It’s undeniable. Identifying a market opportunity is a great start to launching a new business.. However, Docusign CEO, Keith Krach relies on building and retaining a team of founding members first and foremost as he explains that “markets will come and go, but it’s all about that team”.
Building a team that understands its cause and having trust in that team creates a strong foundation in the early stages of building a business. “The number one thing that you have ‘trust’, not only in terms of the integrity side of the equation but also trust in terms of founders’ capabilities”.
Krach has successfully built a culture and a business where it is a fun place to be, he believes this is key to retaining a team and creating a sense of community within a business. “Opportunity is directly proportional to growth and then the way we empower our leaders is key.”
“You’re never too old to learn, you always have to be a student.” To ensure your skillset stays relevant, it is important to always be learning and surround yourself with the people that know more than you. Krach recommends mentors and advisors who have different talents to learn from. Retaining a team through development and motivation is so important to Krach that he feeds this through to his management team. “I’ve been fortunate in my career to have great mentors and great advisors. I’ve encouraged the leadership team to do the same.”
For an entrepreneur, there are a few things to think about when going public, a strong leadership team and middle-management team as well as a strong revenue model is some of the initial steps in doing this. Krach emphasises on how retaining a team in the first instance is imperative to every step in the growth of any business.
Krach finishes off with advice to aspiring entrepreneurs and the value of taking risks, “Your ego is your enemy and your sense of humor is your friend”.