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  • Hannah Duncan

Building a fintech? Prepare for the stress of managing a team

Building a fintech is seriously stressful, that’s according to a survey of 32 founders conducted by me (yay!).


Over Winter 2021-22, I quizzed as many genuine fintech founders as I could find to see what life is really like. It turns out that managing a team is one of the greatest stresses.


ā€œGetting the right team togetherā€ is the most stressful part


Of all the many stresses, the most intense of all was, ā€œgetting the right team togetherā€.


One fintech founder also added the category, ā€œmotivating the teamā€. And another contributed with ā€œco-founder challengesā€. Which seem to broadly fall into the same monumental stress field.


I’ve noticed this a lot too. There is always a shortage of talented and passionate people who are willing to work for start-up salaries. If you want to be a fintech founder, it seems that you’ve got to be prepared for some real talent-related headaches!


ā€œMore people, more problems, you've just got to make sure you have the right people working with youā€ - Anonymous fintech founder

Having to let go of employees is one of the toughest parts of the job


On the flip side of finding the right team, comes the unenviable task of firing people who are not up to the job.


Many fintech founders reported this as the most horrible bit of the journey. Here were some of the answers:


What’s been the toughest moment so far?

  • ā€œMake people redundantā€

  • ā€œSack employee number 1ā€

  • ā€œLet go of employees (rare but when it happens it's not very nice)ā€

  • ā€œLet people go who weren't right for the teamā€

One founder specifically picked out that firing a mate was the most painful thing they had to do.


ā€œLetting go of friends where the role has outgrown themā€, - Anonymous fintech founder.

This is probably something to consider if you plan on hiring your buddies!




… And some employees can be a royal pain in the arse!


One very grumpy participant had this to say,


ā€œMost employees now have an unhealthy sense of entitlement, and that is not restricted to a particular generation. The grass is not always greener (as some moaners have found out)ā€.

This reminds me so much of my grandad. And I bet it’s true.


Something I’ve always been super interested in, is why so many narcissists seem to be attracted to fintech. You do get quite a lot of Elizabeth-Holmes type people (side note: I can’t believe she’s still walking free!). They are really good at bullsh**ting.


One of the founders brought this up too.

ā€œJust because someone speaks with confidence, doesn't mean they are right or even know what they are talking aboutā€, they typed. ā€œIt's just one perspective, and you need multiple to get a clearer answer to your questionsā€.

I like this a lot! It’s a good life lesson! Speaking of which…


Fintech founders explain their best life lessons about people…


Fintech founders have picked up some good life lessons on their journey, and many of them are about managing teams or dealing with people.


Here are some of my favourite pearls of wisdom:

šŸ‘‰ ā€œHaving people who believe in the mission and the product is criticalā€.
šŸ‘‰ ā€œTeam is everything and making them feel valued is crucial. Agency work can help get you part of the way but having the right resources in house is in-valuableā€.
šŸ‘‰ ā€œDon't be arrogant; accept you can learn every day from people around you even if you've done it beforeā€.
Go Team!

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