PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)

Entrepreneurship MGT602

Lesson 39

PREPARING FOR THE NEW

VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued....)

RECRUITING AND HIRING NEW EMPLOYEES

The entrepreneur will generally need to establish procedures and criteria for hiring new

employees.

Advertising in local newspapers and referrals from friends and associates is most effective fore entry-level

positions. For senior management the most effective strategy is networking with friends and business

associates. Personnel agencies may also be considered if there are no other effective options.

Once resumes have been collected some basis of determining each candidate's strengths should

be made.

Some criteria must be used in the resume evaluation. Factors such as education, prior experience, entrepre-

neurial activities, and interests can be used to assess candidates. From the initial screening of resumes, a few

candidates can be invited in for an interview. Most firms use an interview form with critical factors listed

for evaluating the interview candidates. The goal should be to hire not only the best candidate but also

someone who will perform well in the entrepreneurial environment and provide a long-term solution to the

available position.

The interview

The interviewer should ask all of his or her questions at the beginning of the interview. It allows the

interviewer to evaluate the candidate's behavior. It avoids talking too much and not listening. Upon

completion of the interview, the firm should be sure to check all of the candidate's references.

Acquiring senior talents can be critical to the venture's ability to successfully meet its growth

goals.

Recruiting for upper management in an entrepreneurial firm

Many executives choose to become part of the entrepreneurial process rather than continue working in

structured big business. The entrepreneur should use all his or her contacts and recognize that every

potential candidate is different.

MOTIVATING AND LEADING THE TEAM

The entrepreneur will usually be a role model for any other employees.

It is important that the founder assume the role of leader to the management team and employees.

Communication with managers and employees is one of the most important leadership qualities.

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