Welcome to the second installment of our blog series: The Millennial Startup Guide. For those of you who are just tuning in, this blog series aims at highlighting key elements that millennials should keep in mind when joining the startup world. But ultimately, this series is for anyone who is looking to start their own business. In our first post, we did a brief overview of what to tackle first in this huge endeavor. Let’s break down that overview a little further and focus on the hiring process. It’s time to decide how you’ll assemble your A-Team.
When starting your own business, your team most likely includes some of your closest friends. That is totally understandable due to the ease, comfortability and trust that comes along with any friendship. But keep in mind that work will blend into your leisure time. It’ll become challenging to differentiate between when it’s time to work and when it’s time to hang out with your friends. In most cases, the partnership isn’t beneficial for the long haul because of the high risk of no return on investment.
Take the popular comedy, Parks and Recreation, for example. There are two characters, Tom Haverford and Jean-Ralphio Saperstein who became business partners. Though their friendship was strong in the beginning, it took a toll on the business because of their conflicting views and work ethics. When Tom noticed his best friend was limiting him from reaching his full potential, he had to end the partnership and grow the company on his own. Even though it’s a fictional show, the lesson remains timely and true. In most cases, your best friend will not be your business partner because even though they could be a business partner doesn’t always mean they’ll be a good one.
Job seekers will analyze your company as much as you’ll judge the pool of future employees. Due to the highly saturated startup scene, especially in the Silicon Valley, it’s important to make sure your company stands out from the pack. Companies and brands stand out because of a fine blend of solid company culture, story and branding. It’s important to create a culture that job seekers gravitate to.
Sure free swag, a trendy office space and fully supplied kitchen with solid benefits is great. Who doesn’t want that?! But a company’s story, its mission and the pillars they stand on is what really hits the heart of any employee. Be transparent. Even though you are finding the right candidates, they too are looking for the right company to grow with. It’s a give and take relationship on both ends.
This wouldn’t be a series focused on millennial startups if we didn’t shine a light on these entrepreneurial go-getters. Before your company hits the ground running, it’s important to know the ins and outs of today’s job market and who you’ll be dealing with.
Startups are notoriously known to have a fast-paced, trendy and passionate atmosphere which makes them a top contender among the companies millennials gravitate to. Due to the growing population size of millennials, which now surpasses that of Baby Boomers, recruiters are scooping the internet to find the latest news and trends on this generation of individuals. Business professionals and human resource employees, across all industries, are trying to figure out what a millennial wants, how they operate and what they’re looking to gain in their careers- down to the last detail.
This generation of young professionals is equipped with more creative, independent and entrepreneurial skillset than generations past. Millennials don’t settle; they seek for something substantial and meaningful just like everyone else. They set high goals and won’t stop until they reach them.
Now that you have a better understanding of the millennials in the job market and an idea of who should be on your team, it’s time to decide how to go about it. Save yourself some time, money and a lot of pain and make sure you create a solid hiring process that’ll address the needs of your company.
When making hiring decisions, it’s important to be thoughtful and rational. You may be tempted to hire your friends but it’s important to keep your professional and work lives separate. It’ll be beneficial, especially for the long haul. In addition, know how the current job market looks like, how to attract the top millennials and what resources are needed to find the proper candidates. With the right HR software, you’ll be able to find the right candidates in no time. Your power team is just waiting to be built, you just need the right resources.