There is a consensus among many entrepreneurs when it comes to startup hiring practices: Hire slowly and fire quickly. I am not sure this is good enough if you want to increase the speed of your startup. When you’re a startup, unless the startup already has a “halo effect1” surrounding it, you don’t have the luxury of hiring slowly and firing quickly. With market odds against you, thanks to the physics of the power law2, you have to move as quickly as the wind.
From my perspective, you should hire quickly and fire even quicker. When you hire quickly and fire quicker, you can move forward faster because even if the person your hired quickly didn’t work out, at least you found out quickly.
"From my perspective, you should hire quickly and fire even quicker."
Just think about it—you could have spent a lot of time deciding which person to hire for your awesome startup, only to find out you have to fire them quickly because they're not cut out to do the job for your startup.
2. Power Law: I discuss the physics behind power law in my book Entrepreneur Myths: The Startup Reality, and the odds against an entrepreneur building a super hit startup.
© 2016 entrepreneurdex
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Damir Perge, author of Entrepreneur Myths: The Startup Reality, is the founder of entrepreneurdex, a startup studio using complexity science to fund, launch, accelerate and scale startups and growing businesses.
An entrepreneur and investor, with more than 25 years experience, he's worked with ventures in the technology, internet, media and publishing, entertainment, energy, and manufacturing sectors raising more than $300 million in capital for various companies and investing more than $50 million into startup and emerging ventures. He's sat on the boards of 11 companies, served as editor-in-chief of Futuredex, a private equity magazine. Follow Damir on Google+