Hiring Key Resources with market experience and knowledge for a fresh business startup
We are in process to start a new consulting business on B2C model and would like to hire new resources with ample domain expertise and ability to add value to our organisation at director/head levels.
The problem we are facing:
1. With our limited knowledge in the new domain, how to find the right candidate so that we don't suffer later.
2. Hiring good resource within budget.(Any options other than high salary).
-
You seem to have two issues that will cause severe tension: you need experts, but what you write implies you don't want to pay top dollar. You could offer equity/profit-share as an inducement, but a lot of people will find that dubious without a track record. Alternatively, you might want to hire people on short-term contracts, then you can get the A-players, even if just for a while. Maybe contact some local specialist headhunters/employment agencies for help with recruitment and ideas about likely costs. – Steve Jones 11 years ago
1 Answer
The answer to your questions starts from the value the founders are bringing to the business. What value are you bringing?
For example, if your answer is simply "money", then you will initially mainly attract new hires with "money", meaning above-market-rate salaries.
If your answer is "deepest domain expertise", then you will mainly attract people with that, meaning the satisfaction of working with some of the best and brightest in the field.
And I think that's the rub. To rephrase your own words in a harsh light:
- You want to consult (teach) in a problem domain you don't understand.
- You want to hire others to do the actual work, while paying them a below market salary.
- ...
-
This seems to be a common scenario. I wonder why people don't realise that the essence of business is to add value. – Steve Jones 11 years ago
-
+1 well put, this is what I was thinking. How would you start a consulting business without understanding the domain / field you are getting in to. Seems like a bad idea. – Ryan Doom 11 years ago
-
Thanks for your candid response, I shall resonate this to my team and we certainly will need to dig in more into market research and operational procedure before we actually begin. The real problem here is that until we get into actual tough situations we wont be able to figure out the nitty gritty of the field. We planned to hire some people with 2-3 years of experience who can perform as team leaders for new hired junior associate and so that they can help in handling business while we get more insight and expertise while on the job.Again, all the thoughts are highly appreciated. – Nick 11 years ago
