A great team with a versatile talent and skill set is critical for the success of a startup. Though there are several advantages of being an entrepreneur, not having the right talent to assist can result in the company failing. Statistics indicate that close to 23% of startups fail simply because they lack a dynamic workforce that could scale the enterprise and sustain it through the challenges it will most likely face.
The first three years are crucial for a new business, and an innovative product prototype or business idea is just not enough to see it through its development stages. Even as you’re seeking funding for your startup, focus on onboarding a great team; the more versatile, the better. So, how to hire the right people with the core competencies and industry-centric expertise? Read on for some practical tips and strategies.
Start Off by Hiring a Professional Business Advisor
The first step in your team-building journey should be seeking out and hiring an expert consultant or advisor, preferably someone who specializes in the industry where you work. You can rely on this professional to guide you through several aspects of developing your startup, and that includes hiring the right team. Tap into their knowledge base to determine the particular roles that need to be filled in the organization. Trust them to vet potential candidates thoroughly before recruiting the right talent for your company. At this point, you need dedicated people who are in it for the long haul and not just using your startup as a resume-building landing pad.
Identify Positions Critical to Get the Company Off the Ground
Your objective should be to recruit talent crucial to get the company up and running. Businesses are constantly evolving entities, and you might choose to pivot to an entirely different angle as the startup grows. You’ll need people with the motivation and enthusiasm to grow with the company. Hire people to fill positions with skills that smoothly complement the team in other departments. Establishing a company culture, ethics, and mission is a prudent move since it sets the tone for the current and future candidates working in the organization.
Investing in Top Talent Will Pay Off
Savvy entrepreneurs don’t compromise on the quality of the talent and skills they hire. You’ll want to onboard the best professionals with impressive experience and a track record of success in your industry. Candidates with robust profiles on professional social media like LinkedIn, Meetup, and AngelList are the ones you want to hire. When a startup has limited resources, investing in people with high salaries may not seem like a good idea. But, when you’re ready to develop a pitch deck to apply for funding, those resumes will, undoubtedly, stand out to get you the financing you need.
Trial Runs Are a Practical Option
Trial runs are a practical option to appraise candidates and test their skills before hiring. Split-test hiring is a new concept where startup owners assign the same tasks to two or more applicants to test their performance and efficiency. Although you’ll pay them for their time, this strategy allows you to evaluate not just the potential hiree’s competency, but also whether they are a suitable fit for your company culture. You’ll need additional soft skills like problem-solving, thinking on their feet, efficient communication, and drive, along with the motivation to innovate and improve. These are the people you need to help you scale your business to greater heights.
Hiring the right team and getting the appropriate skill set and talent for your company should involve careful decisions. Use these strategies, and you’ll soon have success-driven, dynamic people working with you.
BIO
Alejandro Cremades is a serial entrepreneur and the author of The Art of Startup Fundraising. With a foreword by ‘Shark Tank‘ star, Barbara Corcoran and published by John Wiley & Sons, the book was named one of the best books for entrepreneurs. The book offers a step-by-step guide to today‘s way of raising money for entrepreneurs.
Most recently, Alejandro built and exited CoFoundersLab, which is one of the largest communities of founders online.
Prior to CoFoundersLab, Alejandro worked as a lawyer at King & Spalding, where he was involved in one of the biggest investment arbitration cases in history ($113 billion at stake).
Alejandro is an active speaker and has given guest lectures at the Wharton School of Business, Columbia Business School, and NYU Stern School of Business.
Alejandro has been involved with the JOBS Act since its inception and was invited to the White House and the US House of Representatives to provide his stands on the new regulatory changes concerning fundraising online.
