When asked what the biggest lesson I learned about managing people in an entrepreneurial company, my standard answer is “Hire Slow, Fire Fast.” Too often, entrepreneurial companies don’t hire until a resource is absolutely needed and then scramble to get someone in quickly to meet a customer or project demand. Likewise, when someone is not performing, it can often take too the entrepreneur long to get rid of them. I came across an article in Business Week a week ago which gave me reason to adjust my thoughts on this matter. Let me explain.

The article, Fear of Firing, cites the growing challenges of companies in firing employees for fear of a lawsuit. Many business owners I talk with don’t even give it a thought – I’ll treat my employees so well they would never dream of suing me. Dream on. It isn’t about you, it is about what people can get. Even a lawsuit that has no basis can cost you money. Is there any way to prevent it? Outside of being able to predict a litigious personality in a job candidate without discrimination, it is tough. But you can increase your chances of success by making sure you have the right HR processes in place. This includes job descriptions, performance reviews, and a policy manual. Seem like overkill for a small company? Hardly. Think of it as cheap insurance.

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When I received the e-mail (OK – multiple e-mails!) promoting Steve Harrison’s National Publicity Summit, I thought it was just another scam. Honestly, I imagined the promises of national media coverage offered by The Summit were too good to be true. I was so wrong.

It took a couple e-mails with compelling testimonials to get me to sign on to the event and part with the healthy chunk of change required. The money-back guarantee – which I am sure no one has ever exercised – was what clinched it for me. What I thought may be a big risk I now see as an incredible investment.

What Steve offers through his Summit is the ability for you to be your own advocate. In this case, it is in front of the media. I had been struggling to determine the best way to promote my upcoming book. I felt strongly that if I could just get in front of the right people, I could personally sell them on the ideas and my unique approach. When this opportunity presented itself, I rationalized the significant investment as equivalent to what I would pay a good PR firm for a month’s retainer. And as is typical for an entrepreneur, I liked the idea of being able to control my message.

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“Put your oxygen mask on first before you help someone else with theirs.” What great advice. It struck me the other day when I heard this statement how much this applies to entrepreneurs. Put your oxygen mask on first – take care of yourself. Women especially have a hard time with this, but on a plane it could be life-saving advice. In your business, it is crucial as well and could save you and your business.

In interviewing Paul Silber for my book, he shared just how important taking care of his own needs were to building his business. He is the founder of InVitro Technologies which he recently sold to Celsis. In the first couple of years building his business, he did not take a vacation. Consequently, he came close to burning out. When he finally starting taking time for himself, he found that he came up with his best ideas – his biggest strategic ah-has – when he wasn’t working. So if you are always working, how can you come up with those killer thoughts that you need to propel your business?

If you don’t have your own oxygen mask on, you are not in a position to help someone else with theirs. If no one can breathe, your business dies.

It is a common myth that entrepreneurs are big risk takers. They like to drive fast, jump out of airplanes, and gamble. Although I do have a lead foot and I have jumped out of an airplane before, I can’t stand to gamble as I might as well be flushing my money down the toilet. It just isn’t entertaining to me. I would not say I was a big risk taker, although I do have a high tolerance for risk. I am not afraid to fail (and it happens all the time!), but I do take calculated risks. I believe this is more common among successful entrepreneurs than all-out wagering and a critical element for success in business.

When you take a calculated risk, you research alternatives and potential consequences and decide that the possible payoff is worth the down-side. From your perspective either a positive outcome is highly probably or, more likely, merits the price.

Asking people for help is one of those areas many feel is too risky to attempt. This is foolish. The only thing at risk when reaching out to others is that they will say ‘no.’ The down-side to that is merely ego – it might hurt your feelings or you might feel rejected or as if it is personal. My advice: get over it. If you don’t go for what you want or the help you need, the chances are slim that you will get it. People often ask me how I got so-and-so to help me with a task or project and my answer is always: “I just asked.” I don’t often publicize the other people that I asked who said no or didn’t respond. I lost nothing in attempt but gained the help I needed through persistence.

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