Innovative start-ups drive economic growth and are a vital source of job creation in the UK, generating more than £196bn for the UK economy per year.
However, the odds are not stacked in the favour of new businesses – the failure rate for UK startups is around 60%.
According to CB Insights, not having the right team accounts for the failure of almost 1 in 4 start-ups.
Caption: Image reproduced with kind permission of CB Insights. Originally published in 2016: https://www.cbinsights.com/research/report/startup-failure-reasons-top/
New ventures are well placed to offer employees versatility in their role, challenging and rewarding work, a sense of purpose and the opportunity for faster career advancement.
They also have the benefit of freedom from restrictive recruitment policies and procedures. Of LinkedIn’s 50 hottest startups for 2020, 90% didn’t require employees to possess a degree. Instead, they were looking for teamwork and other soft skills.
Overall, little is understood about employees of start-ups and how they contribute to the outcome of a venture. So, how do entrepreneurs ensure that they have the right people in place to grow their business?
In 2015, Belbin had the opportunity to partner with 34 SMEs as part of the UK Government’s Growth Accelerator scheme.
We analysed the Team Role profiles of growing SMEs and our findings offer crucial insights into the behaviours needed throughout the life cycle of a successful start-up, from the CEO (or founding partners) to the broader leadership team.
To download our report, please fill in the form below. If you want to discuss how Belbin can benefit your start-up or SME, please get in touch.