10 Entrepreneur Shortcuts To Be Avoided At All Costs

Startup Professionals Musings

In the heat of scaling the business, it’s tempting to skip the cost and time of finding qualified job candidates, and enlist those close at hand, without paying them a competitive wage for the hard work and commitment you need. Reduce stress by hiring people who don’t challenge you.

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Startup Manufacturing Cost Advantages

The Startup Magazine

It’s impressive how manufacturing costs can change when firms decide to be clever with spending. Startup firms can save large sums of money by having their products manufactured elsewhere at a considerably cheaper cost than they would have done it themselves.

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Trending Sources

Why Good Marketing Campaign Costs Continue To Rise

Startup Professionals Musings

Every time I challenge a business plan with little or no budget for marketing, I get the answer that they will be using “viral” marketing, which costs nothing. At any rate, “buzz-worthy” and “viral” are marketing illusions that cost big money to create, and these are only the beginning.

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Why Misunderstanding Startup Metrics Can Cost You Your Business

Both Sides of the Table

The key to being able to run a business that isn’t yet profitable (on operating margin) is availability of capital to finance losses and preferably at a cost that isn’t too punitive to the founders and employees. Customer acquisition cost.

How To Avoid Costly Mistakes When Staffing Your Finance Team

YoungUpstarts

That lack of control mixed with an environment focused on meeting goals at all costs leads to an incredibly volatile cocktail of paralysis and fear. Take measures to ensure new hires are aligned with your culture and committed to embodying your values. by Michael Burdick, CEO of Paro.

The 7 Most Frequently Underestimated Startup Costs

YoungUpstarts

The launch of a new company can cost between hundreds and millions of dollars, but what’s essential isn’t the amount of money you invest, but how you plan for and accommodate expenses. These are the seven most frequently underestimated costs associated with startups: 1.

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Understand learning profiles before hiring

Version One Ventures

The takeaway for founders and hiring managers. So, what’s the implication for founders and hiring managers? We all understand the high costs of recruiting, onboarding, and knowledge transfer associated with high employee churn rates. News hiring learning profiles startups

Opportunity Cost

StartupCFO

While they differ in many ways from experience to risk tolerance, etc, you can boil them all down to one element – opportunity cost. When it comes to building, and more importantly, retaining your all star team you need to explicitly consider and manage for their opportunity cost.

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How to Use Your Company Website to Hire Better

Up and Running

It seems that every day I hear more examples from employers about how difficult it is to hire right now. We have the lowest unemployment in 10 years, more jobs going unfilled than ever, and a record high on the amount of time it takes to hire—nearly 30 days.

Hiring Employees? First, Create A Recruitment Plan

YFS Magazine

Planning ahead will increase the quality of your recruitment process, minimizing costly hiring mistakes and ensuring your business is well-equipped for future growth. Grow Human Capital company culture employee recruitment hiring employees HR human capital human resources recruiting

The Real Cost of Hiring the Wrong Employee

Inc Startups

I ended up hiring her on the spot, a gut reaction. I liked Sue, but the cost of hiring, training, and replacing her was quite high. Today, a more data-driven approach can help a start-up avoid some of the costs of making such a big mistake.

Tony Hsieh: 'Hiring Mistakes Cost Zappos $100 Million'

Inc Startups

Tony Hsieh describes exactly how he set up Zappos.com's hiring process to avoid bad hiring decisions

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Is It Time to Hire an Employee?

Up and Running

It could be time to hire some help. If you own your own business and find that you simply don’t have enough time on your hands to be able to do all the things you need to do, you may be asking yourself should you hire an employee? . Should you hire a new employee?

The Psychology of Hiring Great People

crowdSPRING Blog

Each person we hire contributes to not only the development of the product, but also to the productivity of the team and overall company culture. This is especially dangerous when hiring mistakes happen at a time when the company is still young and its culture is loosely defined.

How To Hire Rock Star Employees

YoungUpstarts

Hiring someone who will be “highly admired” in the workplace is the ultimate goal when filling any type of position. In a 2015 small business survey, 42% of small business owners identified hiring new talent as their biggest challenge.

The What & Why of Hiring a Great Startup COO

View from Seed

Many startup CEOs hire COOs or launch companies with a co-founder carrying the title. When should founders hire one? There’s simply too much nuance and too many options, all with varied pros and cons, to suggest a silver bullet in your hiring process.

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The True Cost Of Poor Leadership

YoungUpstarts

While poor management has a financial cost, it also has a wider detrimental cost to a business, as well as individuals. So, what exactly is bad leadership costing your business and what can be done to safeguard against it? by Will Bridges, HR Consultant at Unum.

Study: The Extreme Cost of Hiring a Toxic Employee

Inc Startups

Harmful employees might be hiding out in your office. Here''s why you should deal with them ASAP

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3 Reasons Not Hiring a Coach is Costing You Money

Blogtrepreneur | Entrepreneur Blog

There is certainly a cost associated with a coach, however they can offer up time savings and experience that will super charge your success. Here are three reasons you need to hire a coach for success.

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Mistakes to Avoid When Hiring Virtual Assistants

Blogtrepreneur | Entrepreneur Blog

The decision of hiring a virtual assistant is really important because not only will you be saving time and money, but it will also improve the productivity of your business. Avoid the following pitfalls to be able to make the most of your decision to hire a virtual assistant.

Learn From The Mistakes Of Others – Hire The Right People.

YoungUpstarts

If you make common mistakes , like not hiring the right people, you’re heading for trouble. If, as Peter Drucker, the father of Management Science, pointed out, the purpose of a business is to acquire and keep a customer, your first order of business should be to hire the right people.

