Finding the right management team is one of the most challenging aspects of running a business. With current unemployment rates, hiring managers and business owners frequently receive hundreds of replies for a single job advertisement, and it’s hard to identify which applicants will make the largest impact on the company long-term. Rather than hiring employees who have traditional experience, many find that by hiring an entrepreneur with start-up experience, they get the best results.
1) Entrepreneurs understand the importance of the bottom line.
From the very first day at a start-up, entrepreneurs are myopically focused on one thing: increasing the bottom line. They know that each expenditure must positively impact gross revenue while minimizing expenses. More than a traditional employee, entrepreneurs feel the pressure to maximize return on investment and to ensure that every day, their team is focused on creating results rather than looking busy or waiting for sales to walk in the door. This is the top reason to hire an entrepreneur. They are motivated to produce profitable results.
2) Entrepreneurs have a (contagious) passion for success.
Entrepreneurs are brave, business savvy people who know that they can’t be successful without motivating their fellow coworkers to work hard towards their shared goals. Because of this, they tend to work well with a diverse group of people, even under pressure, and they are less likely to get into power struggles with other managers. They are likely to listen to managers within other departments. They build highly-competent, driven teams within their own departments. They also know the motivational power that comes from giving credit to others when it is due.
3) They find creative ways to work around roadblocks and teach others to do the same.
When working at a start-up, entrepreneurs learn that they can’t just give up. Often they have invested all of their savings or borrowed from 401(k)s, family members, banks, and friends in order to get the organization going. This teaches them a unique sense of responsibility and commitment. They are fully vested in the success of their start-up, and this level of commitment stays with them when they move onto other ventures. At the start-up, the entrepreneur is frequently the top decision maker in the organization and has the ability to change strategies to meet the challenges that they find in the market.
4) Entrepreneurs understand how to work with limited resources.
Start-ups frequently face limitations on capital, manpower, office space, and other business resources. Rather than being frustrated by these limits, successful entrepreneurs are fueled by the constraints and focus on finding creative ways to maximize their returns resources. They don’t mind limited budgets, and they encourage other team members to think similarly about limitations.
5) They continually watch for changes in the market and can respond quickly to opportunities.
Start-ups live and die based on their ability to respond to gaps in the market. Where other firms have failed to take advantage of changes in demand, start-ups respond quickly and find ways to meet demand as it moves. Successful entrepreneurs favor flexibility in company structure over rigid practices that are hard to change as the market changes. By hiring an entrepreneur for your business, you hire a manager who knows how and why this speed is important, and they know how to bring that culture to your company.
Aubrey Morey is the Vice President of Sales and Marketing for Trimark Properties, a leading provider of student apartments in Gainesville, Florida. For more information on why her company hires entrepreneurs, visit their website.