Why are mentors and advisors important for a startup?

Adeo Ressi / November, 2017

Description

Adeo Ressi, Founder and CEO of Founder Institute explains why mentors and advisors are essential for a startup.

Video transcript:

Why are mentors and advisors important for a startup?

Running a startup is a lonely endeavor. Often times you’re out there making decisions, some of those decisions have serious consequences. For example, when to raise money, when to fire someone, when to hire someone and these could affect the future outcome of your business in many different ways and you don’t have anyone that you can talk to about those decisions.

So, let’s say you want to bring on another senior manager and that senior manager might make some of your other senior manager uncomfortable, while you certainly can’t go talk to your senior managers about that decision. So advisors in manners fill this vital role to take away a lot of the loneliness and isolation that a founder feels while building the business. Also, most mentors and advisors have a lot of experience, so they can bring to bear things that you may not see.

At the high-level, the mentors and advisors take away a lot of the loneliness that the founder feels while building a business, plus they add perspective and advice that a founder may not see with their nose to the grindstone. So I recommend that every founder have a group of advisors, at least three, and they set up monthly calls with those advisers, for at least 15 minutes, or preferably a half an hour. And before the calls they send out an update with key KPIs and activities that they’re engaging in, providing the mentor and advisor with the information they need to help the founder during that brief interaction.

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QUICK INFO

  • Adeo Ressi, Founders Institute
  • November, 2017
  • 2:12
  • Startup Basics

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