Starting a business is an exciting adventure but at the time when we need the most support, many entrepreneurs suddenly develop “Lone Ranger” syndrome. Could this be you? This isn’t the time to hide out and think you need to do it all yourself. This is the time to surround yourself with experts who have skills, talents, contacts and access to other resources to help you launch and grow your business. Let others open doors for you as well as become magnets for what you need next.
So the old saying goes "if I only knew then what I know now". I say "why wait to have the experience"?
Avoid the "hard knocks" that people insist on having by building a TEAM of people that have demonstrated success in the areas you're about to venture into. Think about what it would be like to have someone in your life that has been down the same path that you're about to go down, who is freely sharing with you what's in store. You'll be able to plan better, make better informed decisions, as well as save lots of time and money by avoiding the most commonly made mistakes. These are not employees or people working IN your business. These are people who are working ON your business with you and pop in and out as the need arises.
What do I call my TEAM?
Make it something formal and professional to lend credibility. I like ADVISORY TEAM or ADVISORY BOARD as it relates to business. Others call it MASTERMIND GROUP, and MENTOR GROUP.
Who should be on it?
Here are a few examples of the "profiles" of those who would provide a well-rounded experience:
1. Someone with experience developing a business--- starting a business, operations, experience with acquiring funding, dealt with legalities of having a business, launch, growth, exit strategies, etc.
2. Someone that has actually launched or worked with a company that has achieved your desired revenue goals in a similar industry. They have demonstrated success in your market. For example, one of my companies is a fashion accessory company so I sought out the priceless advice of Nick Graham who had founded the very successful "Joe Boxer" brand in 1987.
3. Someone that responsibly represents YOUR desired target market that can give you feedback and credibility along the way. For example, my husband’s friend launched an animation company that produces cartoons promoting environmental issues. The Honorable Al Gore is on their Advisory Team. This relationship has given them tons of exposure right out of the gate, opportunities to acquire large contracts and interest from investors.
4. Someone not related to your business but well-grounded and "wise" in other areas of life. During stressful periods, this person will help give you perspective, make objective decisions and support your desire to have balance in your life.
5. Others who fill in the gaps of your experience such as marketing, media, promotional, and finance. For instance, I’m putting together the platform for a radio program and I don’t necessarily have media business experience. So I surrounded myself with Advisors that do. People that have successfully raised millions from corporate sponsors, and a publicist whose specialty is radio syndication.
What to say?
Approach these people and request a short meeting where you'd have the opportunity to ask them some relevant questions about your business that they would completely relate to. Can they validate what you're doing? Did they have similar experiences they could share with you? Is there anyone else they would recommend you speak to? Any special advice they could give you?
How to follow-up?
Request that they allow you to check in with them once a month to share your progress and to seek their guidance. People generally will be honored to support you at such intervals and probably won't think to ask for anything in return so money shouldn’t be an issue here.
Not only will they get to help the next generation succeed, the relationship itself will start attracting more resources, customers, contracts and funding to your business as you share who’s on your TEAM with others. Learn more strategies for building team at http://www.passion2prosperity.com/
Subscribe to:
Post Comments (Atom)
Posts
4 comments:
This article has lots of good advise. One issue I have found with creating an advisory board is that once they are in place, they are not used effectively. Sometimes they need to be used more, and other times the business owner/entrepreneur needs coaching on how to effectively use the resources of the team.
Great post...should make a solid book. we met you on Twitter, and can't wait to peek around your blog a bit more.
BTW...we are a married couple who just completed our first semester of college in over 20 years, and we also launched a blog as the basis for a book.
http://momanddadarestudying.blogspot.com/
Please offer feedback if you get a chance.
Peace.
Awesome advice ... I have to say that this is something I'm working on for myself. Part of my strategy for 2009 is to reach out more to the type of people you're talking about in this article.
Hi Maria,
What an important post! It is so very easy to try to "go it alone" when working for yourself. As I have found trusted people whose opinions I value and they confirm ideas for me, it also increases my confidence in a way I could never do for myself.
There are so many important reasons to have a board of trust of some type- and your suggestions for a wide of variety of people to serve as part of it is definitely to be heeded!
Great post-
Post a Comment