Human Resources - How to Build a Startup

Summary

The video script emphasizes the importance of human resources in startups, distinguishing between finding qualified employees and securing mentors, teachers, coaches, and advisers. It highlights the roles of each: teachers for specific subjects, coaches for honing skills, mentors for personal career growth through a two-way relationship, and advisers for company success. The script advises startups to expand their circle of accumulated wisdom beyond just investors, offering equity for valuable advice to ensure a diverse range of expertise.

Takeaways

• 🧑‍💼 People are a key resource in startups, categorized into employees and mentors/teachers/coaches/advisers for personal growth and company success.
• 🔎 Finding qualified employees is crucial for the operational aspect of a startup.
• 🤔 Identifying mentors, teachers, coaches, and advisers is essential for personal and professional development.
• 👨‍🏫 Teachers are for learning specific subjects, while coaches are for honing specific skills or achieving set goals.
• 🏅 Coaches can help with skills such as creating presentations or managing people, unlike teachers who focus on subjects.
• 📚 Mentors provide a two-way relationship, advancing personal careers and offering guidance based on mutual learning and affection.
• 💡 Mentors are different from teachers and coaches in that they contribute to personal success and are not just focused on teaching or coaching.
• 🤝 Building a relationship with mentors involves giving and receiving, reflecting on the types of people encountered in one's career.
• 🛠 Advisers are critical for company success, offering advice that may not be personalized but is essential for business decisions.
• 🔮 Advisers can help determine if a founder's vision is realistic and provide experienced insights to the company's leadership and staff.
• 📈 An 'advisory board' can be formed early on, expanding the circle of accumulated wisdom beyond just investors, often involving equity for their time.

Q & A

What are the two categories of people important in a startup according to the transcript?

The two categories are finding qualified employees and finding mentors, teachers, coaches, or advisers for personal development and guidance.

What is the primary role of a mentor as described in the script?

A mentor's role is to advance one's personal career through a two-way relationship where they care enough about the mentee to provide guidance and also potentially learn from them.

How does the script differentiate between a teacher and a coach?

A teacher is someone you find to learn a specific subject, while a coach is hired to help hone specific skills or reach an exact goal.

What is the purpose of hiring a coach according to the transcript?

The purpose of hiring a coach is to improve specific skills or achieve a particular goal, such as creating great presentations or managing people effectively.

What is the difference between mentors and advisers as per the transcript?

Mentors focus on personal success and growth, while advisers are more about helping advance the company's success and provide generic advice that can be useful to various members of the company.

Why should founders be careful about limiting their advisers to just investors?

Founders should be careful because investors, while they can be advisers, are also their bosses, and may not have the specific domain expertise needed for every aspect of the business.

What is an advise report as mentioned in the script?

An advise report is a concept that refers to expanding one's circle of accumulated wisdom, similar to an investment, by gathering advice from a diverse set of advisers.

What mistake do first-time founders often make regarding advisers, according to the transcript?

First-time founders often make the mistake of thinking that investors are their only advisers, which can limit the range of advice and expertise they receive.

How can a startup typically secure the services of advisers?

Typically, a startup can secure the services of advisers by offering them a small percentage of equity in exchange for their time and advice.

What is the importance of expanding the series of advisers available to a company as per the script?

Expanding the series of advisers is important to ensure a diverse range of perspectives and expertise, which can help the company avoid relying solely on the advice of investors who may not have specific domain knowledge.

Why should a founder also consider becoming a mentor themselves?

A founder should consider becoming a mentor because it is part of the reciprocal nature of mentorship where they can also learn from their mentees, contributing to their own growth and development.