Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Advisors can help startups achieve higher growth, avoid problems along the way, and give the founder confidence.
Here are some key points in choosing an advisor for your startup:
- Avoid the “dabbler”. These advisors want to dabble with startups but don’t have any substantial experience to share.
- Avoid “Yes” men. These advisors confirm everything you say because they don’t want to go through the heavy lifting of explaining better ways of doing things.
- Avoid generalists. These advisors have general business experience but know little about your specific industry or growth strategy.
- Look for advisors who know your industry and space very well. They often bring both experiences.
- Look for advisors who are well connected. They know the right people and can network you with them.
- Look for advisors who challenge you and remind you of the goals you have set.
- You may want to recruit a group of advisors and have them meet both individually and as a group to discuss key issues.
- Remember the time commitment that comes with advisors and set aside time for it.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
Let’s go startup something today.
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