Entrepreneurs trust their guts, but if they only rely on their instincts when they’re hiring, they’re bound to make huge mistakes. The rules of recruiting have changed, and one of the changes is the need for a structured, strategic process to complement their guts.

As psychologist Daniel Kahneman points out in his book, Thinking Fast and Slow, we often make mistakes when we rely on our fast mode of thinking—instinctive, emotional, and immediate—rather than drawing on slow cognitive processes which are logical and deliberate. Or, as I just noted, structured and strategic.

It used to be that entrepreneurs had greater margins for error—for ...

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