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How to Make Smart Hires on a Tight Budget Growing a team is an important (and intimidating) step for a startup. And when money is tight, the pressure is on to get every hire right.

By Adam Bornstein

This story appears in the June 2019 issue of Entrepreneur. Subscribe »

Federico Gastaldi

Ray Dalio, the founder of Bridgewater Associates, who's known as the king of hedge funds, is famous for saying, "Hire right, because the penalties of hiring wrong are huge."

These are obvious words from a brilliant man. But the problem is, there's no script for hiring "right" when you're in startup mode. You have a hundred different needs but can afford only a handful of positions to do the work. So before you begin, do yourself a favor and lower your expectations. You don't need to make many hires all at once, and you don't have to fill hyperspecific roles in your company. Rather, you just need to find the right types of people who will best support early growth.

What are the right types? To find the answer, look at your own biggest weaknesses. Where are your blind spots? What is your Achilles' heel, the thing that could have a crippling effect on early-stage growth? When you know the answer, you'll know your hiring initiatives.

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