How Can Startups Plan For Succession?
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Retaining The Talent

identify potential, junior management, people management, next leaderRetaining the talent has often been the hardest task any entrepreneur has to face. Though you can give them monetary and non-monetary perks, you might not be able to convince them to stick with your venture forever. A startup would not be able to a salary package at par with the big companies, but they can offer the employees an environment, which is so friendly and flexible that it would stay with you. Since, a startup would have few people, you can learn about their interests and let them do it, if possible. Training a prospective torchbearer calls in for a lot of time and effort, which being an entrepreneur you might not be able to devote. Thus, while shortlisting the candidates, you can either keep a standby, or also look for a prospective leader from outside the organization, who you feel has the required skill set. Looking for person from outside the organization might be an expensive, which might not be a great idea for a startup. Hence, you can have a standby, in case the next-in-line leader decides to call it quits.