Originally published in Entrepreneur Magazine

By Miriam Rivera

A new survey says there’s almost a one in four chance your management team will end up cratering your startup through sheer lack of relevant abilities. That ought to chill the bones of every startup CEO.

CB Insights surveyed 156 companies to find the Top 20 reasons why startups failed. The top two reasons were no surprise — the new companies got the product wrong product or were undercapitalized and ran out of cash.

But, No. 3 on the list was hiring the wrong team. Having a mismatch of skills with what the market demands from a new entrant caused 23 percent of the startups surveyed to fail.

That can mean anything from hiring an under-motivated team to individuals with the wrong skills. It can even mean that those team members weren’t willing or able to get on the same page with the founder’s vision.

However it’s interpreted, company builders need to put process over personal style and follow 10 steps to hire the right team…

Read the full article at https://www.entrepreneur.com/article/289214

Miriam Rivera is a Kauffman Fellow and a co-Founder and Managing Partner at Ulu Ventures.