Firing an employee is often harder than hiring them in the first place.
Some entrepreneurs struggle with this so much, they do anything but pull the trigger.
Set up meetings that never deal with the problem.
If you’re Alexander Jarvis, that list of things might include feeling really pained and crying when you have to fire someone.
Let’s face it. Firing is hard. Even Hollywood made a big deal of this in 2009 movie Up In The Air, about a heartless, macho, corporate “downsizer,” who spent his days flying around the world and having to fire people. It didn’t hurt that George Clooney played the role.
You don’t have to be George Clooney though, or Donald Trump on The Apprentice, to get over your discomfort at firing people.
If you’ve struggled with firing in the past, Jarvis says there’s a better way to hire employees in the first place so you never struggle with letting them go.
As reported on the 50Folds blog, Jarvis’s experience with firing changed dramatically when he switched to hiring salesmen on trial only.
Rather than make an open ended hire, he agreed with the prospective hire on holding a trial run for 2 weeks or however long.
Jarvis and the hire both knew ahead of time what the salesman’s target number of sales to make for that 2 weeks would be.
If they were able to hit it, then they were officially part of the team. If not, well, they’d move on, and there were no hard feelings either way.
Can you imagine the kind of stress that would save you if you hired your new hires the same way?
For Jarvis, it made all the difference between not being able to look himself in the eye, and having people he was firing thank him. As surprising as it sounds, newly fired people would tell him stuff like, “Thanks man. We gave it a shot. Thanks for the opportunity.”
So, this stuff works. Jarvis says you don’t need to be hiring salespeople only in order to use this hack. You can use it for any other roles as well, as long as you set clear trial targets upfront and make sure both of you know what you are in for.
INTERVIEW: Founder of $310M Clothing Line Bonobos On The Best Way To Raise Money (And No, It’s Not VC)
When Andy Dunn graduated from Stanford, the aspiring entrepreneur kickstarted a menswear company from his small apartment in New York. The clothing line, Bonobos, started off with a simple idea — selling chino pants.
Ten years later, the company was acquired by Walmart for $310M. According to Dunn, the key to raising funds does not always hinge on money. Here’s how he did it.
Here’s How Apple’s CEO Tim Cook Starts His Day (And What He Does Might Surprise You)
Apple has became a trillion-dollar company. Despite the tech giant’s great numbers, how does its CEO Tim Cook actually start his day?
In a recent Axios interview, Cook revealed he starts each day just before 4 a.m. with a strict morning routine.
What that consists of might surprise you: He reads user comments about Apple products.
“I like to take the first hour and go through user comments and things like this that sort of focus on the external people that are so important to us,” Cook says.
In other words, he reads comments from fans, trolls and everything in between.
You’d think the CEO never bothers to read stuff like that; that he’d have an assistant ready to give him the rundown.
“And then I go to the gym and work out for an hour because it keeps my stress at bay.”
Workouts can be super critical. Billionaires and other successful entrepreneurs cite fitness as a key component to their success (and overall sanity).
“I seriously doubt that I would have been as successful in my career (and happy in my personal life),” Branson once wrote in a blog post. “If I hadn’t always placed importance on my health and fitness.”
Investors Reveal: 3 Major Mistakes Aspiring Entrepreneurs Make
There’s an old saying about first time entrepreneurs—they don’t know what they don’t know.
No matter what field you are in, or what type of business you own, it is so important that you understand some of the mistakes that tend to plague so many entrepreneurs in today’s market.
There is one main mistake you can avoid from the jump. But it’s the same one many founders miss, investor Sebastien Eckersley-Maslin says.
“Most people come up with a solution first, without thinking through the problem,” Eckersley-Maslin told CNBC.
More often than not, aspiring entrepreneurs come up with a great idea…only to discover there’s no need.
This looks pretty obvious, at first, but you’d be amazed to know how many people overlook it. So what are the right moves to make?
Here are some common mistakes aspiring entrepreneurs make.
1) Underestimate the amount of time it takes to learn a new industry
“One dumb mistake I made is to underestimate the barrier and knowhow when entering into a new industry,” says Zhifei Li, Founder & CEO of the Beijing-headquartered Mobvoi, the maker of the smartwatch called Ticwatch.
“Irrelevant experience can be a burden,” Zhifei Li, Founder & CEO of Mobvoi & Ticwatch. “Stay humble, stay hungry.”
2) Holding on to an under-performing employee for too long
Chris Myers, the CEO and co-founder of the Denver-based financial tracking and analytics tools for small businesses BodeTree, says he held on to an under-performing employee for too long.
“I hesitated to take action, instead holding out hope that somehow the individual would fix their behavior and get back on the right track,” says Myers.
3) Launching a company with no customer validation
Victor Chang’s first startup idea, LifeCrumbs, a social journaling app, seemed brilliant to him. But Chang never tested it with potential consumers and that was, he says, a “terrible mistake.” He spent five months building the app in stealth mode.
“This hurts a lot because when we finally launched the service, we realized this isn’t what the customers were looking for!” In hindsight, Chang says, LifeCrumbs wasn’t different enough from existing products to be successful.