Aditya Kothadiya’s Blog

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Their “first who" approach to entrepreneurship!

I recently read an article by management guru and an entrepreneurial professor, Jim Collins, author of "Built to Last" and "Good to Great" in his Q&A session with Fortune. His advice to young would be entrepreneurs on finding a “great team” rather than finding a “great idea” is worth to note down. I have written about this philosophy in my previous post on entrepreneur’s ability to form a strong founding team.

Here is what Jim Collin has to say when you begin your entrepreneurial journey:

First, don’t obsess on finding the "great idea." In fact, our research shows a somewhat negative correlation between pioneering a great idea and building a great company. Many of the greatest started with either no great idea or even failed ideas.

Sony started with a failed rice cooker. Marriott started as a single root beer stand. Bill Hewlett and Dave Packard’s great idea was simply to work together – two best friends who trusted each other – while their first four products failed to get the company out of the garage.

They followed the "first who" approach to entrepreneurship: First figure out your partners, then figure out what ideas to pursue. The most important thing isn’t the market you target, the product you develop or the financing, but the founding team.

Starting a company is like scaling an unclimbed face – you don’t know what the mountain will throw at you, so you must pick the right partners, who share your values, on whom you can depend, and who can adapt.

To read more about his article, visit full Q&A with Jim Collins.

My take on this philosophy:

• Identify people who share the same values and morals as yours
• Work with the people who are smarter and better than you
• Be open minded to learn from these smart team mates
• Look for the friends who complete your weaknesses
• Co-founders are not just team mates, they are your soul mates!

What do you think is more important? A great idea or a great team? Let me know if you don’t agree with my take on this philosophy.