Book excerpt: Human resources are the most important and costliest assets in businesses of any nature and size, no matter where they are based in the world. Talent management is a key managerial function in MNCs and other organisations with a global presence, but its importance in small businesses and start-ups cannot be overlooked.At its most basic level, managing people in small businesses encompasses compliance with the applicable labour laws, hiring, and creating a channel for dealing with employee issues. The price of not having the right employees in a small business can be extremely high. Workers who are inefficient or in the wrong role can have critical consequences on the sustainability of a small business. While most entrepreneurs focus on marketing, finance, operations, and customers in their initial stages, this means that they at times fail to establish and address their HR function and the associated challenges that, if overcome, may help the organisation to meet all of its targets. This book aims to highlight these HR challenges and shed new light on how to answer them.