How can I find a suitable adviser for a startup company?
Hello, I would appreciate if you could share your thoughts on selecting advisers for a startup company. What factors should I consider when selecting an adviser? Thanks in advance for your suggestions.
Best way to apporach this challenge is write up single page job descriptions as if you were looking for the Senior Management Team for your startup business. Because for any startup, the investors are investing in the visionary who founded the business; business plan, guiding the ultimate objective and goals of the business. And finally, the investors will see in the begining that the likely success of the business, depends ultimately on the strenght of the leadership team. All things being equal.
Before choosing an advisor, begin thinking about the weak areas for your startup.This will allow your potential advisor an insight on what to advise you about. Look for an individual or company that has...•A solid product manager in your niche
•Someone with lots of proven online marketing and user acquisition experience
•A well-connected PR person -- especially old-school offline PR
•A finance person with tons of corporate development experience
The best kind of advisor is the type of advisor who is interested in becoming part of your dedicated team at some point.
it depends on what your startup is about, geo area, funds/expenses, business plan.
Go with your gut instincts, pursue your passion but never be afraid to ask other people's opinions. Surround yourself with people you trust or who have been personally recommended.
Look for advisers who are already certifiably successful. You'll get lots of advice from others who haven't demonstrated their success yet. Use a tough mental filter to find a "real" adviser who really knows how to help you. It's best if it's someone in your industry. Sometimes you can find someone who does the same thing you do in another geographic market. Check your industry associations--in fact, attend industry conferences and you'll no doubt find someone perfect.
He should be well versed with the available resources as well as real picture on the current market along with the latest trends .
Assuming your market research has been done thoroughly and that the product/service idea is desirable, feasible & viable - A person good at overall strategic & business planning is a good place to start. Key elements to include are your mission, vision, values, strategies and goals all based on satisfying customer need. A good organizational development person should then be able to help you put the right systems and processes in place with appropriate measures. Pay attention to the culture you want to foster and have all of the above support that culture.
Hi Marty, I know US visa processing is tough and it takes time. But not sure whether US government made any visa concession for Indians to do start-up business in US. However I planned to expand our business to US in near future.
All good answers. Bottom line, take action - work with someone on contingency basis. And, don't forget the VC community - - if you approach them to raise funds, good ones will evaluate your startup and give you invaluable feedback. Most have extensive operational experience.
what do you mean , when you say selecting advisors???
a company-person that is going to tell you what to do?
Think of a "team" of advisors. Financial, legal, marketing for example. Small startups need things that big companies already have. So work with those that appreciate that. Not unlike picking your doctor, you should have a good working relationship with these folks, so that you will call them when you have a question and they can tell you when you should have called. Most entrepreneurs know their business really well, but less so the things to do in setting you the structure within which to make it happen and grow.
Hi Can be of your help if you could share more of your idea and requirement.
Many people who have responded have a good point about needing more info before helping you out. Many are qualified to help you out. Your next step should be to explain what you need and what you don't need and be able to answer the questions posed by the many small business consultants responding.
You might also consider getting people in your area that are in complementary businesses to be part of a shared advise and board of director kind of relationship.
While you need to be able to work with your adviser be sure not to get someone who is too much like you. Be honest with yourself about your skill and knowledge gaps, and your working style, so you can find someone who fills the biggest gaps and can advise you on how other people might see things differently than you do.
First of all. Make sure that the adviser You choose have been in all the possible situations himself. Its a bit like the same if an alcoholic need a sponsor, he has to be sure that the one he choose has been a former alcoholic and know exactly how to tacle the problem he may face.
It is my experience that the best advisers are the one who have tried to be a start-up company and knows about all the obstacles in the beginning and also later.
If You live in Denmark, this is exactly what my company do, helping start-ups to face the pros and cons. Best regards from Ulla Kaaber Christensen, Interactiva, Århus
Hi Sarfraz, in order to select the business adviser best suited to your needs, a candidate must first know and understand the needs. Answering a few questions might enable the process. What type of business are you planning to develop? Is it a fix physical location or internet based? Are you offering a product or a service? Will you have employees? or independent contractors? will you be self financed or will you be seeking an institutional financier? What will your organizational structure be like? will your business be a novelty business or are you entering a competitive market space? How soon do you plan to launch your business? What resources do you have available and allocated for your consulting/advisory services? Do you have any past business experience that as a foundation? Do you have any experience in the area of activity which you're planning to develop the business? Do you have any acquaintances with similar interests? Are there any successful peers or other business owners you can reach out for guidance/mentorship in your location?
Wow you got a bunch of great advice here. The bottom line is you need to hire someone you feel comfortable with. The best way to do that is to check out our backgrounds, service offerings, and philosophies. Many of us have websites or LinkedIn accounts where you can find that type of information. Select a couple and then interview us...ask us hard questions about how we do what we do and exactly what we can do for you. We are not allowed to post our websites here, so you will have to check me out through LinkedIn. Let me know if you would like to talk.
What type of services are you looking for them to assist you in? Legal, Financial, or general? Let me know and I could recommend someone.