Table of Contents
How to find and hire the right People?
A right team is a difference between the success and failure of a startup.
As per CBInsights, 23% of startups fail because of “not the Right Team.”
There is no hard and fast formula to get the right people to work for you but based on my experience of being a part of few startups, here are few tips to help you build a startup team:
- Look for people who share the same vision as you. Do not shy away from offering a stake to the right people.
- Hire people who can help you with your weaknesses. For example, if you are not technically sound, hire people you can trust with the technical aspects of running the Startup.
- Use social media to build your brand. This, in turn, will attract others to join you.
- Find people who will not shy away from working long hours or over the weekend.
- Hire the ones willing to take challenges such as multi-tasking. They should be open to helping the company grow than stick to the hired roles.
- Do not hire superstars or self-obsessed employees. They will ruin your startup culture and will make it difficult for you to scale the Startup to the next level.
Hiring a team for a startup is the toughest challenge you will face.
Employees will always look for bigger enterprises or better salaries. They will regularly need a lot of motivation.
An you will all they have to look for “Motivation”.
So Stay – Motivated and keep Inspiring!
Getting Started – How to use the learning from Step 1 to 6 in the Business
You are finally starting your venture.
Time to put to good use – the learning from the six entrepreneurial steps.
The question you might have the back of your mind is:
“How do I implement the learning from all the Steps in my launched Business?”
Remember, we spoke about checking your readiness to be an entrepreneur in step 1.
Well! You have already passed the stage of turning back. Hence, the option to make a U-turn is out of the question.
To ensure your mind does not plan any more mind games – you need to train it for the hardships.
How do you train your mind to help you during tough times?
I suggest reading Books, entrepreneurial stories, learning of fellow entrepreneurs, and watching ted talks to keep yourself in a positive mind frame.
The market research you did in step 2 was just the start.
Until now, you just scratched the surface.
Now things will be different.
Learn to absorb all the real-time feedback you get while running your Startup.
And do not forget to update the prior learning based on the new knowledge gained during market research.
Next comes the Business Plan. Keep yourself with tools like LivePlan and check your progress against the targets set there.
Moving to financial planning, I based the earlier financial planning done by me on speculations, projections, and estimations.
Fast forward today, you have a running startup, and you will witness everything real-time. Financial planning (though in the same format) will change.
Moreover, you will have real numbers to enter against the planned financials.
For the same business directory example, I gave above, here is my new spreadsheet based on running the Startup for one month:
Cells marked red are the ones where you had to pay more than the expected value, and the ones marked in green are the ones where you saved money.
I updated the coming month’s expenses based on the first month’s expenditure. Thereby leading to a marginal increase in the funds required to sustain the first six months.
Financial planning now becomes real-time, based on what you learn.
The team-building exercise is an ongoing process. You should hope that you have everything sorted before the Startup starts.
The Action list to hire the right employee for a startup
As an action point (and there are only 2) – all you got to do is “build a list of qualities you expect the employees of our organisation to have”
- Action Point 1: The Check list:
- I prefer -multi taskers over “role based” employees – How do you find them and what extra do you offer them to join you? Stock options, incentives?
- I would like to work with someone who believes in my idea
- I want someone who can think of box
- I want someone who can compliment my weaknesses
- Action Point 2: When you get started
- Revisit all the Steps and use them as a base to run your business
- Compare your progress to all the ground work you did in all the steps and then keep revising your plans