How can you build a network of advisors to support your entrepreneurial journey?

Once you’ve embarked on your journey and have a concept and are ready to start executing - advisors with no skin in the game are pointless. I would not waste time on this. Also don’t believe in advisors who take 100 percent sweat for their “advice”. If you believe in the entrepreneur or the concept, invest in them with capital along with your intellect. You can certainly seek them out when you’re still evaluating a concept - but once you know what you want to do and have gotten started, anyone who wants to be involved and have space on your cap table should contribute capital.

Identifique as áreas em que você precisa de orientação e suporte. Determine quais habilidades e conhecimentos são essenciais para o crescimento do seu negócio e quais desafios específicos você enfrenta.

Before initiating contact with potential advisors, it's essential to articulate precisely the type of assistance you require. What are your specific objectives, hurdles, and prospects? Identify any deficiencies in your skills, knowledge, or connections that need addressing. Determine the areas where an external viewpoint, confirmation, or specialized expertise is necessary. By outlining your requirements, you can streamline your search and concentrate on identifying advisors who can effectively meet them.

"Start with the end in mind." - Stephen Covey. Before diving into the consulting world, pinpoint exactly what you need. Clarity on your goals and gaps sets the stage for fruitful collaboration. What are the specific challenges and opportunities you're facing? Knowing this helps you identify the right consultants to bridge your gaps. How do you define your consulting needs? Share your process and let's discuss the best ways to engage with experts.

The first step is to identify the areas where you are looking for support and advice, also identifying the current challenges you are struggling to solve. It is also important to be clear on where you have gaps within the existing team that you may need to cover with external support.

Look at someone who's already close to your goal or even reached the stage you want to reach. - Listen carefully and take only things that apply to you - Don't make hard decisions just by listening to someone. You have to go with your guts - Look for mentors who share values rather than instructions

1. Attend industry specific events and seminars to find an advisor. High chances are you need to move out your comfort zone. For example, if you need a technical advisor you need to attend engineer conferences or if a financial advisor is required you might consider going to banking/finance meet ups 2. Go through your existing network and ask for recommendations. Again, chances might be high you will receive a referral/contact that might be genuinely interested in your idea 3. If technical expertise is required - you may research recent papers and publications on that subject and find the leading experts in the field. Reaching out to them might be a challenge, however (saying it from personal experience)

To build a supportive network of advisors for your entrepreneurial journey, first identify your specific needs. Then, find potential advisors through industry specific networking events, online platforms, and incubators. Evaluate their relevance and availability before formalizing the relationship with advisory agreements and regular check-ins. Maintain the relationship with updates and appreciation, and adjust your advisory network as your business evolves to meet new challenges and opportunities.

Um bom lugar para encontrar gente boa disposta a dedicar algumas horas para ajudar são os coworkings e hubs de inovação. Eles promovem "meetups" com temas relevantes e facilitam conexões estratégicas. Também recomendo participar do Techstars Startup Weekend que acontece em centenas de cidades ao redor do mundo. É um "bootcamp" de três dias onde aspirantes a empreendedores podem vivenciar a vida de uma startup, encontrar um sócio, e conhecer mentores especialistas e investidores.

When I started up the Nearshore business in Portugal I had to be proactive and attend a lot of networking events. Through those contacts I was able to learn about Portuguese employment and tax laws and I had to reassess the risk levels of the business. From my new network I was able to choose a service provider and transferred the risk, so we were able to scale faster. I nurtured those relationships and I am an authentic person so they developed easily. I also made sure I was vocal about the value of their support in public forums. Without these networks from an early start, the start up project would not have been as successful as it was.

In my experience of building strategic networks over the past 20 years, LinkedIn is the best source of nurturing and keeping your relationships with potential advisors alive and well. At my last count, LinkedIn provides you with 49 relationship building touch points that enable you to stay top of mind in a subtle way

A good way to convince the advisors to come on board is by also looking at things from their perspective. Besides the financial arrangements, let them know what else could be value-adding for them with this association (referrals, opportunity to deepen industry knowledge, call outs on social media etc). You will be surprised how much some of these non-financial considerations matter.

What's in it for me? When reaching out to somebody from whom you want advice, consider what you can do for them to make connecting a win-win. Show them you've invested the time to learn about their background and experience. Try to tie in your request to align with something similar or a previous action they've taken. Ideally, you will find a way to position what you want as aligned with their values/priorities. And everyone has to eat so offering to pay for a lunch or coffee is pretty low risk.

