Top 5 Things Every Entrepreneur Should Know

September 2nd, 2008 · 9 Comments

2. Nothing is guaranteed.

When you hire a new employee, isn’t the honeymoon period the absolute best? They rock, you rock, the company is thriving, clients are thrilled, it’s like Brad and Angelina in the throes of pre-new baby delivery in foreign country of choice and you are sailing on the highway to sweet success. Well, enjoy it while it lasts, because unfortunately the number one thorn in your business-owner side is called employee turnover, also known as “nothing is guaranteed” and further called “get on the back-up plan program pronto.”

There is no secret to knowing if an employee will be with you for four years or four minutes. It’s a risk and a gamble and simply an un-fun part of doing business.

The biggest takeaway here is this: Never give so much responsibility to one person that their departure will affect your business so much that you turn into a paralyzed ship on rough seas. (Read that over again and print it out and re-read it for the next few weeks.) I’m not exaggerating here. If you can get this right, you might make it to Time magazine’s 100 Most Influential People list next week.

In a nutshell, if you are a small business, be sure that someone else on your staff can handle or is privy to 50 percent of what each employee knows, so in the event of an unexpected departure, you are facing a few whitecaps rather than a tidal wave.

Interestingly enough, I have found that my interns-turned-employees are the most professional of the lot. They don’t play games and I find they are a tad more grateful, try harder, and for some reason communicate more directly. So taking the time to nurture them is worth it. I cannot say the same for the handful of twenty-something employees I have had over the past six years who have arrived at my camp with bad habits from a previous job, high expectations, or simple unattractive work etiquette. For example, I have no idea who advised this generation that asking for time off to go to the Super Bowl the same week you called in sick two days is acceptable.

The good news is, I think I have finally found the formula for getting the best, most qualified applicants to our door: the kick-ass ad postings I place on Craigslist (Craig should actually offer me stock because I bought whatever house he lives in with all my support). I will admit they are pretty intense and unforgiving and demanding: Please do not apply for this position if you currently work as a bank teller, but really want to get into PR … we are seeking experienced publicists only. I also state: Please copy and paste your resume. Do not send an attachment, any e-mails with attachments will be deleted and will not be read. I know with this very direct and not-so-flexible approach I weed out the weak, and the best of the best show up at our door. If someone cannot follow that simple direction regarding an attachment, well, they are already not for us. My friend Ian says it’s so “gnarly” that he would never even be my friend after reading it, let alone come work for me. (If you want a copy of the posting feel free to e-mail me). But when he launches his firm this year, I will bet my dog that he asks for a copy and uses it.

Do this small business thing long enough and you will be able to recognize loyalty and the keepers. And for the record, the keepers don’t leave the office at 5:03 p.m.

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9 RESPONSES SO FAR ↓
Lauriek -- September 2nd, 2008 at 8:40 pm

Wow… am I impressed with this go getter who knows her you know what…. Yes that is Stacie K :) I am inspired, motivated, and ready to take charge in my own music and coaching business. Thank you so much!! Ladies who Launch totally ROCKS!!

LaurieKnightMusic.com

madona -- September 3rd, 2008 at 11:14 pm

wqewqewqe

sewkandi -- September 4th, 2008 at 6:19 am

This is a great article with information that I am definitely going to use in my own business. Thanks!

http://www.signaturesoirees.com

OhmGirl -- September 5th, 2008 at 9:17 am

Im looking for one right now! Where do you think a good watering hole for interns might be?

pamgl -- September 5th, 2008 at 4:23 pm

We find our interns through the local colleges. We are a PR agency, so we connect with the colleges who offer communications degrees. We now have an interns or two each semester and during the summer. They are a great members of our team.

jlugash -- September 8th, 2008 at 8:15 pm

Great article- it was really spot on advice, thanks for taking the time to really tell it as it is!
Jennifer

chesa7 -- September 11th, 2008 at 8:00 am

I completely agree with the advice about competitors. My business is very young and I reached out to several competitors to introduce myself and ask if they had learned lessons during thier start up that they might be willing to share — and they have been incredibly generous with their time and expertise! We now regularly correspond via email.

Laura
http://www.chesapeakebaygiftbaskets.com

JanaStewart -- September 13th, 2008 at 7:44 am

I think Stacie’s information is EXCELLENT!!! She provided so many valuable tips. In fact, not only am I about to reach out to several of my competitors, but I’m about to send an email to a fellow LWL member who I have something in common with.

Thanks Stacie!!!

Jana Stewart
http://www.janastewartfitness.com

simplylil -- December 28th, 2008 at 3:33 pm

thank you so much , this is so straight to the point. we learn everyday.

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