We often hear of marketplaces that have been successful or have grown to revolutionize their niche markets. What about companies that fail and are forced to shut down? There are businesses that are forced to shut down on a daily basis around the world but we do not necessarily hear about it.
So what about well funded startups? They raise millions of dollars to grow the company but run the risk of burning money away. Take for example Beepi, a used car marketplace that $150 million in funding but was forced to shut down after 3 short years. That is an average of $50 million spent each year? Let’s make sure this does not happen to your marketplace with these simple tips.
Hiring based on experience is always one of the things to look at but more importantly finding the right fit. If someone looks great on paper, invite them into the office to meet your team and put them through numerous interviews. Don’t settle for the first person you find to run your team. Leadership qualities are key to find when looking for a person in high power. If multiple people on your team are having issues with their supervisors on numerous occasions, then maybe it is time for a change.
As a marketplace owner, you want to avoid poor management structures as it will ultimately lead to failure. You should not have to monitor day-to-day actions of your managers but keeping tabs on them is important for your success. Have quick updates every morning to ensure everyone is on the same page. Keep it very casual and light to reduce any tensions between levels of management.
The typical allure of a Silicon Valley startup is quite enticing with full kitchens, free meals, and coming in on your own schedule is hard to beat. As that has become the norm in the startup world, hard work definitely still has to be done. With creating your own schedule comes great responsibility. Trusting your employees to complete their jobs will stem from hiring the right people. That doesn’t necessarily mean hire the person who looks best on paper but rather can show their abilities during the interview process.
Often times there is a sense of entitlement from those that come from prestigious schools and can have a negative impact on your team. While that is of course not true for everyone but in some cases once an employee lands the job. That feeling of that have made it into a company that essentially caters to their needs may boost their egos a bit. While it is great to have companies with such flexibility, it is important to make sure the work is getting done at the end of the day.
Are your employees happy to be working there? Nothing is worse than an office full of negative attitudes just going through the motions. Employees talking behind each other’s back or not willing to lend a helping hand. These little actions can cause quite a disturbance in the workplace and lead to groups forming against each other. As employees may start to take sides to back the ones they get along with more and trust.
Don’t let your company tear itself apart from the inside. Create a positive work environment by hosting team lunches and gathers after work as well. This will help create a bond and relationship between the employees that becomes greater than just coworkers. Just spending more time with each other can help create comfort and lead to your team working as one unit.
At some point in your career you will hit a “point of failure”. Don’t let that keep you from achieving your goals. Understand that you will come across some bumps along the way but keep your discipline and the time will come.
If you need any advice for your marketplace send us a tweet @NearMeCo!