It goes without saying that expertise and execution are essential for the success of any new startup. But these represent only part of the equation. One cannot underestimate the importance of personal attributes to the success or failure of a founding team. Vision, drive & personality are at the core of any good team.
Vision and the ability to clearly communicate one's vision are of the upmost importance. What does the company want and need to be? What does success look like? You can't fill in the details without the big picture. You are selling your vision, so you better be able to communicate it effectively.
Drive is that elusive force which picks you up when you have been knocked-down and pushes you to succeed where others have failed. It is the greatest enemy of adversity, and there is plenty of that to go around in any startup.
Personality is comprised of a many qualities including self-awareness, interpersonal skills and flexibility. Strong self-awareness helps you surround yourself with co-founders and early team members that compliment your strengths and support your weaknesses. This is very attractive to investors. Strong interpersonal skills allow you to create positive environments with open communication, teamwork, and a strong culture. This is attractive to employees. Flexibility, allows founders to react quickly and effectively as their business or market needs change. This quality is especially important as companies evolve through various stages which may lead to management realignments or reorganizations for the betterment of the company. This is very attractive to investors, employees, and customers.
Obviously there are many things to consider in any startup, but the above core attributes will help maximize the probability of success. To learn more, join The Capital Network for the Life Science Venture Fast Track on Feb 12th 2013: http://www.thecapitalnetwork.org/programs/life-science-venture-fast-track/ where various topics to create a successful company, including Building the Team, will be discussed.