Skin In The Game
Surrounding yourself with a strong network of advisors is one of the most important things you can do as an entrepreneur. Great advisors provide perspective, share a wealth of experience and open up their network. They also provide a safe space for you to explore ideas, tackle hard challenges and nasty problems.
The right advisors make you better, faster.
All too often I see entrepreneurs either picking advisors who are not all that useful or they are the “looks great on paper”-type of advisor. People whom you convinced to be an advisor but who don’t really show up or do all that much as they are too busy and stretched too thin.
Personally I always make sure that advisors have some real skin in the game. Make them sign a mutual agreement which lays out what your expectations are — and then make sure it’s worth their while.
Have you already built your board of advisors? If not — now might be the right time. If yes — are your advisors adding real value to your company or should you sit down and have a heart-to-heart with them?