Yikes, your ‘Dream Team’, is often riddled with deep holes, snags, treachery and so forth. I can tell you about a recent place I worked as a consultant. The CEO was convinced by other consultants to bring in a Dream Team, you got it, a dream team and I was on it. The top 5 people available to fill the top Directorships in a corporation worth millions. Heck the Dream Team even went so far after a few days of watching the CEO messing up the company to consider buying him out.
Rebellion? Hardly, the CEO was heading down that terrible CEO path, the hands-on CEO better known as ‘I can do it better myself’. These guys always fail or die of a heart attack or a knife in the back.Seriously , the thought that a corporation could hire 5 people that it desperately needed then fail to follow through with their talent pool is almost criminal.
I’ll try to give some advice here about people and the initial management styles needed to work on a business effectively and not work in it. Let’s start with partnerships. Many people start them because they seem easier to start, the attitude being that the other person can do all the work and ‘I’ll get rich’, or the corollary to that is, ‘I need the moral support of a partner cause I’m afraid to do it myself’.
A partnership needs to be like two hands interwoven. A Partner great in sales would complement the other who liked working on the technical side of the business or liked doing a different aspect of the work. I was partners in a commercial photography business years ago and my partner and I were both accomplished photogs so when work came in we fought over who was going to do it. One better suggestion would have been me partnering with a sales type. Oh well, live and learn and that’s why I’m sharing my experience.
Employees- please don’t hire your best friend because he is out of work and needs the job. It will come back to bite you when he really can’t do the job you hired him for. You’ve heard the phrase don’t lend friends money? Same thing! Another problem would be to hire family, it’s OK to ‘partner’ with your wife but don’t hire her, something about maintaining marital bliss!
Try to find the best employees for your money. I know a lot of you are saying well I can only afford a junior marketing guy out of school but really need a good expert. Consider incorporating if you’re not already and offer incentive shares of the business based on increased sales revenues for instance to the better marketing whiz. I can incorporate myself but if you want to cover your bases get a lawyer. I use Virk Personal Injury Lawyers because even though they specialize in Perosnal Injury they are knowledgable enough to handle setting up corporations. Sometimes I’ll go work for a client not because of the money but because it sounds cool, I like the owner or the work is exciting to me. Lots of senior executives think like me.
There’s a new model for senior execs out there that is very interesting (since I’m almost there). It’s called hire a senior exec at a reduced rate because he can afford to take less because he already is on a couple of pensions. If you haven’t guessed retirement has gone out the window and guys want to keep working but some companies think them too ‘over qualified’ – ouch! Those are the guys to look for in a hurry.
Interns sort of go against my natural tendency to hire the best but I was in a position last month where I needed an interpreter full time to work with a foreign client. At $60 an hour that wasn’t about to work. A free, experience seeking intern solved the problem of helping me immensely while giving the young person going to college incredible experience and insight into my business. Remember that when you hire someone or have them intern for free, to understand the level of complexity, seriousness etc of the job you need done. A receptionist you find cheaply can be your worst enemy since that person is the first contact between you and your customer. Think strategically when hiring.
Since most people don’t need a full blown office consider hiring people who can work for you at home. Now isn’t that a can of worms? A good interview and probation can tell you if that decision is right or wrong.
Considering hiring someone for your dream team can be fraught with twists and turns. There are gems out there for sure. Consider having a second person in the interview to get a different opinion.
Just remember bringing on people effect your business and their life. Don’t hire for silly reasons but focus on your task to find the most competent person for the task at hand and you may end up with your own Dream Team