How Skilled Advisors Can Jumpstart Your New Venture
Look outside your board members for growth strategies.
Entrepreneurs should know how important it is to have the right advisors when undertaking a new business venture. An advisor is not the same as a co-founder or an investor. While both of these roles advise the company in their own interest, a business advisor is set apart in how they approach giving advice. Even experienced boards with decades of experience within a field can benefit from having an expert advisor present to help them. Choosing the right advisor is usually a consideration of what the advisor offers to the firm.
Advisors fall on a spectrum
When selecting an advisor, it is vital to remember that there's no binary between a good and bad advisor. Instead, we should consider advisors on a spectrum. The excellent ones are just as rare as the disastrous ones. Yet, in the middle, you'll find individuals who know what they're doing and are right a decent amount of the time. Firms must be careful not to fall into the trap of hiring a "paper advisor." These individuals look great in their resumes and references, but they aren't truly the type of person a company wants advising them. Their experience may look extensive, but their ability might be less than stellar. Instead, firms should be looking for advisors that help to shore up inefficiencies within their board. The board already has skilled individuals who are experts in their own right. To avoid redundancy, the company should find an advisor that fits into a slot where the company doesn't already have a co-founder or investor.
Continue Reading With an Entrepreneur Subscription Now 40% Off—Use Code SAVE40
Become a member to get unlimited access and support the voices you want to hear more from. Subscribe to Entrepreneur for just $49/year $29/year.
Not ready for an annual subscription?
Get 3 months free with code
Presented by zendesk