Should I get interns to work for my startup?

The $100 MBA Show
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Interns are often college grads or even college students looking to get experience so they can put in their resumes and put it in there and be able to get a job eventually sometimes interns do so well at the company they are interning at and they actually got a job there so on the surface a lot of people think. Oh this is a great idea. Because i don't have to pay them or maybe have to pay them very little. And i get people that are hungry. I give people energetic that. Come here and helped my business grow. But many people forget many different aspects of bringing on interns to your company first of all the reason why is because they have no experience in and sometimes they don't have many skills so you're not getting the best talent to work on your company okay. So you're actually getting somebody who's learning on the job now. Some interns will come with skills. They learned Before they went to university or maybe it's their interests maybe they like web development and this is something that they do on the side and they can in turn as a web developer for your company but even somebody like that is not gonna be skill wise and experience wise as good as somebody who you would hire an pay them a salary because they will get what they deserve and they'll give you deserve that salary right so just keep that in mind. Okay so my personal opinion when it comes to hiring interns that the nature of an intern is. They're looking for a brief stint somewhere to learn. some skills gained some experiences in my experience and from the experience of the different Entrepreneurs i've coached and helped along the way a small fraction of actually stay in becoming police in the company. They're looking usually for six months to year of experience and in my experience it takes about three months to ramp anybody. Noon your business to Get them used to your culture to train them so they know exactly what to do and how to do and how to fulfil their job role and it takes even longer for interns because hey they're not coming with any experience or they're not coming With any job experience in your realm. So they're gonna take a little bit more time to ramp up so if they're around for six months experience You really only gonna get three solid months outta them before they move on and you invested a lot of time effort. Somebody's got train them. Somebody's got to show them how to do the job. The show them had a perform well and then they leave. One of the biggest costs and business is turnover employee turnover. You want to keep your as long as possible because it's costly to find new talent to hire new talent and train them. You want to keep people for at least two to three years to get the most value out of him. Anything over that is gravy and it'd be awesome. You can keep them for longer but anything under two years really. You're losing a lot of money and time and effort in training hiring and all that stuff. So that's even more true with an intern now. I know that you're not paying them paying them very little. But again the expectation that you have in terms of put from an intern is much lower from the new employee. That has you know. Keep your eyes and it's going to be held accountable and all that kind of stuff now. Cows in the tech space. You need to grow you need to sprint unique to really Get moving fast in your business and get your product out there so you can't be wasting time on turnover on entrance leaving on people coming and going in and does affect the culture when you have new. Employees renew teammates every so often you wanna have a core group of people that are in the team and of course people were leaving. Come and go. But not the ray of an intern now. There is an exception. If you're going to be doing something that's more of an investment in your business They you can keep after they leave. Let's say they are Documenting standing operating procedures or. Sap's how do you do everything in your business. The documenting your systems in your play books so that when you do make a higher that can just pick up the playbook and know exactly how to fulfil every task. Another example is content there writing content like blog posts. If they're good writers than those posts will stand the test of time. And we'll serve your business while after they leave but in my experience if they are a good writer if they are good writer and the running amazing blog posts they can get paid for it. They freelance and they will in turn says a bit of a difficult situation. Of course you find great talented people and train them and then leads me to my next point if you wanna take on interns and you found great talent. That is willing to intern for a company then stipulate that they have to be an intern for a period of time. I would say at least twelve months now. In my opinion you should compensate them in some way. Even if it's minimum wage but compensation matters. Okay giving them money for their time now that you invested a year. Also stipulate that you'll they'll have an evaluation at the end of the year and they'll be offered a position if they pass the evaluation this gives them some sort of upward. Mobility gives them something to shoot for. Okay i like working here. I like the work. I'm doing here. I'm learning a lot. I wonder how much i can learn if i was a full time employee. So if you have a path for them it makes it a whole lot easier for you to sell the idea of graduating into becoming an employee and hey starting your career at this company get a few years under bill and then move on to greener pastures. I got more on today's guinea wednesday's episode before that let me give to today sponsor support for today show comes from start your first online business might all new ten part audio course on himalayan learning this is of course is going to get you from one. That's gonna get you from thinking about your business to actually launching that business getting it out of your head and into the real world. Recover things like validating your idea creating your first product pricing it marketing finance in your business even creating your business website and more check it out and himalayas deep calm. Nba and use code nba to get a fourteen day free trial again. That's himalayas dot com slash. Nba promo code nba updates cuny wednesdays question from cow. Should i hire interns for my startup. This was a tough one for me to deliver. But it's the truth if you're in the tech space cal. You need to grow fast quick. You can't afford having to train. And retrain retrain intern so if you need content if any procedures lock them into year with You know A chance to become a fulltime police. They pass evaluation. If that's not an option. Just keep moving forward. Do not worry about hiring interns. See if you can hire one experienced player on your team won. Experienced player can equal five inexperienced people or ten interns. I'm serious. I've had in police on my taint team. I have employees on my team that are gold. They are worth You know five or six hires. And they're expensive okay so You go you pay for but sometimes you actually save money by hiring somebody. That's worth their value again. This is my personal opinion. This is my personal advice. From my own experiences experience of the people i've coached the build their own businesses and and the stories i've seen with the soon as i've seen at one hundred dollars i wish you all the best cow with your startup goal. Get them that wraps up. Today's episode. thank you so much for listening. If you have a question you want ask is just email me over at omar at one zero zero mba dot net. And i will make sure answer right here on kuni wednesday. Don't forget a hit. That subscribe gun on whatever app. You used to listen to podcasts. Spotify or situa radio for apple podcasts. Were on every platform. It's absolutely free to hit. Subscribe to do that right now before we go. I want to leave you with this. When the stakes are low the result is not something really special. This just in general life. If i'm in a position or a job or whatever where you know it's not a big deal fired. It's not a big deal. If i lose his job. You know. there's less pressure for me to perform. This is just human nature okay. Not everybody's going act this way but in general people will okay if you wanna use a rule of thumb but if the stakes are high and they really wanna stay there and they really think this is a good position. They're getting paid in there They don't wanna lose this job. They're going to have incentive to keep it. It's really hard to fight human nature so keep that in. Mind when you're making decisions like this.

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