How to Pick an Advisor
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.
My list of how to pick the right advisor includes:
- Trust – you need to be able to trust that your advisor is giving you the best, unbiased advice.
- Industry, Product, Expertise Knowledge – although not required, specific knowledge of your industry or product can really benefit the time you spend together.
- Experience – try to find advisors who have been in situations similar to your own and who can share their experience in what they have done.
- You Get Along – you don’t want to get into a advisor/advisee situation where you don’t like them.
- Expectation Alignment – free and paid advisement yield different expectations. Make sure this conversation happens at some point if it’s going to be a long term thing. Some will do it for free while others may not. If they’re good, they’re probably worth paying. Here are some ideas for equity for an advisor.
I recently came across an article on FounderDating that helps startups address this very topic. Here is a link to an article ‘Questions to Ask Potential Advisors: The Master List.‘ It will help you as you begin to form your core set of advisors.
Please feel free to reach out to Araytha if you need help in finding advisors. Contact Araytha.