Long-Term Commitment

Realistically, its unusual to find the type of person who is willing to take a huge pay cut in order to spend a significant portion of time at a venture that, according to most published odds, is likely to fail. As a result, you need to make sure your employees understand this is a long-term commitment. Launching a venture is a multi-year investment. Limiting turnover and retaining key employees will be integral for success.

Thumbs UpTry This: Paint a picture to employees regarding how long it will take to conquer the market and achieve profitability. Be upfront as to how the duration of this challenge. Don’t sugarcoat the issue.

 

 

Thumbs DownAvoid This: While incredibly important, don’t focus solely on long-term commitment, this could quickly minimize your pool of available candidates. Unfortunately, you’ll have to be realistic and compromise in some cases, accepting less than ideal candidates.

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