A VC in Vacationland

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"Travel only with thy equals or thy betters; if there are none, travel alone." — The Dhammapada

The Buddha had it right.  Your journey as an entrepreneur (and through life) should always be with your equals or better. 

I often see young entrepreneurs who are overly eager to get going on their idea and end up partnering with people who will not be able to make them successful.  Finding the right people can be frustrating and time consuming, but it is preferable to being stuck with incapable or worse incompetent professionals.

If you make only one resolution for 2009, let it be to hire the best possible people to help you on your journey.  Many highly qualified people are available due to the recession. Take your time and find the best.

Here are a few ideas to organize your search:

Have a Plan.  Sit down with your advisers and discuss what your hiring needs will be in 2009.  Do it under a variety of scenarios, since no one knows how long the current recession will last. Make sure you use potential revenue production as a key driver for each new position. It's a tough economy out there.

Consider Outsourcing. Many options exist for getting all sorts of technology development, marketing, web site revisions, support operations, etc., outsourced, not just in India, but also in Eastern Europe and South America.  Look at each in-house position with an eye towards whether you can get the same results much cheaper overseas.

Part Timers. I have detailed the benefits of using interim or part time people for key positions in previous Blogs, especially when the company really does not have the resources or need for full time staff.  Many of the best available professionals also prefer such arrangements, especially ones who enjoy working for multiple clients.  Discuss with your advisers if this might be best for your company, not only to conserve cash, but also to tap the best available talent