Blog #4 (Week 5) Role Dilemmas and Appreciating Teachings from Others.
Chapter 5. The Founder’s Dilemmas
Which cofounder receives which title- especially the CEO title? It’s usually one of the roughest early negotiations between cofounders. “Everyone wants to be CEO.” (Wasserman, 2013, loc No. 1880).
How much do titles matter? Titles are imbued with a symbolic significance and can translate into real authority. Frank Addante said, “I wanted to start something on my own; this time, be ‘The Guy, instead of ‘The Guy Behind the Guy.’
Executive Titles. Who Gets them? (Loc No. 1906).
There are 3 major factors:
a) Each founder’s level of commitment
b) Which founders are the idea people who had the original idea or developed the intellectual property on which the startup was founded
c) Each founder’s human, social, and financial capital.
“Founders who quit their jobs or academic pursuits to make a full-time commitment to the startup are more likely to receive senior titles (Loc No. 1908).
3 most common founding titles:
CEO, CTO, and Chairman.
1 main characteristic to look for- Whether each founder was an idea person (loc no. 1917).
3 other characteristics indicating whether the founder was bringing in human, social, and financial capital to the startup:
1) Whether the founder had founded a prior startup
2) The founder’s years of prior work experience
3) The amount of seed capital that the founder had invested in the startup
The passionate person is the ideal person. Also, it helps buffer a founder from receiving a much lower-level title within the organization (Loc No. 1941).
Chapter 6 How to Hire A-Players
“Once you know your A-player profile, find a pool of people who already possess the hard-to-teach skills that are vital to your company.” (Herrenkohl, 99). Interview a lot of people to consistently find A-players.
“A-Player Principle: There are skills I can teach and skills I can’t. Find a large pool of people who already have the fundamental skills you want, interview a lot of them, and hire the best of them. This is a simple formula for creating a team of A-players.” (Herrenkohl, 100).
Successful women, restaurant personnel, teachers, starbucks and other well-operated national retailers, undergraduate and graduate students who can work irregular hours and interns, and former entrepreneurs, are ALL types of A-players who can teach us something.
How to find them:
· University Corporate alumni networks
· Network with everyone I know in my own industry
· Public relations
· Pay attention to people I meet at other businesses
· Ongoing buzz on my facebook and other social media
· Educate people about the flexible role I’m offering
· Business cards and contact information
· Take the time to tell people they are doing a great job
“The key is to hone in on a specific slice of this huge talent pool, determine how to make contact, and then interview a constant stream of these people. It’s not easy for A-players to find great full-time roles. If I can create flexible hours and arrangements In my company, then I will be able to hire talent I thought was unattainable.”
By offering significant work, competitive pay, and flexibility, I have a strong value proposition for an A-player (Herrenkohl, 102). I only need to tap into only one of these talent pools to make a big difference for my company. Develop as many relationships as I can.
Herrenkohl, Eric. How to Hire A-Players: Finding the Top People for Your Team-
Even If You Don’t Have a Recruiting Department. 1st ed., Kindle ed., Wiley, 2010.
Wasserman, Noam. The Founder’s Dilemmas: Anticipating and Avoiding the Pitfalls
That Can Sink a Startup (The Kauffman Foundation Series on Innovation and
Entrepreneurship). Illustrated, kindle ed., Princeton University Press, 2013.