The essential component, an idea. Good, bad and sometimes down right confusing. But it is a seed that will grow and it is reliant on a good team to see the light of day.
From the idea you need to execute, taking the idea to working product or service. But can you do it on your own? Frequently a founder has an idea but lacks the experience to get the idea off the ground. Sometimes developers need business people, sometimes idea people need developers and really this is mixed and might not even be an issue at all.
Enter co-founder(s), but how do you get the team you need. Research, find people that compliment the idea, the team and like an investor would do, conduct due diligence. At no point do you want to add founders without doing your home work, you don’t want to discover they have a lot of baggage a year later or more. Also poor choices can negatively impact a company long term from business prospects to funding. This is part of the foundation layer. A good foundation makes things much easier now and in the future.
There are scenarios that don’t require such complexity, lots of companies succeed without it. This level of complexity is useful with the unknown founder. If you are looking for more info on how to ensure you get the best team possible, chat with an HR consultant or like most institutional investors, get someone like KPMG to complete the due diligence for you. It could be a worthwhile investment.
Alternatively and the simple approach, engage professionals, maybe an adviser or talk to other business founders to help make decisions easier. You want to bring on the right people at the right time.
You’ll have enough surprises to deal with as your company grows, this doesn’t need to be one of them.