Hishem AzzouzHost Of Recruitment Mentors Podcast

The biggest error a start-up can make...

Name: The biggest error a start-up can make...
Uploaded: 2024-04-09T16:00:16+00:00
Duration: 32 s
Channel: Hishem Azzouz
Description: A founder hired employees before securing funding, then spent six weeks in crisis mode when invoices delayed payroll. He nearly put his team's…

9 Apr 2024 · 1 min

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A founder hired employees before securing funding, then spent six weeks in crisis mode when invoices delayed payroll. He nearly put his team's livelihoods at risk. His advice: don't hire until the money is actually in the bank.

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Money's in the bank, spend it. That was arguably the worst 6 weeks of my life. It was just so stressful. Even when the deals were done, you know, invoices out, etc., if they didn't pay on time, like I cut it really, really, really close. And I say to any other founder who comes to me for advice, wait till the money is in the bank before you ever bring anyone else on your journey. Seeing how close I got to potentially screwing somebody's life over, I could have really messed with him. And that's entirely unfair. I hired way too soon. I didn't have the money in the bank. Yes, we had some nice pipeline. Why did you do that? Naivety. I'd never run a business before and I always thought Voice out, we're good to go.