2 identify performance measures 3 set guidelines for

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2. Identify performance measures.3. Set guidelines for feedback.4. Set an evaluation schedule.Hiring the right talent is essential in any business. For a technology startup, the quality ofthe talent you hire is very essential to the success of the firm.
SUBMITTED ON APRIL 14, 2020 06:33 AMAs Jenny said, “We figured we wouldn’t understand what they were doing because wecouldn’t read code. But we could have gotten a sense for the personality and quality of thedevelopers and seen if they were doing something.” Once the founders did visit, theylearned that the software developers were much further behind than they had thought.They realized that if they stayed with this firm, they would not meet their target launch date,so they pulled the project from this team. They then took the advice of an investor whoconnected them with a firm in India to develop the website. They still needed more hands tohelp with development, so they hired someone who responded to a Craigslist ad they ran,whom they quickly fired due to poor fit. Finally, they were able to hire a developer, AbhishekSachdeva, through a recruiter just two weeks before the scheduled public launch.Sachdeva did an amazing job of working with the Indian development team to get the codein acceptable shape.Fortunately, Rent the Runway had raised enough capital to survive the challenges ofbuilding the technology platform.(T)Over the years, I have read thousands of business plans and pitch decks.Not one describes the path to failure and mediocrity.They all have glowing descriptions of a big market, a compelling solution, attractive economics,and a spectacular exit.Of 5,000 plans or so, I have only seen three firms meet or beat their plan.I'm beginning to think that's a pattern.Almost every firm struggles somewhere during the execution of their idea.They hire the wrong people; they misfire with customers or suppliers.At Rent the Runway, they had difficulty getting the right resources in place, to build a web siteand the underlying technology infrastructure.Fortunately, they had identified a potentially explosive market and had an early moveradvantage.Their test had been strong.Investors, especially those who've seen the entrepreneurial journey many times, know thatmistakes will be made.As an entrepreneur, you need to anticipate that things will go wrong.
Imagine if Rent the Runway had raised only a small round of financing and then had all thattrouble with the website development.

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Term
Fall
Professor
Maricel Galang
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