Page 215 - merged.pdf

CHAPTER 7 BUILDING A CHAMPIONSHIP TEAM

When I first started Adam Khoo Learning Technologies Group,
I focused on hiring very young staff who had lots of passion
and talent and were much more affordable to hire. Today,
six years later, the average age of my dream team is only 29
years old.

Offer Shares or Profit Sharing

While it may be cheap to hire a whole team of young freshies,
it is also important that you find experienced people who
have spent a few years in top corporate jobs to head your
marketing, operations and finance departments. This way,
they will immediately be able to import in and implement the
first class standards and practices from the Multi-National
Corporations (MNCs) they have worked for.

Fresh grads may have passion and talent but they lack the
corporate experience to run a first-class company. They will
not be familiar with creating systems, operating procedures
and key performance measurement tools. They need to be
trained on the job by experienced people with a lot more
white hairs on their heads.

So, how can you attract and afford these experienced
executives? I have found that there are a number of them who
are willing to leave their MNC-companies and join a young
company where they have a lot more autonomy and the
opportunity to build something. What you need to do is to
sell them the dream.

While you may not be able to afford to pay them the $120,000-
$200,000 annual salaries they were used to, you can offer
them shares in your company or a percentage of your
company’s profits.

206 SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES