how to choose your team when starting a business

by iomechallenge
by iomechallenge

I have been involved with setting up, assisting and finally selling ventures.

As I wrote in 10 Most Common Reasons Entrepreneurs Fail & What You Can Do To Succeed

You are not superman.

You may think you can do everything by yourself, but you cant.

Find a good team to manage all the tasks you cannot do yourself or dont do so well yourself.

Even better, use the E-Myth - it says you should work on your business and not in your business.

That is the difference between people who go on to create successful companies and enterprises.

Here then are some straight forward tips and some had hitting advice on selecting your team

Trust

should you only hire people you know? people you trust?

yes & no

here is a simple thumb rule.  try and achieve a 3:1 ratio.

for every 3 employees/ team members you know, you can vouch for, you can trust, you can hire 1 you dont.

Many Hats

hire people who can wear many hats. when I say this I mean, take on people who are not afraid to do different tasks, who are willing to learn and pitch in.

an entrepreneurial set up is very different from a corporate set up. infact i would say dont have hard and fast designations, keep them fluid with responsibilities assigned not titles

Education Vs Learning

I get asked this a lot.

should I hire someone with formal education (read MBA) or someone who has learned the ropes of the business from working, but could never get a formal education.

my take is this. ration 2:3

for every 2 formal educated employees hire 3 who know the work from exp.  keeps them balanced.

you need the formal educated guys to tell you what is it that is being talked about, the future etc.

you need the ones who know what works on the ground coz only they know

Different is better

dont hire people like you.

in management it's called the halo effect.  it mean to like people who are like you.

deliberately hire different people. hire people with different views than you, hire people from different backgrounds, different experiences.

you will be amazed at the view points you get and the ideas!

Experience Vs Desire

what is better?

raw desire or experience.

you need desire to make a success of a new enterprise.  there is no question about it.

but you also need experience to know what works and what doesnt.

hmmm. so what are you suggesting you might be thinking.

ratios!!

3:1

hire 3 people with desire for every 1 with experience. 

Results Oriented

dont have a single person who is not a results oriented person.

let no one, not one, person on your team tell you that the results are hidden and there are long term value growth projections on this particular strategic decision.

tell them to take a walk.  you are there for strategic decisions and directions.

tell them to show proof of effort, hard results, measurable results or leave

Everybody Should Be Able To Sell

everybody

wait.  let me say that again.

everybody!!

not one person on your team should say 'selling is not my job'

it is an entrepreneurial venture.  we dont sell, we sink

Team Player Vs Superstars

ha ha!

you know what I am going to say.

NO! not team players?  that is for mangers who cannot manage.  you want to grow, you want to make a success of this venture, hire super-stars and then learn to manage them.

that is the idea!

super stars love results.  they have a passion that others aspire for.

they are born leaders and can rally a cause!

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