Effective hiring starts with defining the objectives for the role you need to fill. You then get to know each candidate and select the person who is most qualified and the best fit. You should forgo hard and fast qualifications when considering an ex-entrepreneur.
Let them talk about how they grew their business and what ideas they have for business development in your company. Will they stick around for the long haul or quit to pursue another endeavor? Ask them why they left their company and about their future career plans. Trakstar Hire is considered the most user friendly hiring software on the market.
Trakstar is a multi-product HR software provider helping organizations put the people back in people management. Some also offer pension and employee assistance programs. By combining the employees of several companies into one large pool, employee leasing companies also known as professional employer organizations, or PEOs can also offer business owners better rates on health-care and workers' compensation coverage. The net effect can be significant savings of your time and money.
While many business owners confuse employee leasing companies with temporary help businesses, the two organizations are really quite different, explains a spokesperson at the American Staffing Association ASA.
On the other hand, with leasing companies, "a client business generally turns over all its personnel functions to an outside company, which administers these operations and leases the employees back to the client.
Employee leasing is a contractual arrangement in which the leasing company is the official employer. Employment responsibilities are typically shared between the leasing company and the business owner.
You retain essential management control over the work performed by the employees. The leasing company, meanwhile, assumes responsibility for such tasks as reporting wages and employment taxes. Your main responsibility is to write a check to the leasing company to cover the payroll, taxes, benefits and administrative fees.
The PEO does the rest. If your business's staffing needs are seasonal--for example, you need extra workers during the holidays or during busy production periods--then temporary employees could provide the flexibility you need to grow. Temporary employees, as the name indicates, are hired only for limited periods of time. So they are only there when you need them for specific growth spurts. Temps also have other advantages. Because most temporary help companies screen--and often train--their employees, entrepreneurs who choose this option stand a better chance of obtaining the quality employees they need.
His persuasive skill helped him at every turn. Evaluating persuasiveness is different from evaluating the ability to thrive in uncertainty and the passion for ownership.
Most of the evidence will come directly from interactions with candidates. Leaders high on this dimension will exude confidence and genuinely convince you that they can get the job done. They will be honest about the unknowns of the situation but, at the same time, not waver about their ability to overcome contingencies.
Essentially, you should assess this entrepreneurial leadership dimension as if you were hiring for an executive sales position. Exceptional leaders have much in common, and most can adapt to the demands of whatever organizational challenges they face. Leaders who are truly entrepreneurial, however, excel when a situation demands complete ownership of a venture or problem, become more motivated as uncertainty increases, and have a remarkable ability to persuade others to follow their course of action.
This profile can be problematic in complex organizations where established business units need to work intensely together, across boundaries, and leaders need to share both information and power on a daily basis.
But if your organization needs someone to turn innovative ideas into full-blown, standalone enterprises—or invent and bring to life completely new models—it may be time to hire an entrepreneurial leader. You have 1 free article s left this month. You are reading your last free article for this month. Subscribe for unlimited access. Create an account to read 2 more.
Hiring and recruitment. Hiring an Entrepreneurial Leader. What to look for by Timothy Butler. Alex Fine. In Brief The Problem Though entrepreneurs are the new heroes of the business world, most companies lack a scientific approach to recruiting managers with entrepreneurial qualities.
The Solution An analysis of the psychological-testing results of more than 4, entrepreneurs and 1, general managers showed that three factors differentiate entrepreneurs: thriving in uncertainty, passion for ownership, and skill at persuasion. The Stereotype: Entrepreneurs are unusually creative.
The Subtler Truth: Entrepreneurs are curious seekers of adventure, learning, and opportunity. The Stereotype: Entrepreneurs enjoy and seek risk. The Subtler Truth: Entrepreneurs are more comfortable with risk. Some interview questions to consider: Which do you fear most: anxiety or frustration? Are you willing to get into trouble in order to make something important happen? Which is more valuable: instinct or wisdom? Which is more valuable: imagination or analysis?
A space explorer is looking for people to colonize Mars. He definitely understands what your company needs to do to shake off the competition. Ex-entrepreneurs also understand the art of hiring new talents and firing dead weight. If you give them the freedom to hire their own crew and make important departmental decisions, you can bet that they will thrive in their job.
And because they learned from real-life business experiences, they are confident in their management tactics, unlike some classroom-trained managers who keep second-guessing their own decisions. For your company to grow, you need people who are able and willing to take your ideas and make them better. As a matter of fact, an employee who implements your ideas to the latter without tweaking and improving them will never give your brand the competitive advantage it needs to become an industry leader.
Regrettably, employees who lack the entrepreneurial spirit easily get comfortable in their status quo and shut off innovation and creativity for as long as their paychecks keep coming. Ex-entrepreneurs are nothing like that. They are so dedicated to correct their past mistakes that they cannot afford to get comfortable. Their endgame is, in most cases, to learn more about key aspects of running a successful business: marketing and promotions, managing budgets, and raising capital, etc.
They are always hungry for more and, with the right strategies, your company can really benefit from that hunger. When a potential business lead presents itself, entrepreneurs jump on it faster than everyone else and pursues it to fruition. If you assign a task force to them, they will get the best out of every talent and skill under their management.
And even when the available resources seem to be insufficient, a former entrepreneur will always maximize every penny until the end goal is achieved.
Also, ex-entrepreneurs will inject the sense of urgency when everyone else in the company advocates for the pursuance of slow, steady growth. By improving the speed of existing operations, other employees will be forced to work extra harder in order to keep up with the pace. That means higher productivity and increased company revenue.
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