Question

Why do entrepreneurs form teams when they start a company? Is a more diverse team better than a team with similar members for a business venture?

Answer 1

Any entrepreneur may not be an expert in every field of knowledge . A core team is very crucial for a startup . A team helps to complement the capabilities of an entrepreneur . A team shares the job and works towards a single objective . A team helps to bring acceleration and growth in setting up a business because a team will always work faster than a single person . With the help of a team work can be distributed and advantage of specialization can be reaped .

A more diverse team is better as people who have expertise in different fields when form a team can work more efficiently . Diversification brings dynamism and better innovation because people from different ventures come up with different ideas .