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How Can Startups Plan For Succession?
Training Them
Now that you have identified the potential successor, you have to train them to take up your responsibilities. You can use lateral moves, assign them special projects, and spend more time with them to ensure that they are trained to act as a replacement. One thing to make sure is that they share the same objectives with you; else after you step down from the throne, your startup would end up as a totally different entity. You can assign small projects to them, give them the required authority and responsibility, and ensure that they handle the assignment on their own. Though you would be there to mentor them, you should make sure that you let the person perform independently and come in only as the last resort. Its only when you let the birdlings to learn to fall, that they will learn to fly on their own.
