New Venture Lab: Equipping Christian Entrepreneurs

Question

What is the best way to enlist a team of advisors to be my thought partners and to help me strategically guide my business?

Answer

Assembling a board of advisors is a wise move, but it can be difficult to assemble talented advisors that are willing to give time to you and your venture.  Generally the only way to get someones time is to take a bunch of their money (they become investors and owners in your business) or to pay them a bunch of money (the more skilled they are, the more valuable their time).  A frequent mistake by new entrepreneurs is the mistake of not surrounding themselves with enough wise counsel.  Another mistake is expecting advisors to give advice, but without the willingness to pay for it, either in cash or equity compensation.

When you do assemble a group of advisors, be sure that their skill set is a match for the needs of the company and that they fill in the gaps that you are missing in your own skill sets.