Key to Your Startup Success: Hiring the Right People

key to startup success hire right people

No, you and your startup cannot succeed without help. Unless you are someone like Michelangelo who sculpts magnificent figures out of large blocks of marble all by yourself in a lonely studio, your startup will not succeed with you being a lone wolf. For you and your startup to bloom in full, you are going to have to depend upon the efforts of others. In fact, the most important factor in building a successful startup is hiring the right people

Oh, I can hear you saying right now that you are going to hire your buddies from school. They are a great group of guys and gals, and you are sure they will work out, aren’t you? 


But, please do not take my word for it, take Steve Jobs.’ The founder of Apple said that hiring the “best people in the world” was the secret to his success. Note that Jobs said “THE” secret, not “A” secret. 

And, of course, Jobs is not the only business leader or expert to hold such thoughts on staff. Jim Collins, author of the defining management study of the 1990’s, Good to Great: Why Some Companies Make the Leap...And Others Don't (a book I highly recommend to anyone interested in business or organizational success), goes so far as to say, "A company should limit its growth based on its ability to attract enough of the right people." 

Hiring the Right Person Is Worth the Time and Cost It Requires 

When you hire the right person, your startup will benefit from gaining a team member who has the practical experience and skills it needs to succeed at its current level and to subsequently grow and take over the world! The right people should also bring to your startup strengths that your current team may lack. Look at it this way, having a killer team of programmers is great if your startup creates apps, but that team is not going to keep your books. 

For that, your startup requires a bookkeeper, the RIGHT bookkeeper. You may need to expand your area to find the right employee that fits your needs. If you plan on hiring someone abroad, remember to take advantage of  the benefits available like the 30% Dutch ruling and other tax savings incentives that will make your offer more enticing to candidates.

And, finally, the right hires will fit in with your startup’s culture. People who are passionate about what they do and what your startup does will bring a natural energy into the workplace that will pay huge dividends since it this type of cultural match and energy that creates that 1+1 = 3 synergy magic we all long for in our amazing synergy-fostering collective office like that absolutely stunning work space at the Startup Incubator NYC. 

The Cost of Hiring the Wrong Person 

Besides missing out on the positives covered above, when you fail to hire the right person, you, by default, end up with the wrong person. And, this is a mistake that can cost you big time. 

Tony Hsieh, CEO of the online shoe shop Zappos, estimated seven years ago that poor hiring decisions had cost Zappos more than $100 million. The U.S. Department of Labor says that the wrong hire sets a company back at least 30% of that employee’s first year salary. Now, while no company wants to pay such penalties for hiring mistakes, these costs are especially threatening to startups. 

You Will Make Hiring Mistakes 

However, no matter how careful you are when hiring for your startup, you will take on a rotten egg from time to time. When that happens, cut your losses quick. When it comes to staffing, your mantra must be: 

Hire Slowly, Fire Fast! 

Remember that hiring is likely the biggest challenge your startup will face. Make wise hiring decisions and your startup will become the company you know it should be!

startup tipbook

I hope you enjoyed this article about hiring the right candidates and retaining talent both being critical to your startup's success.

Interested in more articles about recruiting employees?

Read My Posts:

- How To Hire Temporary Or Contract Workers

- The Technical Task Of An Employee Drive

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