122 - Hiring People Before You Need Them Is A Terrible Idea

Oftentimes, when FinTech startups receive funding, they spend a lot of it on hiring new employees. During this episode, I explain the numerous negative consequences of growing your team before your company is ready for it.  If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies! If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.    Today's episode: [00:50] What many FinTech startups do when they receive funding.   [01:13] The numerous problems that are associated with hiring people in a hurry. [04:21] A common occurrence that takes place when experienced people join a less mature team.  [05:43] What often happens when people aren't 100% occupied at work.  [06:10] Complaints that are likely to arise when startups hire people before they need them. [07:02] A commonly-held false belief about growth.  [08:11] Why needing an expert is not a good reason to hire someone.  [09:19] The three factors that lead to the growth of FinTech startups.  [10:52] The correlation between knowledge and risk-taking.  [11:15] What is required of FinTech founders when they are trying to grow with a big team.   Show links: Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package! I would love to invite you to sign up for my newsletter. If you are interested, please click here.

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