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MGT602 - Entrepreneurship - Lecture Handout 39

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PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT
DECISIONS (Continued….)

RECRUITING AND HIRING NEW EMPLOYEES

The entrepreneur will generally need to establish procedures and criteria for hiring new employees.

Advertising in local newspapers and referrals from friends and associates is most effective for entry-level positions. For senior management the most effective strategy is networking with friends and business associates. Personnel agencies may also be considered if there are no other effective options.

Once resumes have been collected some basis of determining each candidate’s strengths should be made.

Some criteria must be used in the resume evaluation. Factors such as education, prior experience, entrepreneurial activities, and interests can be used to assess candidates. From the initial screening of resumes, a few candidates can be invited in for an interview. Most firms use an interview form with critical factors listed for evaluating the interview candidates. The goal should be to hire not only the best candidate but also someone who will perform well in the entrepreneurial environment and provide a long-term solution to the available position.

The interview

The interviewer should ask all of his or her questions at the beginning of the interview. It allows the interviewer to evaluate the candidate’s behavior. It avoids talking too much and not listening. Upon completion of the interview, the firm should be sure to check all of the candidate’s references.

Acquiring senior talents can be critical to the venture’s ability to successfully meet its growth goals.
Recruiting for upper management in an entrepreneurial firm

Many executives choose to become part of the entrepreneurial process rather than continue working in structured big business. The entrepreneur should use all his or her contacts and recognize that every potential candidate is different.

MOTIVATING AND LEADING THE TEAM

  • The entrepreneur will usually be a role model for any other employees.
  • It is important that the founder assume the role of leader to the management team and employees.
  • Communication with managers and employees is one of the most important leadership qualities.

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