Characteristics of Effective Advisors

Posted by in Business & Entrepreneurship, Leadership & Management

It is essential to put together a team of smart and invested advisors that will help you to get through your startup years and beyond. They will help you to develop your ideas and imaginations into a startup business.

The real problem is that you do not want your venture to be wrecked before it has even gotten off the grounds. So here, I have explained 7 qualities that you must look for in an advisor.

1. Cooperative and Not Passive

While there are many things to look forward to, the first box on your checklist should be how easy it is for you to interact with that person. You should have someone that you are comfortable with because it is going to be a long relationship as you will have to spend a lot of time with him or her.

In fact, during the inauguration of the startup, it might happen that you spend more time with your advisors than you do with other members of the team.

Apart from that, you should not confuse passivity with cooperation. Passivity might appear as cooperation but they have a wide difference.

“The size of your success is measured by the strength of your desire; the size of your dream; and how you handle disappointment along the way.”– Robert Kiyosaki

Passive advisors will make you say what they want to hear while the cooperative advisors know how to deal with every kind of situation and they will easily help you in making the toughest decisions.

2. Comfort with Conflict

For a startup, you will require a flexible, open-minded, and creative team. When you are in search of an advisor, you must notice closely how he deals with conflicts. Disagreements should happen. You should create an environment where experimentation is encouraged and no one is discouraged because of failure.

Conflict makes you succeed because it makes you and your advisor listen to each other. The conflict should be for the betterment of the company. A healthy relationship with the advisor should include conflict.

“In all realms of life, it takes courage to stretch your limits, express your power, and fulfills your potential… it’s no different in the financial realm.”– Suze Orman

3. Complementary Set of Skills

Work turns out to be the best when your advisor offers you a complimentary set of skills. The idea is that you and your advisor should formulate a team that has no lacking in any quality. You should use the approach of one build, one cell. It means that one advisor will help you to build your brand while others will help to advertise it.

For startups, a complementary approach is a perfect model.

4. Strong Professional Network

If you want to find new and better ways for your brand to succeed you must find an advisor that has a strong professional network. This quality will provide you access to all the resources and not only that you will get the chance to work with an advisor that has the experience of working with many enterprises and industries.

Having an advisor with not an attractive network will get you to deal with a limited group of people. Therefore, if you want to open new horizons for your startup it is essential that you work with a team of advisors that have the best interpersonal skills.

“If I would be given a chance to start all over again, I would choose network marketing.”– Bill Gates.

5. Dedicated Time

A startup will need a lot of time from the advising team. If you want your startup to reach a successful point, it is important that your advisors completely dedicate that time. Even if they provide you with a few minutes those minutes should bring you all the values that you require for your business.

Therefore, it is important that you look for an advisor who will give you the perfect ideas and advice despite the time.

6. Passion for the Venture

You might find an advisor with all the perfect qualities but he will be of no use if he does not have the passion for the venture that you have in mind. The best way to find out that your advisor is as determined for your idea as you are, you should discuss everything openly. You have to be as transparent as possible. Keep in mind that the wrong decision you make today will hurt both of you in the future.

“Opposites may attract, but I wouldn’t put my money on a relationship of financial opposites.”– Suze Orman

The only fact that will keep you and the advisor away from a fight is the determination for the same cause. Both of you must have the same enthusiasm to solve the problems. It is one of the hard qualities to find in an advisor. However, it will be worth your wait.

7. Credibility

Your advisor should have so much determination for the venture that he or she is ready to risk everything for the sake of success. Your advisor should know that your startup is much more than a profit. Make sure that you test this quality before having an advisor on your team.

The biggest risk of all is not taking one.”- Mellody Hobson

The Right Number of Advisors Matter

If you have a single advisor then it will be like a one-man show or a single hand clapping. You should have a perfect combination of advisors according to the needs of your company. The reasons behind having a team instead of a single advisor are:

  • It will maximize your innovation
  • You will have more ideas to look forward to
  • A team will help you to connect with more clients and provide them with the required time and values
  • They will help you to grow faster by doing the fundamental things that drive growth

While you are looking for an advisor do not sign the contract until you are 100% sure that he is perfect for you. It is all about asking the required questions and determining who the person is as you align their characteristics with your own. You have to understand the importance of working with the right people. Keep this advice in mind when you are searching for an advisor.

Key Takeaways

  • You should find an advisor who is passionate and will do anything to get your brand successful.
  • To get the most out of your advisor you should be as transparent with him as possible and share as many ideas as you can.
  • Circulate every information among your team of advisors so you can determine who is most keen to get the issues resolved.