ECON 138 2.2.11

ECON 138 2.2.11 - Expand the pool of potential people Avoid...

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ECON 138 2.2.2011 New Venture Team - Board of directors: don’t have to share profit but you should compensate them somehow; give financial advice - Board of advisors: select them such as complimentary areas of expertise - Investors: they can provide financial advice; can help you raise more capital - Key Employees - Management Team - Attorneys, consultants, other professionals: all help with the team and the company Who to Hire - Don’t hire anyone to make your core product (initially) if you can do it yourself - Identify required skills and decided how to fill them do hard tasks yourself (core to your product), or hire someone; hire others to do your routine tasks (ex: web design) outsource commodity tasks, eg. Graphic design Identify Required Skills Who to Hire – Example - Myth 1: You need to hire mobile experts (hire generally a great engineer; need to be good in all aspects; hire a quick learner) - Hire generalist engineers not “mobile engineer”
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Unformatted text preview: Expand the pool of potential people Avoid a “spet” culture at your company How to find cofounders and employees-Work with the best-Hire organically Work with people you already know Make an effort to meet more people Where to find employees?-Selling Points Long hours Low pay High risk Unproven business model and management -Who says yes Your friends and past colleagues Startup enthusiasts -Hire based on passion How to select-Use a sequential interview Start with high school Go through every career move What are you proud of? Why did you leave? -advantages Easy to spot gaps Feels natural Identifies behavioral patterns -check references and “back channels” get more revealing information Hiring vs. Outsourcing-Hire to do the hard parts Print out of survey question Print out of results A slide of the results… explaining the results?...
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ECON 138 2.2.11 - Expand the pool of potential people Avoid...

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