ENTR-510 Week 4 Homework Assignment: New Venture Skills | Already GRADED A

Week 4 Exercise ENTR 510 Professor Glen Forbes Starting a new venture is probably one of the most difficult tasks anyone can endure. This act is primaryly for those who have the necessary dr ive and dedication it takes to be successful. It is easy to just think about all of the negatives. Only those who think about the positives will prosper. The person who decides to take on this task takes on all of the risk. tHis is why not many people venture out into starting something that could be the next best thing. But, the entrprenuer can not do it all by themselves. They have to surround themselves with the right team. These people need to share the same work ethic and desire as the owner of the business. It is imparaetive to have not only employees who share the concept, but wil also treat the business as their own. In this paper I will describe what the first employee should look like. Any business owner will tell you, the hardest thing to find is an employee who not only will treat the business like their own, but will also work just as hard to make the company successful. This first employee must posess the same drive mentally and physically as the business owner. In this paper I will describe the who, where, and how to find a new company’s first employee. Who: A new ventures first employee will be the hardest and first problem they will face. Many entrprenuers will always say they will never find someone who shares the same drive and vision as themselves. So the question is who should a new business owner hire. The first employee has to have the ability to learn and execute the idea or vision of the entrprenuer. There are many types of employees in the workforce today. There are employees that may work hard, but do not have the know how of learning a very technical concept. This being said if the concept has a hard technical aspect to it, than an employee who excels in a more labor intensive job they might not fit. Meaning, an entrprenuer might know the best brick layer around, but if his concept is to design a new technical function for a car the brick layer will not be the best fit. So, the entrprenuer must make look for an employee with the right working background. The second problem when hiring a first employee is work ethic. A first employee in a new business must be willing to work just as hard as the business owner. These employees are hard to find, but they are out there. The business owner needs to set those expectations early so this said employee will not feel like they are being taken advantage of. Where: There have been many studies on where is the best place to find a first employee. Many of the studies have come to the same conclusion. The best place to find a new business’s first employee is within the business owner inner circle. Family members, friends, and refferals are a great place to start the looking process. Family members and friends might be a little difficult though, because of the social aspect. A new business owner needs to make decisions thst will be the best for the company. This might be hard to do if a business owner has their brother or parent working for them. The business owner might find it difficult if these tough decisions are not supported by the family member or friend. Most of the time though, friends and family member would likely support any decision, but there is still that chance they don’t. Where a business owner could do away with this unnecessary risk it to look for a referall from some they trust. By finding a referall, this will elimate any social negatives. Most likely this referall will pocess the nesassary skills needed to perform the tasks. Another good reason a referall makes the most sense in hiring a first employee, because they will likely have other people they can now refer when it is time to hire a second employee. How: Most new business will not have the capital to pay the proper amount to a first employee. This being said the business owner will have to get a little creative. Some ideas entrprenuers have done in the past is that gave this first employee equity in the company. This is a good strategy, because this will give this said employee a desire to make it work. Sometimes empoyees will feel they are not valued. By giving employees a piece of ownership, this will eliminate these feelings. When employees know that their actions will effect the bottom line, and they are now part of the ownership they will know that every action is important. Another way a business owner can attract their first employee without much capital would be creating a pay growth schedule. Meaning, the business owner and employee could sit down and come up with a list of goals and if these set goals are met then there would be a pay increase. Having this set in place will also keep the first employee motivated, because they will then know they will compensated financially for all of the hard work they have put in. In conclusion, hiring a first employee for a new venture is tough. Finding the right employee is imperative. Asking people inside their inner circle for a referall will help the business owner start the looking process. After finding the first employee and traing them on what the idea or concept is paying them will be the last part of the process. Being creative is key here, because most new ventures will not have the capital. Surrounding yourself with people who share the same goals and aspirations will make the business a successful one. Show Less