Hiring rock stars
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8 Nov 2007
Alex Muse is re-running some of the guest entries that Frank Demmler wrote.
First-time entrepreneurs should anticipate that at least one out of four hires will not work out and will need to be separated from the company. When one takes voluntary departures into consideration, it would not be unreasonable to assume 50% turnover in each of the first two years.
He also points out that the people you will really want to hire won’t be interested in being hired.
They’ll have good jobs already or be looking to start their own businesses. After all, why would a rock star want to join your underfunded, unproven startup and hitch onto your dream? Why not launch their own dreams, or if they’re going to keep making money for someone else, do it in the more stable and secure environment of the company they’re already working for.