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.
Hi Sarfraz. I would start researching your business idea first. This way you will have questions that are important to you when you first meet.
Sarfraz: In view of the responses you have already received, I will add only that you should keep in mind the oft-quoted rule, "Begin with the end in mind." The advisors you hire should have experience not just in working successfully with start-ups but also in handling the problems and transactions that your company will face as it grows right through to the exit transaction after you have created the business success. Having to add or change advisors as your start-up grows is usually less efficient than starting with advisors who have been down the road beyond the start-up phase before. All else being equal, advisors who know your industry should be high on the list of potential hires.
dear any advisor who deals the coroprate law with the experience
Hi! As a business consultant I would say that the adviser should at least have had the experience of a startup.
Additionally he/she should know the specific business and/or industry in order to be able to provide some more technical info about the business itself.
When selecting an adviser it is useful to have references from people who have worked with him/her or know come of their clients and results they had.
It is important to define exactly what you need them to do for you what to advise you about and also how much they charge for their services. Your contract with them should be clear and describe exactly the services and fees.
My personal experience is that age is important in most cases because people above 40 have more experience than young consultants of 25-30 and can provide better support and knowledge.
My suggestion is for you to make an appointment with a Score office near you...We are a part of the SBA (Small Business Association) funded through them so our advice is free to company like yours and our talent base is very deep and very well respected...Go to www.score.org and find an office near you. They will help you with business plans, mission statements, vision statements etc..
Need to consider the amount of experience within the indutry of your start up, and the ability of the adviser to access the resources necessary to complete the task.
My advice is to start with the Small Business Development Center (SBDC) - (http://americassbdc.org/), or SCORE - (https://www.score.org/chapters-map). Both are non-profits and funded by the US Small Business Administration (SBA) and sometimes the state. Major factors to consider are: cost, convenience, reputation, and experience/track record. Both SBDC and SCORE offer no-cost services provided by experienced and reputable consultants. You can also obtain valuable start-up information from the SBA's website at https://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business
Good luck with your business!
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First consider his clients list,then consider his portfolio according to education and research work,then consider his updates on social networks, then consider way of working, ...
Mr Saleem, as VP of Sales & Marketing for a start-up and business consultant for start-ups and established companies alike, you'll need to first establish at what stage of business development you are at such as solution development, funding,commercialization. Each stage will require a specific type of expert to guide you through the process. Having a consultant/advisor that knows the proper process is most essential to guide, facilitate and save you time and money in the medium term. References are essential when considering a consultant to ensure deliverables are met, on time and on budget. Hope this helps.
I would recommend that you contact SCORE and have a mentor assigned to you. They are a FREE service and I have found them very helpful. I assume you are located in the States?
Ideology and investment are not enough for starting a new business. A good suitable advisor is required right from pre to post incorporation. For choosing a suitable advisor there are some key points which one should be aware of
I would always look to somebody who has built up their own company and who understands all of the problems that you face both personally and professionally.
Quite a few good comments have already been made and some questions asked. I will await your answers, Sarfaz, before providing any advice. We need to know more. One more question - have you already started and want to grow?
One amongst the things that you have to take into account in selecting your advisor is his experience in early stage financing, his track record, his background and his success stories.
I would suggest you engage with Business Counselling, because this form of support means you'll be independent of other people's experiences and judgements, which won't necessarily be appropriate to your needs. It is a non-judgemental and non-opinionated holistic process that creates empowerment. Client Centered Business Counselling will enable you to become self-reliant and self-confident. We define Business Counselling as follows: "A process by which business issues are diagnosed and addressed in such a way that the client learns not only how to overcome or manage their current concerns, or exploit their opportunities, but also how to tackle similar situations in the future. It is a process in which a Business Counsellor works ‘through and with’ rather than ‘for’ a client".
Having read the replies to date, lots of sensible comment, and perhaps too much information. Past performance is no guarantee of future success, and many successes are the result of random factors (luck, personality, the economy etc) rather than repeatable skills with predictable outcomes. Therefore I suggest you keep things simple by using a mentor / coach / adviser who will keep you on the right path with the generic fundamentals of running a business. The rest is up to you.
If you would like to benefit from the Government's subsidised Growth Accelerator programme, I am an accredited Business Growth Coach, so please contact me.
When looking for advisors you should think about "seven Cs" -- context (are you looking for expertise in a certain topics, business issues, fields, or industries, or more of a generalist?), counsel (are you looking for someone to bounce ideas off or help you make specific decisions?), credibility (is this someone with a track record of successfully advising entrepreneurs like me?), connections (can they help me get access to key supplier, investors, or potential customers?), communication (do they have the same communication style as me and will they give brutally honest but developmental feedback?), chemistry (is this someone I feel comfortable sharing my biggest concerns and vulnerabilities?), and commitment (can I count on them to be there when I need them?). Once you have figured your needs / preferences, start with local advising / mentoring resources available through SBDCs, SCORE, incubators, and organizations like Start-Up Grind. Also, mine your existing contacts and LinedIn connections for ideas. The process is part strategic as result of really articulating your needs, and part organic as a result of engaging / talking to people and finding the right connection. Best of Luck!
Check out my free e-book for startup planning. This list of 40 points is what you need to see in a person - that they have experience in 10 critical areas.