Advice from the Experts for New Entrepreneurs

Group In BackgroundAdvice from the Experts for New Entrepreneurs

There are plenty of small businesses that exist due to the sole efforts of a single individual.

They had an idea, they did all the research to make it a reality, and they put forth all of the effort to make their dream a reality.

Those businesses are finding success. They sell a product or service and make ends meet for itself and the owner.

They are usually incredibly limited in their ability to expand though. One person can only produce so much alone.

Should that person bring on a business partner, his or her ability to produce a product will increase by more than two. Research shows that two people working in harmony together can produce approximately 2.1 times the work they could accomplish separately.

That difference grows the more people you add to the project (maxing out at about 6 or 7 people). With those kinds of numbers, an incredibly small business has the ability to drastically improve their productivity.

A drastic increase in productivity could mean amazing financial gains for the company, which might be exactly what the company pioneer is looking for. The hardest thing for them to swallow is the idea of sharing the dream with someone else. Sharing that business comes with a lot of fears. What if the new employee doesn’t turn out to work?

Customers are left wanting, deadlines are not meant, and excuses are made. They become a part of the business, but never seem to put the same effort into the project that you are.

More than just a customer or two is on the line from someone like this. The reputation and ultimate success of the business is entirely dependent on this matter.

How much money would be lost on a person like this? Sharing in the revenue stream is equally difficult to give, especially when they don’t produce as much as you would like them to.

Not only is the reputation on the line, but so is the budget. A non-performing employee is difficult to ascertain until several months have passed.

Without a particular background in the field, a new employee has a learning curve to adjust to. For that reason, low performance in the first couple of months isn’t usually attributed to the employee’s overall ability to perform the job.

Employers often have to wait until several months have passed (sometimes a year) to correctly judge if the employee is living up to everything that’s expected of them. By that time, they have made thousands of dollars of investing in this employee.

To let him or her go after that history represents a major financial loss for the company. It’s easy for the sole business owner to let these doubts control his decision to expand or not, despite his dream to make the company bigger.

He or she is afraid to share because of the risks involved. Isn’t that what the company is based on though?

Wasn’t it built on risk in the first place? It is very hard to see into the future, especially when it comes to personalities fitting into the business.

Although it is impossible to know for a fact that someone will work, owners can take the plunge and try. Share the dream with that person and see how they respond.

Don’t settle for anything else. The employee should impress.

If the owner shows respect, they will reciprocate that respect. That relationship will push them to work hard, for fear of disappointing their boss.

When an employer finds someone they can respect and shares their dream with that person, he or she finds a good asset to the business. We Comply offers compliance training help for a new employee.

Compliance training helps business owners instill their dream in employees. Prepare the right material to help them capture the dream; that way they will work for you.

 

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