Recruiting, retaining top talent a challenge for any startup

Bizz Buzz has taken a good initiative by starting this column, which is very useful for startup founders and prospective entrepreneurs.

I am into the communications segment and have extensive experience in the communications field. I would like to know how far the incentives offered for startups by the Centre and State governments useful when I set up a startup?

Mahesh, Bengaluru

Any support, which comes to a startup at an early stage is quite helpful. Indian government has few good schemes to support startups and I glad that many are able utilize it well.

Startup India, Standup India, Digital India are few initiatives from the central government and are quite encouraging for budding entrepreneurs. State governments too have schemes to support startups, but vary from State to State.

A startup needs to plan its path well for the first few years of operations and ensure they stick to that plan at least till they are able to turn their idea into a commercially viable product.

What do you think of the difference between an experienced entrepreneur starting up a business and someone who’s fresh into the game? In the startup world, is experience an asset or liability to innovate?

Sushmita Dubey, Saas Entrepreneur

Experience teaches only those who intend to learn from it. There are also many cases, where past experiences can block one’s mind with prejudice and presumptions. It can be a huge hurdle to experiment, take initiatives and risks.

In reference to startups, if the founder has past business experience and if he has failed and learnt he would certainly know, what not to do to fail again. If he also has past experience of success and learnt, he would know how to overcome failure and succeed.

In conclusion, it is not essential for a startup founder to have experience. However, there’s an advantage and disadvantage if one does, it’s quite relative to how one uses his experience, as stated above.

There are many startup founders who tasted tremendous success in their first ventures too. They certainly learnt on the go. I strongly advise startup founders to keep their mind open, learn, while they are building their dream enterprise and not turn arrogant and close-minded.

Getting talent is not easy for startups as many are reluctant to join startups. What strategies should a startup adopt to attract talent and retain them?

Mahender, Hyderabad

I agree that recruiting and retaining top talent is a challenge for any startup. However, it is essential to hire the best for a startup to rise to the next level and turn profitable.

The founder’s vision and translation of it into action is critical to attract the best talent. The ‘story’ and ‘clarity of vision’ influences the incoming talent, mostly they come in for challenging roles, startup journey experience and growth opportunities.

If a start founder or founders can’t inspire, they can’t attract the best. The same reasons above can either retain or lost the best too. Lack of systems, challenges, milestones, compensation, translation of plans into results can lead to losing talent.

To seek answers from Mr. Krishna, email your questions to [email protected]