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Hiring people is not as smooth sailing for many companies. It can either become a recipe for success or a cause for destruction. As the CEO of a Start-up, you will have reserved funds. Investing those funds in hiring wrong people can cost you an arm and a leg. You might be thrown out to the extent where, coming back will become impossible for you. People and their talent is the key for success of a Start-up. So, you need to avoid certain mistakes that might turn out as a risk and become a cause for the downfall of your Start-up. So, let's list such mistakes so that you become aware of what your hiring strategies should be.
1. Focusing on building a team than executing the project
This is one major mistake that CEOs of Start-ups make. Many CEOs do not realize that a project can be executed without many permanent resources in-house. As a Start-up, your main goal should be to get your project executed. Let's say, you have a requirement for an Angular Developer, for a project that needs to be completed in 3 months' time. You may not need this Angular Developer, after this project gets over. In such a case, you might as well look for someone temporary, whom you can flexibly hire, only for the duration that your project demands. This way, you will be avoiding incurring costs on salary and other benefits, while your permanent employee is on bench and you are not sure whether you will need that employee again for another project or not.
2. Hiring Freelancers
Although there are disadvantages in hiring permanent employees in terms of cost, as mentioned in the previous point, hiring Freelancers for getting tasks done can also be risky. Most of the Freelancers out there, do freelancing for second income, along with their main job that brings them the primary income. They may not be as serious about their freelancing work, as much they are about their main job. Instead, it is recommended you hire a full-time dedicated resource for your project from a well-known and reliable IT Vendor. Even if they are not your permanent employees, they will sincerely work towards your project deadlines.
3. Hiring someone to train them
This is another mistake that CEOs of Tech Start-ups make. They believe in having someone permanent, and wouldn't mind training them, at the cost that they will serve their Start-up for a longer period. But, that's a false notion in most cases. Most people think it is easier to get into Start-ups than MNCs. They will rather consider your Start-up as a training institute, where they can get necessary training and then jump over to the MNCs. Instead, hire an experienced IT Developer from a known IT Vendor and get your project executed.
4. Hiring constantly
This is one mistake every Start-up CEO makes. Obviously, your need for resources for all the operations in your Start-up, will demand you to constantly hire. As the CEO of a Tech Start-up, who is concerned about the growth of your Start-up, you wouldn't say, you know only technology and you do not have any idea about marketing. Even if you do not know marketing, you will try hard enough to understand what it is and how is it done, at least at a high level. So, you will definitely try and learn every aspect of Start-up operations. Similarly, you can try and use your limited resources for multiple operations. For this, you need to study your resources, recognize their talent, analyze what one can do and one cannot do, and assign multiple roles for a single resource. And, people working in a Start-up, should be ready to take up multiple roles, by understanding the restrictions to hiring resources their Start-up has.
5. Hiring someone because you know them
Hiring someone just because they are ready to come for a lesser price, or hiring among your friends, relatives and your employees' friends and relatives can sometimes prove worthwhile. But, when their performance is not up to the mark, you might find it difficult to fire them, due to an obligation. While firing someone, who is a stranger can be easier.
6. Hiring charismatic Individuals
If you use this approach for hiring employees, then, you are sure to miss out on recognizing talent of other potential candidates and also the talent of existing people in your Start-up. At the same time, you will end up having people, who do not have the necessary skills to work in your Start-up.
7. Creating unnecessary restrictions
Some CEOs restrict themselves while hiring people and they hire people based on religion, gender, marital status and so on. Let's imagine, you are an Entrepreneur, who believes in hiring married ladies, who stay closer to your company. Your notion is that married ladies will be loyal to the company, as they have their own restrictions for job change and hiring someone, who is put up close by to the company will come to the office regularly and on time. By doing this, you will miss out on people, who have the real talent and who are capable to work for you in the best manner.
Wrapping Up
Understand your goals first and act accordingly. As a Start-up, it is agreed that people matter to you. But, having limited funds, try and focus more on hitting the market first, by getting your project executed. Once your project is in the market and you start earning revenue, then, you can boldly make hiring strategies that is expensive and any loss from that can be borne by you, without your Start-up getting affected.
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