People are the biggest asset and strength of any start up. AndThings that entrepreneur should do and should not do while dealing with this asset.

People

Every start up starts with the like minded people coming together with a dream of achieving the common goal.

But as the company grows, it starts falling short of people and it’s a challenge to find such people.

Its an art and skill to get such fire in the belly people in shortest possible time at lowest possible cost.

People are the biggest and perhaps only asset of every start up which is irreplaceable.

Challenges of getting right kind of people.

Its hard to sell the company

which is completely unknown

Its very difficult to match the

salary expectations

The risk perception in the minds of

people is very high

Perceived psychological factors play

havoc in their minds

It’s a challenge to retain people

with lower cash and

higher ESOP’s

Benchmark Qualities while hiring people.

Person should be

willing to work in

unstructured environment.

Person is willing to look at long term

career by accepting Esop’s.

He is by nature very flexible and adaptable

and a team player.

He has an attitude of

being a out of box thinker.

He is willing to or used to

doing multitasking

How would you create core team of your start up ?

One needs to answer following questions before hiring your core team

• What should be the level of experience ?• Why does he want to come to a start up ? Is it a stressed decision ?• Does he really believe in your idea and can share common vision ?• Is he a team player ?• Is he willing to put some skin in the game by opting for ESOP’s• Is he willing to look outside his domain and experiment ?

While answers to these questions are not easy to find out but worth spending more days before hiring.

Intense communication sessions are must to create a cohesive group of core team. They should almost reach to the stage of predictability of other team member’s expectation and reaction.

They must believe in a common mission and vision of entrepreneur.

Golden rules while dealing with your core team.

Every start up has a thin number of people and they work like a close knit family. There are certain golden rules which should be followed by an entrepreneur during the life cycle.

• Always have a open communication with the team.• Always share the bad news first to the team.• Never give a conflicting signal to different group of people.• Be fair while fixing the structure and remuneration pyramid • As the organization grows and multi tasking is reduced, then create a

balanced departmental structure. • Create a participative management style from early on so that team

feels involvement.• Be transparent with the team and they will stand by with you in difficult

times.• Lead from the front by example. • Carrying a wrong baggage will take the company back by few months

and time is precious.

Does each core team player should be a leader by example and vision??. • Every start up is built from ground zero and the castle need to be built

on the solid foundation.

• Each of the core team player should be a leader who not only is knowledgeable but also a good communicator and team builder.

• He needs to create a sound team B and C in his department who are best in terms of knowledge but also become good communicator and become extrovert.

• Information flow in a start up is very fast and informal and any wrong or half communication by team would lead to confusion.

• Team leaders should learn to have vertical and horizontal discussions at their level.

Road to successful start up is tough but People create a successful start up so give them their due respect.