top of page
  • Writer's pictureMarty Jalove

Building Your Entrepreneurial Dream Team

When venturing into the dynamic world of startups and small businesses, the path to success is often visualized as a one-person marathon. However, the reality is that it's more akin to a relay race, where the strength and synergy of your team are paramount to crossing the finish line. Understanding that you cannot – and should not – go it alone is pivotal. Concentrating on your strengths and surrounding yourself with a passionate, skilled team can transform your business vision from a daydream to reality.


Building Your Dream Team, Master Happiness with Marty Jalove
Building Your Dream Team

But where do you start? How do you assemble this 'Dream Team,' and what business structure best supports your vision? In the entrepreneurial world, the recipe for success might just spell out BACON!


 

With Special Guest: Tiffany Brumund


Follow us at: www.MasterHappiness.com/live or “Bacon Bits with Master Happiness” on Apple Podcast, Spotify, Google Podcast, Amazon Music, Audible, iHeart Radio or wherever you listen to your favorite podcasts.


See it on YouTube


 

Why You Need a Team

Before we explore how to build your team, it's crucial to grasp why a strong team is indispensable. Entrepreneurial pursuits demand a diverse set of skills – from product development and marketing to financial management and customer service. Expecting to juggle all these balls single-handedly can lead to burnout and oversight. A dedicated team brings varied perspectives, skills, and creativity to your business, enhancing problem-solving and innovation.


Finding and Developing Your Dream Team Using BACON

B – Belief: Start with individuals who believe in the vision and mission of your startup. Team members committed to your business's core values and objectives will go the extra mile, fuel passion, and foster a culture of belief and achievement.


A – Aptitude: Seek out team members with the necessary skills and the ability to learn and adapt. The startup landscape is notoriously fast-paced and changeable. Having a team with a high aptitude for growth and a thirst for knowledge can keep your business agile and responsive.

C – Compatibility: Team dynamics can make or break your business. Ensure your team members are not only compatible with each other but also with the company culture you aim to build. Mutual respect, effective communication, and the ability to collaboratively solve problems are key traits to look for.


O – Ownership: Encourage ownership and accountability. Employees who feel empowered and responsible for their work are more likely to be engaged and motivated. This sense of ownership can lead to higher quality work and innovation.


N – Networking: Don't underestimate the power of networking in building your dream team. Leverage your professional networks, attend industry events, and consider partnering with universities or using social media and professional recruiting services to find talent that aligns with your vision.


Marty Jalove, Master Happiness and Tiffany
Marty and Tiffany

Choosing the Right Business Structure

Your dream team is only one piece of the puzzle. The structure of your business is equally vital, impacting everything from taxes and paperwork to your personal liability and the ability to raise funds.


  1. Sole Proprietorship: Simple to establish and offers complete control. However, it leaves you personally liable for business debts.

  1. Partnership: Ideal for businesses with multiple owners. It's relatively easy to establish and allows for shared responsibility. However, disputes among partners can arise.

  1. Limited Liability Company (LLC): Offers personal liability protection and flexibility in management and taxation. It's suitable for protecting your assets but comes with more regulatory requirements.

  1. Corporation (C-Corp, S-Corp): Provides the strongest protection from personal liability but is more complex and expensive to set up and maintain. Suitable for businesses that plan to go public or seek extensive outside funding.


Understanding the pros and cons of each structure is crucial. Consult with a legal professional to choose the best format for your startup.


The Essential Allies: Banker, Lawyer, Accountant, and Insurance Agent

Beyond your core team, establishing relationships with a banker, lawyer, accountant, and insurance agent is crucial. These professionals can offer invaluable advice, help you avoid potential pitfalls, and save you time and money. They are your extended dream team, working behind the scenes to ensure the smooth operation and protection of your business.


Marty Jalove, Master Happiness Business Coach

Empower Your Journey with a Business Coach

A business coach can be a catalyst for personal and professional growth. They provide accountability, challenge your thinking, and offer insights and strategies that can dramatically accelerate your business's growth. Consider starting your entrepreneurial journey by consulting with a business coach to clarify your vision, strategy, and the steps needed to assemble and lead your dream team.


The road to entrepreneurial success is both thrilling and challenging. Assembling your dream team and choosing the right business structure are foundational steps in this exciting journey. Remember, BACON is not just for breakfast anymore; it's your guide to building a robust, dynamic team that will propel your business forward.


Empower yourself and your vision by reaching out to a business coach today, and don't forget to secure your extended team of a banker, lawyer, accountant, insurance agent, and Coach. Together, you have the power to achieve remarkable things.


Are you ready to turn your entrepreneurial dreams into reality? Take the first step today. Your dream team awaits.


 

To learn more about Building Your Entrepreneurial Dream Team go to: www.MasterHappiness.com/live or “Bacon Bits with Master Happiness” on Apple Podcast, Spotify, Google Podcast, Amazon Music, Audible, iHeart Radio or wherever you listen to your favorite podcasts.


Or catch us LIVE on "BACON BITS with Master Happiness" on www.WRLR.fm 98.3 FM, Monday Night at 7:00 PM and start making your life SIZZLE!


Marty Jalove of Master Happiness is a Company Coach, Business Consultant, and Marketing Strategist that helps small businesses, teams, and individuals find focus, feel fulfilled, and have fun. Master Happiness stresses the importance of realistic goal setting, empowerment, and accountability in order to encourage employee engagement and retention. The winning concentration is simple: Happy Employees attract Happy Customers and Happy Customers come back with Friends.


Want to learn more about bringing more happiness into your workplace and life? Contact Master Happiness at www.MasterHappiness.com or www.WhatsYourBacon.com


6 views0 comments

Comments


bottom of page