Our recent poll on LinkedIn (you can still vote up and until the 14th of July) shows that 70% of respondees believe talent is more important that money.
Here are two great quotes…
“The most successful entrepreneurs surround themselves with great talent, exceptional mentors and educated, albeit passionate interns who value their experience more than minimum wage. Too many startups burn valuable resources chasing money instead of first building a team”
“Talent is key! While money does help if you don’t know how to use and leverage it, it’s wasted. Startups that run out of money before reaching goals do so because of bad decisions and a lack of talent”
Of course, some people voted for money – but interestingly, they didn’t choose to leave a quote – hence, we aren’t really too sure why they wanted the money – other than just that age old problem of ‘just give me the money and all my problems will go away’.
So, both in terms of votes and also quality of comments, talent is clearly ahead. Most commonly the point expressed is that talented entrepreneurs can always get access to or raise a little money, but talentless owners swamped with money will never do well.
Hence, being a business angel is really akin to recruitment and training – can you spot and then develop / mentor emerging talent and then seed that development with a little bit of money?
So, our next article needs to be about how to spot entrepreneurial talent, right?
Looking for a strutured way to assess and develop startup talent? Click for more info…