In considering the value of your potential advisors, start first with their potential desire to leverage their expertise, and be respected. Approaching advisors in a transactional give/get way will turn off many and will likely get you transactional advisors that are less invested in your success. Values go beyond the transaction and be sure to seek deeper meaning in relationships and the wants/needs of your potential advisors, especially non-transactional value.

Don't forget that relationships are born out of trust - and that whilst business is business, entrepreneurship is ultimately a people's game. Everybody is short of time. How do you best compensate someone for investing their time in you? Offering a "value proposition" and a win-win to your potential advisor is all well and good, but depending on the phase of your journey you may not have a lot to offer that stands out from the mass - besides your person, vision and personal characteristics. If this is the case, build your initial approach on the basis of "what can I display, that would make someone ready to believe that I'm worth their confidence?"

Establishing clear expectations with advisors is key. There are "Trophy Advisors," notable figures whose association boosts your startup's image, appealing to investors by suggesting high-level endorsement. While they might not offer hands-on advice due to their busy schedules, their names can open doors. Conversely, "Hands-On Practitioners" may lack fame but provide invaluable, practical guidance. These advisors are deeply involved, helping solve real challenges and guiding your startup's growth with their expertise. Recognizing the difference helps tailor your approach and expectations, ensuring you get the right support for your venture's needs.

For early stage startup, it is ok to have unpaid/informal advisors. Maintain good relations with them, and once your company raises a round, you can formalise relationships with those who have given good advice.

Whether you connect via LinkedIn or you meet at an event, if things are formal asking them for a fee upfront is key to earning respect. "Sir/ mam I feel you have the answers to my questions, I have a few- please let me know if you have any fees, I will need 30 minutes of yours" In usual cases, it depends on your seniority and offerings but If they do say yes that's equally fine if that's in your budget and if it can add proportionate value to your life/ business. Just being amicable won't pave the way every time, remember- "paid advice is usually far more valuable than free advice from the same person"

Na hora de definir os acordos, sempre deixe o combinado registrado por escrito. Seja por meio de um contrato ou mesmo uma mensagem por e-mail com a anuência do consultor. Defina claramente quando o relacionamento entre vocês chegará ao final, seja após determinado tempo ou caso aconteça um determinado evento. É muito comum negociar a remuneração de consultores estratégicos como uma taxa de sucesso, comissão, ou até mesmo percentuais menores de participação na sociedade. Escolha muito bem para quem você está disposto a ceder parte do controle do negócio. É importante também deixar claro no acordo quais as informações você deverá fornecer para que ele faça o trabalho.

Once you've got the nod. Set clear expectations. Lay down the groundwork for your interactions, encompassing the breadth, rhythm, and mode of your exchanges. It's crucial to delineate each party's role, agree how feedback will be shared, and decide on the advisor's compensation, be it tangible rewards or acknowledgment. Consider formalising a written accord. This clarity not only fortifies the relationship but also ensures both sides are aligned, fostering a dynamic where both mentor and mentee thrive.

Considero que todas las personas tienen algo para enseñarnos, cuando nos atrevemos a dedicar tiempo para ampliar nuestro red de contactos, esto nos permitirá no sólo conocer personas maravillosas, sino guías valiosas para nuestro negocio, carrera profesional y vida personal. Esas es la razón, por la que no nos podemos privar de la oportunidad de conocer personas nuevas y de nutrir nuestras relaciones con las personas con las que actualmente conversamos. Algunos consejos que se me ocurren para nutrirlas son: 1. Sé genuino.Permíteles a las personas conocer lo chévere que eres. 2. Dedica tiempo para saber cómo están. Una llamada o un café es una forma de lograrlo 3. No seas transaccional. No busques a las personas solo para pedirles favores.

Essa relação entre você e sua rede de conselheiros ou pessoas próximas precisa ser algo ganha ganha. Relações duradouras e de alto grau de geração de valor, são em essência, relações que trazem benefícios mútuos. Entenda as motivações de quem você trouxe para próximo do seu empreendimento. Assim como a pessoa está te ajudando, a retribuição é altamente valiosa quando feita levando em consideração nutrir os fatores motivacionais de seu conselheiro. Crie relações de geração de valor mútua e ela será duradoura e um vetor de crescimento ou ajuda em horas complicadas

If your advisor genuinely wants to help you to grow, your growth is the best way to show your appreciation -- especially if you are a young and early entrepreneur that has nothing tangible to provide for the advisor. And that's totally fine! Show up and share your progress regularly so they won't forget about you. Of course, small gifts do help. Most importantly, know their vision in their careers, too. If you can help them in anything, see if you can help them -- even in small scales. Your help will return to you as bigger help and support.

