As the case may be, you walk up to any investor and ask whether they prefer idea or team, and as if previously programmed to do so, virtually all will respond “team”.

But clearly it’s ideas that change the shape of enterprise and industry, innovation and movement forward. Sure, one could say this, but unless those ideas are generated within an already functioning business with ample resource to devote to the evolution of this new innovative idea – the team will be the most important part of your new enterprise.

For a moment let’s take a step back from entrepreneurship, and look at your company as a functional unit of a larger organization. You have your project leader, your finance guy, strategist, your engineers (or those individuals that make said innovation come to light), your workflow processes (as hectic as they may be, they’re still there), deadlines, etc…

And while in an entrepreneurial setting these functional roles often if not always overlap, the similarities are more often acute between a new venture team and a business unit.

Why is this important? Because BMW wouldn’t pick just anyone off the street to lead their design, engineering, and marketing of the new 6M coupé’s and for those same reasons neither should you.

The selection of the team to spearhead the launch of your startup should be conducted in a manner which will lead to the formation of a group of individuals with complimentary skill sets in order to compensate for any weak comings of any of the other members of the team.

Or in layman’s terms, if my sales skills are rubbish, there better be someone on the team who can sell a chicken an egg.

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The reason why investors first and foremost look at the team rather than the idea is in actuality fairly simple.

A mediocre idea can have a very good chance of success should it’s business model development, launch strategy, deployment, sales etc… be well thought out and executed, and this unfortunately comes from experience rather than being a visionary. On the other hand, an idea that may change the way we live – isn’t worth very much if you know, or have strong doubts that it won’t even make it to market.

Build good teams, build complimentary teams, and just because someone’s been your friend since you were in kindergarten, doesn’t mean he or he is the right business partner. Enterprise is more often than not logical. Be logical.

There’s a reason why firms pay top money for MBA interns from some of the top schools across Europe and the U.S. They’re worth it. So the question is… how can you capitalize on what large established companies such as Goldman and McK have known and used for years?

Well, here’s the good news. On average entrepreneurial interest in MBA programmes is high, and annually approximately 10% of MBA’s go off to start companies on their own or join start-ups. Figures differ from school to school and when approaching a MBA programme it’s advisable to see what the school specializes in. NYU Stern for example is known for Finance, whereas IE in Madrid is known for Entrepreneurship.

GETTING TO KNOW YOU

That said, get involved with the school, call up the school’s entrepreneurship club, see what activities they have planned and see if you can participate. MBA’s are hungry to know what the life of an Entrepreneur is like, some of the trials and tribulations you’ve gone though, issues that you’ve had with acquiring funding and so on and so forth.

If you’re and earlier stage entrepreneur MBA’s are a fantastic source of critique when it comes to your business model.You can often have them analyze it, dissect it, and present their findings for next to nothing.

When it actually comes to getting an intern. The best thing to do is present your company at the school. Many professors will happily invite you to speak, and if for whatever reason you’re not able to book a class, then the school’s entrepreneurial club will be thrilled to have you. Also, be sure to advertise your position with the school’s career services. They’ll add you to the database, and will in all likelihood include your offer in their weekly newsletter as well as their online application system.

GETTING TO KNOW ALL ABOUT YOU

When it comes to the interview there are a few major things to remember, and while they may seem obvious we’re still going to mention them.

• Treat current students as equals. Nothing is wore than heading in for an interview and having the interviewer ask you to sing your favorite song (true story from a Forture 500 company interview, in fact why don’t we call them on it as this type of practice should stop, it was TechData), and after all you’ll be working with them for a few months.
• Ask questions to see the way the person thinks. Being a start up, you’ll be working closely together, and culture, fit, mix, whatever you call is about the most important thing in building your team.
• Pick someone that compliments you. It’s easy to hire someone just like you and with a similar background. See where your lacking, what can you improve on, and what area of your business needs the most attention, and get the person who can do that job right.

GETTING TO HOPE YOU LIKE ME

Once you’ve chosen your candidate and shortlisted two more be sure to give them an offer that’s fair. If you’ve been funded, offer them a salary. It doesn’t have to be a Morgan Stanley salary, but try and offer something. MBA’s know that you’re short on cash, and they’ll be appreciative of the fact that you can pay them.

If you haven’t been funded and can’t offer cash incentives, be frank and say so upfront. But do express what you can offer, knowledge, insight, networking, day to day entrepreneurial experience.

Did we miss anything?