When hiring, the usual advice is to hire superstars.
But for most businesses, it’ll make sense for a founder to look at her own and current team’s caliber.
Instead of hiring someone who is light years ahead of you, hire someone who is better than you and other members of the team – enough to inspire them, but not so much that they feel intimidated.
This will make sure that you retain your talent and everyone grows together.
Go with the usual advice of hiring superstars, if you are running a fast-growth startup and have raised funding or you run an established business with very good cash flow.
Why funds and cash flow are factors in hiring superstars?
Because for superstars, you’ll pay a much higher salary than most employees and if a hire does not work well you may end up losing a considerable amount if you don’t have lots of cash in the bank.