As an eager entrepreneur, you will need several elements to make your business a success. The first thing will be a product or service that others think is a good idea, not just you. Ninety percent of all startups fail within the first five years because of a flawed business model. The second reason is a shortage of funds. Before you spend hard-earned time, money, and effort launching a startup, there are several important decisions you should make beforehand. The people you chose to work with are some of them.
Some people mistakenly try to save money on the front end by hiring less experienced talent. The logic is that they will be trainable down the line and step into their designated roles while saving initial costs upfront. The truth is that you get what you pay for. When interviewing for the position of senior leadership, do not be afraid to be choosy, even if it means placing an ad and going through the selection process more than one time. Senior executives will be the ones to lean on when uncertain situations arise.
As you begin to fill in other executive positions and team members, try to pick a good mix of people. Diversity breeds creativity. In doing so, the following personality to add to your team is an out-of-the-box thinker. They will provide you with a fresh, alternative perspective when problem-solving or brainstorming new ideas. Enthusiasm is contagious, and they are the ones most likely to boost morale and get the team excited about the latest project.
The third and most important person to hire is a good lawyer. This is not something you want to circumvent. It is essential to do your due diligence and find someone who will be a good match for you and your industry. Even the most glowing references in the world need to be verified. Talk to other people in the field to ask what lawyer they turn to, and don’t be afraid to take your time choosing. This will probably be the most expensive and time-consuming hire, but it will pay off if you require their services when the time ever comes.