The Hiring Mistake That's Costing You Money, Time & Talent

Inc Startups

But the perfectionist notion of hiring only the best can be very dangerous strategy in today's competitive market Sure, you want the brightest candidates out there.

Trying To Save A Buck For Your Business? Here’s The Truth About Hiring For Cheap

YoungUpstarts

However, one of the hardest lessons to learn as an entrepreneur is that there’s a huge difference between cutting costs and cutting corners. There are dozens of sites, from Upwork to Fiverr, that make it simple to hire labor for pennies on the dollar. Hiring the Right Writer.

5 Tips That Can Help Save Unnecessary Business Costs

Blogtrepreneur | Entrepreneur Blog

Want to save on unnecessary business costs? 1) Create a paperless office Make yours a paperless office, and you’ll soon save on your business costs. Aside from the cost of office stationery, like paper and ink cartridges, you’ll also save on postage costs too.

6 Keys To Hiring The Best Team For Your New Business

Startup Professionals Musings

Of course, it’s no surprise that most entrepreneurs don’t have a background in hiring teams, and don’t have a budget for training or human resource consultants. It’s a small cost to prevent a long-term loss. Recovery from a surprise bad hire is expensive.

Financial Freedom Is Costing You Your Life

Mike Michalowicz

Entrepreneur Strategies Mindset Money Strategies american tourist and mexican fisherman cost of life financial freedom trade offFinancial Freedom? I love money. It is a powerful tool for getting lots of things done. And it provides that all so valuable financial freedom.

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The Cost of Maximizing Quality of Hire Is Free

Inc Startups

Maximizing quality of hire starts by defining it before you ever hire anyone. Even better, it''s free

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4 Creative Ways to Reduce Small Business Startup Costs

Up and Running

Hire contract professionals. Hiring contract professionals such as accountants is a good money-saving strategy for small businesses. Prioritize startup costs. Business Planning Finance business finance business strategy funding startup costs Small businesses are great.

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6 Ways For Startups And Small Businesses To Help Reduce Cost

YoungUpstarts

Another way is to decrease cost. Cutting cost can be one of the best ways for a startup to grow and expand under its own power, but it isn’t always the easiest thing to do. Here are some tips for startups to cut costs in order to expand their bottom line: Take advantage of the cloud.

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5 Things To Do To Make Sure Your First Hire Is A Good One

YoungUpstarts

Perhaps almost as exciting as starting a new business is making your first hire. So the last thing you want to do is have it all go wrong by hiring someone who’s a bad fit, making mistakes with their paperwork or paycheck, or failing to do your proper due diligence on the candidate.

Keeping Startup Costs Low: Three Ways To Manage It

YoungUpstarts

Costs are one of the main reasons why many businesses fail, with the price of upstart fees, management fees, buying stock, paying staff and marketing always on the rise. Here are our best tips for cost-cutting during your business’ start-up period: Grants and Business Loans.

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3 Telltale Signs You've Hired the Wrong Person

Inc Startups

Hiring the wrong person could cost your company thousands of dollars

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Here Is the Exact Cost of a Toxic Employee

Inc Startups

Firing your worst employee is worth more than twice as much as hiring a superstar, claims new Harvard research

Through the Looking Glass: Hiring Sales People

Ben's Blog

Perhaps the most common mistake that I see a technical founder make when building her sales organization is she applies strategies that worked in building the engineering team to the sales hiring process. It starts with the hiring process. If you attempt to hire sales people using the same assumptions that worked with engineering, then here are some of the things that will go wrong: The Interview. Hire engineers with that profile and you’ll fail.

The Real Reason Entrepreneurs Don’t Hire Their First Employee

Mike Michalowicz

I don’t have the money to hire someone! The real reason you keep putting off that first (or next) hire is that you will have to completely change your job. When you hire that first employee, they will likely take over 80% of your workload. If you continue to put off your first hire you are doing out of fear of your own growth. Entrepreneur Strategies Human Resources Management Strategies cost of hire fear of hiring first hire workload

How Much Employee Turnover Really Costs You

Inc Startups

The costs may be hidden, but they are still there. You''ll hear people talk about the high cost of turnover, but when you try to press for the actual costs they don''t really know. And it''s true--the costs are largely hidden. Training costs. Costly.

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5 Mistakes That Can Cost You On Small Business Saturday

YoungUpstarts

To make sure your cash flow keeps flowing, look into additional financing to balance the extra upfront inventory costs. By Evan Singer, General Manager for SmartBiz. Bye bye Black Friday. The big day for small business owners is November 28th this year.

Five Pitfalls of Seed Round Hiring

This is going to be BIG.

Most companies don't get to do more than a handful of hires during their seed round--so the idea of a "recruiting process" might seem a little bit heavy handed. However, these early employees will not only have a lasting impact on the DNA of the company, but hopefully they'll be some of the most important hires you'll ever make. (If If they turn out not to be, you probably hired poorly.) 2) They hire a guy they know. 5) They hire for the wrong set of needs.

3 Considerations Before Deciding To Hire Or Outsource

YoungUpstarts

If you’re reaching the point where there just aren’t enough hours in the day, should you hire some employees and create an in-house team, or outsource as many roles as possible as you work to get your business to scale? Those costs don’t go away.

Best Free and Low Cost Resources for Small Business Owners

NFIB Young Entrepreneur Foundation Blog

Here are the top free and low-cost online resources for small business courtesy of our young entrepreneur profile from April, Grade A Marketing founder Amanda Fischer. Mailchimp is the most cost-effective, user-friendly marketing manager.

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