For this week’s most recent Udemy course launch on DealTeam’s, I thought it would be appropriate to take you on a history lesson and jump back in time to 1992. Bill Clinton has just been welcomed into office, the largest shopping mall in the US, Minnesota’s Mall of America is constructed, Nirvana’s “Smells Like Teen Spirit” continued climbing up the Billboard charts and the Summer Olympics are held in Barcelona, Spain. Wow! It feels good taking a trip down memory lane, doesn’t it? Lets look at how the 1992 USA Olympic Basketball team was recruited, what made them so special to be labeled the “Dream Team” and how you can apply this approach to building your DealTeam. Their approach seemed to work, according to NBA.com, “Many consider it the greatest team ever assembled, in any sport”.
Michael Jordan, Larry Bird and Magic Johnson, those names seem to ring a bell, right? Barkley, Ewing and the list goes on. With the announcement of non-collegiate players being allowed to participate in the Olympic games, it gave the Americans a chance to leverage the NBA talent pool and put their best foot forward.
What was this process like? How were they able to fit so many big names into one team? Not everyone can be a star, but there needs to be a leader. Like in business, CEOs want to surround themselves with the best. A lot of credit can go to former NBA coach Chuck Daly, who at the time, was the best coach in basketball coming off two back-to-back championships. Daly, along with the rest of the selection committee began running a process on who should join this team. People invest in people and the management team is the driving force behind any success. That’s why Chuck Daly and co. went out to recruit the best Olympic basketball team in history.
The 5 recruiting tactics that can help you go from DealTeam to Dream Team.
Number 5. The selection committee leveraged the reputation of coach Daly, and used his track record to spearhead the team. A coach, like a CEO, needs to be a winner, visionary and charismatic person to bring in top talent. A master recruiter will spot top talent and Chuck has been just this. Having been said to be “having a reputation to be able to deal with smart players and also great with the media”.
Number 4. Personality exceeds capability. Charles Barkley was a top player but was often looked at like a loose cannon. He luckily made the cut and ended up becoming their leading scorer. The lesson here is that you need to bring people onto your DealTeam that are easy to work with. Raising capital is a journey and requires people with passion and grit. Barkley was a rare case. A company’s chance of bringing in investors is determined by the hustle and personality of each DealTeam member.
And Number 3. They kicked ego’s to the curb and you should too. Basketball is a team sport and only one guy can shoot the ball. Recruit DealTeam members who are willing to pass up on a ‘shot’ and pass the ball for an easy lay up. This can mean members who are selfless and are committed to bringing money into the business over everything else. This is also a warning sign to relying on intermediaries for introductions to potential investors as they often have a vested interest in protecting their “relationships” by controlling the communications. Ego can be be lethal to the fundraising process.
Number 2. Preparation. To have a successful raise, you need to have a DealTeam that is willing to put in the work. This can involve helping build key materials, making introductions, setting up appointments, and studying the company messaging to effectively articulate it to potential investors. So much of fundraising is doing the leg work that leads up to the meeting. Find members who are willing to go that extra inch!
and the main reason why the most talented players in the NBA were able to play together was because of…
1. Being a part of something bigger than yourselves. The players recruited to play for Team USA weren’t just playing for themselves, they were playing for the USA. Building a company and bringing money in can be a daunting task. Recruit DealTeam members who believe in your companies mission statement as well as the idea that this new cash flow will help make a bigger impact.
P.S.-For a limited time, we’re giving out free promo codes for our latest Udemy course, “Find & Assemble a DealTeam”. Want one? Go here.
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