Let’s just say you have your company, your idea, your industry, you know exactly how you’re going to tell your story about your company and how you going to differentiate yourself against everybody else in the marketplace. So, the next question becomes, how do you put the right team together?
Patrick Bet-David knows what you should look for when hiring, what type of culture you need to build and how to retain talent. You must overcome these two challenges, so it doesn’t keep you up at night.
First Challenge: Human Capital
This can be managed through hiring upfront correctly or else you are going to spend all your time firing people and replacing them.
What Personality are You Looking For?
- Your team’s personality is very important because they need to fit into the industry, position, and culture you want for your business. You need to weigh what personality types are most important to you.
Motivations & Interests
- As a leader, you have to ask all new team members what their motivations and interests are, so you are all on the same page. You don’t want to be surprised by people who only planned on sticking around for 6 months. Ask them what their intentions are. Their motivation and interest have to support your vision.
Values & Belief Systems
- If your team members don’t match your values and belief systems, you are going to have a fight every day. You don’t want a bunch of ‘Yes men’ but you don’t want people that are so philosophically different they can’t help you with your vision.
- Demographics are important if you want a young technology focused company or if you want to create an environment that cultivates female leaders. These are just two examples where your teams’ demographics play a huge role in human capital.
Second Challenge: Organizational Structure
Strong leaders, who you hired, can work at the organizational structures and develop them into your vision for the company. This is what makes the business more money if you do this right.
Incentives, Compensation Plan & Rewards
- This must be clear if you want them to work hard. They need to know what they are getting out of putting in 60 to 80 hours a week. Establishing clear incentives, compensation, and rewards lets everybody on the team know what the standards are and what they must do to meet those standards. It builds competition which drives growth, too.
Structure & Control
- What you expect from each position and each department. Being specific on the structure and the controls will make your team more effective and allow you to not worry about every little detail.
Values & Principles
- Values and principles define how your team interacts with you, each other, and any outside customers or vendors. Establishing these will create a culture and an environment that will help realize your vision. Whether it is everybody helps each other out, or that sales has to go above and beyond to make the sale. Whatever you set as your value and principle will help run your business when you are not looking.
- Crises and situations will arise in business that you cannot plan for. Your business needs to be ready for team members to go on leave because of personal reasons or major clients dropping out of a huge deal. Setting up systems to deal with whatever pressure comes your way will make you sleep soundly at night.
If you’re constantly firing people, it’s because you’re not hiring right. If you’re noticing people not being urgent and effective, your compensation isn’t set up right. If you’re constantly having character issues, you don’t have a culture with a set of values and principles.
Don’t forget to grab the PDF and review these 8 points and make sure you are clear on Human Capital and your Organizational Structure.
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