At some point in your entrepreneurial biz building, you’ll find that you’re ready to build a team and move forward. What works best to accomplish great team building?Should you hold interviews? Go hang out at the college and try to spot smart people – or even find interns to work for free? Should you expect your new team to work for profit sharing vs. hourly pay?
First, be sure to fully flesh out your business. What do you want it to be?What is your end game; what are your conditions of satisfaction? Once you know what you want your biz to be like, sit down and decide what you want in terms of a staff and a team. You probably don’t want to do profit sharing for a while. Profit sharing can actually demoralize a team since profits take a while to get. But definitely pay for great performance as you’re able to, and be sure to offer up stock and other incentives where appropriate. And don’t be discouraged — recruiting and company building takes expertise and time. You may kiss a lot of frogs before finding a team to really wrap your arms around.
Christine Comaford, Biz Accelerator CEO of Mighty Ventures, Inc. NY Times Best Selling Author