As an entrepreneur, to receive the most valuable advice from your advisors, it's crucial to establish a strong relationship with them. This process takes time. Based on my experience, the most effective advisors are the ones with whom I have interacted for a long time, spanning over months or even years. This is because it's crucial to have vision and mission alignment with your advisors.

Relationships that are one sided do not last. Even nature seeks balance - give and take. You must seek out how to be of support to the people who are supporting you. Thoughtfully gifts are a simple way to start pending when you grow strong enough to offer greater value in exchange for the time.advisors spend in and on your business.

To build a network of advisors for your entrepreneurial journey, start by reaching out to people you admire in your industry, such as experienced entrepreneurs, business leaders, or professionals with expertise in areas where you need guidance. Use social media platforms like LinkedIn to connect with potential advisors, and attend industry events, workshops, and seminars to meet people in person. When reaching out, be clear about why you value their input and how you believe they could help you. Keep in touch regularly, but respectfully, and show appreciation for their time/advice. This approach will help you create a supportive circle of advisors who can provide valuable insights and guidance as you navigate your entrepreneurial journey.

1. Regularly ask yourself & be able to articulate why you’re Networking to find mentors. 2. Research, research, research: Industries, Companies, roles in Companies, People in those roles, People connected to People. 3. Proactively reach out to people in a non-threatening, not ‘all about me’ way, don’t sell anything, just ‘Network’ to start with. Like you’re meeting, casually but professionally in person for the first time. 4. Let your interest in finding a mentor come up later, naturally in conversation. (don’t lead with it) Multiply the above exponentially with ‘Massive Action’ – don’t do it 10-20 times, do it 100-200 times, do it constantly.

Being an Entrepreneur is dificult by definition you are trying to disrupt in a market with a new idea. So definately if you want to build a network of advisors you need it first to trust those and their advise regarding your project. Make sure also they are relevant to your project.

Build a network of advisors by focusing on 1-3 core areas of expertise. Choose active, open-minded individuals who share insights generously. Remember, personal rapport and mutual respect matter more than titles or affiliations. Prioritize positive, human connections to foster meaningful collaborations.

Don't just grab the first warm bodies you find. Be discerning. First, chart your course. Where are the treacherous shoals you need to navigate? Is it domain knowledge or go-to-market you lack the gear to climb? Once you've identified the gaps, look for those who've not only seen the battle but bear the scars to prove it. But remember, chemistry is vital. You need folks who challenge your thinking but march in step with your vision and values. Structure their role, define expectations, incentivize them (equity never hurts!), and convene regularly.

Don't take advice from anyone that hasn't embarked on their own entrepreneurial journey. The world is full of "armchair advisors" who spout utter tosh without ever having done anything themselves.

Some learnings from my experience: 1. As a first step, be clear on what you expect from the advisors. Identify a set of potential candidates and socialize the intent. This will help assess and ensure alignment. 2. Be clear in your ask and set expectations right. Else, the engagement will go nowhere. 3. Important to engage with the advisors on an ongoing basis. Keep them involved in your successes and also share failures so you can learn from their wisdom. Reaching out only when you need their guidance may not be the right approach 4. Depending on how your strategy evolves over the years, don't hesitate to find a new set of advisors. 5. Time and knowledge are valuable - ensure the advisors are compensated for their contributions.

Start by identifying the key areas where you need advice and guidance. This allows you to pinpoint the type of people who can offer you value. By identifying people who have the knowledge, experience, and skills that are relevant to your entrepreneurial journey you can form potential allies and partnerships, in an effort to showcase your work. Building a network of advisors to support your entrepreneurial journey can be a multi-step process. Being part of relevant communities can also be beneficial. Attending industry conferences and pursuing training opportunities helps to not only expand your knowledge, but also allows you to meet potential mentors. It can open doors, offer support, and lead to remarkable growth and innovation.

To build a strong advisory network for your venture, seek out seasoned professionals, engage at industry events, connect on professional platforms, and nurture these relationships with regular communication and mutual benefits.

Self evaluate and be honest. Where do you need help? What skills or experience do you lack? What advice or guidance will help you achieve your goals? What kind of person can you work with? What kind of person do you want to be? Etc. Then find trusted, experienced, successful people to fill those gaps and help to develop you as an entrepreneur, business person, and as a good individual with integrity.