I recently came across an article in the Boston Business Journal about how few entrepreneurs 1) seek out advice from experienced business people or 2) don’t make good use of the advice they may have received. It seems like what this author is writing about is very relevant to our small business advising network!
The article is great, you can read it here. But what I’d like to share here comes at the end of the article, when the author gives a handful of golden knowledge nuggets for entrepreneurs to consider. I think they’re very worth sharing, so here they are:
- Have a clear idea about what kind of advisor your want.
- Aim high. If you can articulate a clear reason why you want someone’s advice, you’ll be surprised at how often even “famous” people will devote time to budding entrepreneurs who have that “spark.”
- Seek people with complementary skills and personalities.
- Don’t think you have to pay a lot. You probably can’t afford to pay a good advisor what s/he is worth, but you should be able to entice them to be a part of your vision.
- Don’t waste the advisor’s time. Figure out ways they can be a big help to you without requiring them to do a lot of work.
- Don’t use an advisor’s name in offering materials or the business plan unless you have asked permission. The advisor may have a good reason why s/he wants to stay anonymous.
- Don’t plan on having the advisor invest money in your venture. Keep the advisor and investor roles separate. An advisor may eventually want to invest after s/he gets to know you and your business, but don’t push the issue up front.
*We all can use good advice. By being creative and thoughtful, an entrepreneur can get the help s/he needs without spending a lot of money.
Photo by “GotCredit”
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