The X Space at Xavier University launched yesterday and was celebrated with an open house event. A large number of folks attended the event to meet the team, learn about the program and explore the space.
Would highly recommend his book: “The New Business Road Test”
How do I pick the right advisors for my business?
A fair and common question that is asked by many startup founders. You will find as a startup that there are many people out there who are willing to give you advice on what you should do. The challenge is not really in finding the people, the challenge is finding the right people.
I recently had a startup ask me the following:
I know we’ve discussed it lightly but what exactly will my $XXX be getting me?
An excellent question and one I would hope all startups out there are asking their advisors/service providers.
I was reading one of my favorite African economic development blogs, EmergingIdeas, where they recently highlighted an Ernst & Young entrepreneurship study entitled “Avoiding a Lost Generation: Young Entrepreneurs Identify Five Imperatives for Action.”
The 5 Imperatives they listed are:
- Expand the choice of funding alternatives
- Increase mentoring and broader support
- Change the culture to tolerate failure
- Target and speed up incentives
- Reduce red tape and excessive taxation
The folks over at EmergingIdeas offer a quick take away from the study that’s worth the read.
We’re seeing some great progress in the Cincinnati tri-state area in these areas including access to mentors (we do this at Araytha), support failures as learning and reducing taxation (KY recently signed into law tax credits for angel investments).
We advise startups, early stage businesses and businesses looking to move in a new direction on a daily basis. These mentor relationships have been amazing and have led to many successes for both parties. We feel that our team is a large part of that success through our varied backgrounds and skills; however, what makes us really successful is how well we work together. We all have similar views on what success looks like for our clients. So what does this have to do with David Cohen? I’ll tell you.
David wrote a post in August of 2011 titled “The Mentor Manifesto” where he outlines what he believes are the characteristics and behaviors of great mentors. It’s a great read and we recommend all mentors out there check out the article. At Araytha we work to practice the same in our mentoring for UpTech and NKU Inkubator and at events like Startup Weekend.
Here are a couple of our favorite ones from the list:
- Expect nothing in return.
- Be optimistic.
- Be responsive.
- Be challenging/robust but never destructive.
Our manifesto at Araytha is a little shorter: support when decisions are toughest, inspire when opportunity is available and push when it’s all that’s needed to succeed.