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People Capital
- 1. PEOPLE CAPITAL: MONEY IS NOT THE ONLY THING YOU NEED TO RAISE AT STARTUPS Mike Yonker, President, Learner Mobile @theyonks/@learnermobile VentureSpur Workshop Fall 2013
- 2. “WHAT MATTERS IS NOT IDEAS, BUT THE PEOPLE WHO HAVE THEM. GOOD PEOPLE CAN FIX BAD IDEAS, BUT GOOD IDEAS CAN’T SAVE BAD PEOPLE” – PAUL GRAHAM
- 3. KNOW YOU ! Be self-critical! ! Be honest! ! Be authentic! ! What do you look for when you hire someone?! Me
- 4. KNOW YOUR BRAND ! What’s Your Brand?! • Mission! • Vision! • Values! ! Live it ! ! When all else fails employees will make daily decisions guided by it!
- 5. KNOW YOUR PARTNERS Will they be there in the rain? Would they be there, when in pain? Will they work as hard as you? Will they leave you holding poo?
- 6. BUILD A TEAM ! It takes all types! • My first lesson! • COMPAQ ’90! • Briggs-Meyer Test! ! Do you really want your team to be just like you?! ! Also stresses the need for empathy and communication! ! Team = Cohesion = >Performance!
- 7. INTERVIEW WELL ! Job descriptions set expectations! ! Trick questions suck! ! Know what you’re hiring for! • Skills! • Experience! • Core Values! ! Interview against their resume!
- 8. MEASURE SUCCESS ! Goals = Responsibility! ! Metrics = Accountability!
- 9. COMMUNICATE PRIORITIES ! Employees make tons of decisions daily! ! Priorities guide those decisions and allow for autonomy! ! You’re all on an adventure – it’s nice when you feel like you’re in the same boat, going to the same destination!
- 10. PROVIDE GUARDRAILS ! No one likes to micro-manage! • If you do, you have other problems! ! No one likes to be micro-managed! • If they do, you have other problems! ! Set guardrails, like French parents!
- 11. LEAD, THEN MANAGE ! What Makes a Great Leader?! ! Management != Leadership! • Counting value vs. Creating value! • Circles of influence vs. Circles of power! • Leading people vs. Managing work! ! Great Management = Operational Efficiency!
- 12. REMOVE BARRIERS #1 JOB OF GREAT MANAGERS IS TO SET DIRECTION, REMOVE OBSTACLES, AND ALLOW EMPLOYEES TO RUN QUICKLY
- 13. DEAL WITH UNDERPEFORMANCE ! Harmful for everyone! ! Use informal accountability! ! SHAKE on it!!
- 14. WORK != LIFE ! Great employees are going to work long and hard! ! Encourage hobbies and vacation - everyone needs an escape, incl. you! ! Think hard about company events! • Do you want to ask more time?! • Are you encroaching even more on their personal/family time?!
- 15. SAY SORRY ! Professional environment! ! Civility still applies! ! If you slip up, do the same think you’d tell your kids to do! My Wife
- 16. DO THE SIMPLE STUFF, IT MATTERS ! Provoke curiosity! ! Think like the best sales people! • Ask questions! • Listen, think, respond – 2 ears/1 mouth! ! Don’t interrupt! ! Everyone’s voice matters – have a parking lot for ideas! ! Getting a raise wears off – take notice/say thanks!
- 17. “CAUSE CHANGE AND LEAD; ACCEPT CHANGE AND SURVIVE; RESIST CHANGE AND DIE.” – RAY NOORDA
- 18. QUESTIONS?