Young entrepreneurs often have great ideas but less experience in running a company. Lack of experience and knowledge about the forthcoming challenges and how to tackle them effectively can slow the growth of the company significantly. This is where advisers come in. Advisers or Board of Advisers as it is often called is a group of very experienced businessmen or professionals that have excelled in their fields of work and help start-ups and early stage companies with valuable advise on how to get around current challenges and how to be prepared to handle future challenges.
Board of advisers also helps the business to scale up by providing access to investors. Investors scrutinize the team of the company very aggressively to see if they should risk their money with the team leading the company. With young entrepreneurs who cannot show credibility of running businesses, it becomes very difficult to attract investors. This is when Board of Advisers comes to rescue. They extend their name to the company and make it more investor friendly. The company can then tap into the Board of Advisers Networks and reach out to potential investors, clients or employees.
So how do you reach out to these Advisers and get them on board? To many young or first time entrepreneurs, advisers seem very unapproachable. In reality, these people are very approachable and humble. The best place to meet such people is Networking events of various chambers of commerce. Once contact is made and business cards are exchanged, do not hesitate to call them or communicate with them over e-mails. Take the initiative to invite them for talks over coffee or drinks or lunch and have discussions about your idea and how can they be useful in building on your idea. Once they are interested and tell you what they can help you with, you would probably have a discussion about what is in it for them. This discussion is important as Advisers are very senior people and would be earning quite a lot. If they spend time with you, they would be missing out on some other opportunity. so if they do not get paid by you, you will be last in their list of priorities.
Guru Mantra: If you cannot show credibility on your own, get someone with credibility that can be used and offer them stock to keep them engaged.