Do You Own A Startup? Here Are 4 Ways You Can Attract and Retain The Best Minds.
5 min reading

Do You Own A Startup? Here Are 4 Ways You Can Attract and Retain The Best Minds.

October 10, 2022
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5 min reading
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Team collaboration with four people fist bumping over a wooden desk surrounded by work tools like laptops, tablets, newspapers, and notepads, symbolizing teamwork and business cooperation.

An entrepreneurial journey is not a sprint but a relay. To win, you need people who are as talented and driven as you are. A few aspects of a Startup such as coming up with a great idea can be done independently of others. But for other aspects like marketing, financing, sales, product development, etc., you’ll need a team of professionals, especially those passionate about what you are trying to achieve. But these talented and driven professionals don’t just happen to be lurking around, you must attract them to your startup. Some startups like Tesla have a massive pool of talents to choose from. Although this places so much pressure on the hiring team, it also means they have the opportunity of hiring the best of the best to build their dream car. This doesn’t happen by chance and if you’re a founder, it is important to know what the best minds are looking for in a Startup and how you can attract them to your team. To help you out, here are 4 things you should consider.

Solve Real Problems

Everybody wants to be part of a higher purpose, part of something great that makes an impact in the real world. The most talented employees are often driven by something deeper than just earning a paycheck, they live for the thrill of helping to solve problems and changing the world around them. Passion is one of the most important attributes of a great employee and according to Sheryl Sandberg,  “It is the ultimate luxury to combine passion and contribution. It’s also a very clear path to happiness.” When you are trying to solve real problems, you will find people who are as passionate as you are and willing to go the extra mile to see it through. 

Provide a sense of security

As a founder, you have the responsibility of making your employees feel secure. This is one of the most common questions being asked by employees, how secure is the job? Should they be committed or should they keep an eye out for better opportunities? Now you don't want any half-hearted employee on your team because it will reflect on the quality of work they do. What you are looking for are people who are fully committed and passionate. But this doesn’t come cheap. Employees need to know that they won’t be out on the street in a few months looking for a job. So how do you communicate job security in an industry that is plagued by uncertainties? Here are a few things to do;

  1. Treat your employees like investors by being transparent and clearly communicating every progress and setback. This will make them feel valued.
  2. Provide protection against financial risk. It is common for employees to be given a share of the Startup (Employee stock option - ESO). But few employees understand the financial risk involved, for instance when exercising an ESO. By providing relevant financial education, founders show that they are invested in their employee’s well-being and this provides a sense of security.
  3. Take time to know your employees through one-on-one meetings. Startups often have just a handful of employees, so it is easy to get to know them, make time to talk to them, and show genuine interest in your employees. You can also demonstrate this during the hiring process by asking questions that give prospective employees a sense of belonging.
  4. Let your actions speak for themselves. It is easy for employees to see what’s on their leader’s mind through their actions. If a leader does not show confidence in the Startup, employees will pick this up and immediately begin to feel insecure. Prospective employees can equally detect if a leader is confident about the Startup's direction from press conferences, and social outlets.

Sell yourself

Before marketing your ideas to investors or products to customers, every founder must first know how to sell themselves. What do you stand for? What causes do you support? These are things that influence your brand as a founder. If you communicate strong values and show support for causes that save humanity, chances are that you will build a loyal customer base and attract the right minds to your Startup. When doing this, it is important to remember that you must genuinely care about these things. If you are simply pretending, then perhaps the charade might fool people for a while but eventually, the mask will peel off and people will get to see who you truly are. It will be more difficult to rise from such dishonesty. This is why it is important, to be honest with yourself, customers, investors, and employees from the very beginning. That way, you’d be starting off on the right foot. 

A clear, attractive vision/goal makes everything happen

Among the ways to attract the right people to your startup, having a clear vision of your plans, services and ideas should be at the top of your list. Having a clear goal in mind, preferably a long-term goal of what you want to achieve and where you want to be in several years will boost the confidence that people have in your startup. It will also motivate those who work with you and make them feel more secure since you’ll be infusing them with the idea that you’re in this for the long run. Don’t forget that it’s not enough to have clear goals and vision, you must also be able to communicate them effectively. People pick up on how passionate a leader is when he communicates openly about his dreams, goals, and visions.  

Conclusion 

If you want to attract the best minds to your startup then you should; focus on solving real-life problems, provide a sense of security, embody the values of your brand, and communicate your vision clearly. In no way is this list exhaustive, nevertheless, but it’s an excellent way to get the ball rolling in order to attract the kind of talents that would easily gravitate to firms like Apple, Google, Tesla, etc.

FAQs: Do You Own A Startup? Here Are 4 Ways You Can Attract and Retain The Best Minds.

Why is it important for startups to solve real-world problems?

Solving real-world problems creates a higher purpose for employees, which can be a major driving force for top talent. People are more likely to invest their skills and passion into projects that make a meaningful impact on society. Talented professionals are drawn to startups with missions that inspire change and bring innovation to complex challenges.

How can startups provide job security in such an uncertain environment?

Startups can mitigate uncertainties by fostering transparency about progress and setbacks, offering meaningful benefits like employee stock options, and providing financial education on these perks. Regular one-on-one meetings and showing genuine care for employees' well-being build trust. Lastly, leaders must display confidence in their startup's future to set a tone of security for their workforce.

What steps can a startup take to attract passionate and committed employees?

To attract passionate employees, startups should focus on solving meaningful problems, demonstrate a clear and achievable vision, and sell their brand authentically. Founders who embody the values they stand for and connect their mission to societal impact are more likely to attract individuals committed to their goals.

What role does a clear vision play in attracting top talent?

A clear, long-term vision instills confidence in potential employees about where the startup is headed. When founders communicate this vision with passion and clarity, they motivate their team and attract professionals who align with the mission. People are more likely to stay committed to a startup with strong leadership and a solid plan.

How can startups compete with larger companies in attracting high-level talent?

While startups may lack the resources of larger companies, they can focus on offering candidates meaningful work, flexibility, and opportunities for personal growth. Startups also have the advantage of offering close collaboration, stock options, and the excitement of being part of a growing operation that solves impactful problems.

How important is culture in attracting and retaining the best minds at a startup?

A strong, positive culture is critical for attracting top talent. Employees thrive in environments where their contributions are valued, ideas are heard, and there is a sense of collaboration and purpose. Startups should build a culture of transparency, respect, and mutual growth to retain and nurture their workforce.

Why is it necessary for founders to sell themselves as strong leaders?

Founders represent the heart and soul of their startups. When they actively communicate their values, beliefs, and dedication, they inspire confidence from both employees and investors. A leader who shows vision and authenticity becomes a magnet for highly skilled individuals who share those values.

How can financial education boost employee retention at startups?

Many startups offer stock options as part of compensation, but employees often lack a clear understanding of the financial benefits and risks involved. By educating employees about these opportunities and guiding them through financial decisions, startups build trust and loyalty, which enhances employee retention.

How can startups instill confidence in employees about their future?

Startups can instill confidence by demonstrating consistent progress, celebrating milestones, and being honest about challenges. Founders should also cultivate a feedback-rich environment and share their roadmap for long-term goals, ensuring employees see a bright and achievable future.

What role does passion play in building a startup team?

Passion is the driving force behind all great teams, especially in startups where resources may be limited. Employees who are passionate about solving problems, contributing to a larger purpose, and seeing a vision through are more likely to go above and beyond. Startups should specifically seek out individuals who share their enthusiasm and commitment to the mission.

Iniobong Uyah
Content Strategist & Copywriter

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