good co-founders for you! 

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engagement

people stay when: •  they share core values

•  they love the companyculture

•

 

they FEEL your care forthem, their development

leads to emotionalcommitment to your

•  company,

• 

business goals, objectives

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be a great boss

#1 reason for job dissatisfaction:

•  boss SUCKS

serve your team members, not just your company

some will still quit.it’s ok. remain unstoppable!

https://www.linkedin.com/pulse/20130709152707-5799319-the-top-10-reasons-people-hate-their-jobhttp://www.forbes.com/sites/work-in-progress/2014/01/20/8-common-causes-of-workplace-demotivation/

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3. advisors

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advisorsask — don't be afraid to ask

pay — cash or equity

(e.g. lower of: $10k/yr or 0.1%-0.2%/yr)

you'll be surprised

who says yes!

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the endThank You!