Having an advisory board is one of the most important steps first-time founders can do for their app startup. Before you embark on a journey of trial and error, advisors can impart the wisdom and connections they have amassed that give you an advantage in the market. Here are a few ways on how to pick the right advisors for your business.
In the tech industry you will find a ton of people who are popular but have no experience in producing results. You don’t want someone who has a ton of followers on Twitter but someone who has actually made critical decisions in big organizations. Some of the best mentors are people who are known well only in within certain circles of the industry.
A good advisor is one who has faced the same challenges as an entrepreneur is going to face. You want someone who will guide you through the obstacles that you do not see coming. Sometimes there is nothing better than intuition, and you want someone who does not just tell you what would be a solution but also empathizes with you, and tells what would be the right solution for you.
When advisors actually decide to put their money in exchange for equity in your app startup, that is a good sign. They will be less laid back and more hands-on with how to take on opportunities for the company.
They Cannot All be the Same
If you already have an advisor on board you now want someone who offers something different than your existing advisor. A good startup advisory is one that brings in different people with different perspectives on how to approach things. You want as much relevant expertise as you can find, just not the identical one.
Are they Ready to Work?
You do not want someone who sits by with equity in your business and that is it. They need to be the ones who roll up their sleeves and offer results. An advisor’s role is not merely meeting for discussions and answering your questions via email.
Advisors with a useful network can make your startup. It is more important that they are willing to introduce you to this network so you can make use of these connections too. This will be useful from raising funding to getting the traction you need when releasing the product.
Remember, do not hire the first advisor you meet. You may be impressed by them, but you have to be picky about who gets to guide you and be the person you go to for solutions. An advisor who checks all the boxes on paper may not necessarily be the one for you. You have to pick the person with an attitude, work ethic, and vision that matches yours, so they can work with you.