Every startup founder needs the help of startup advisors. There is hardly any startup that has tasted success without the expertise of a startup advisor. You may have a great idea for your startup but a startup advisor will help you to grow and sustain for the future.
You might have a successful brand, service, or even a product. However, it is imperative to utilize the connections, skills, and experience of a startup advisor to touch the sky.
This article focuses on how to be a good start-up advisor in your professional life.
Keep in Touch with Former Colleagues or Partners
The first step for a startup advisor is that you need to stay in touch with your former colleagues or partners. You will not only explore the range of opportunities, but it will help you to work on new ideas every time.
Staying in touch also helps you gain knowledge about the industry trends, competition, demand, and the target market. Moreover, it will help you to access useful information about how other startup founders are performing.
Hence, it is crucial to ask your former colleagues or partners to forward your expertise to the startup founder. It will help them to learn from your experience along with the opportunity of working with a startup founder.
Find a Startup with a Similar Vision
Before jumping into the boat, you need to find out a startup that has a similar objective, or vision. This idea works similarly, unlike job seekers who are in constant search of a company that can align with their vision.
To become a startup advisor the first and foremost thing you need to have a compatible thinking mind. The startup founder you intend to work with needs to be on a similar platform with similar objectives.
Seek a Startup that Needs your Experience
You need to find out a startup company that needs your help and expertise. Since every startup company is different, you need to find out that specific company for you. For this purpose, you can start with enterprises that are in their early stages.
It will match with your skills, and the experience to learn from you. Seek entrepreneurs who are facing troubles and have the requisite skills to overcome them. In this way, you will create a path to becoming a successful startup advisor.
Agree on Less Compensation
Although the earning potential to become a startup advisor is endless, sometimes you need to settle for less compensation. If you get the chance to work with some high-flying startup founders, you can earn somewhere between seven to eight figures.
It is better to earn more while providing your rich experience to them. However, it is often than not you will end up agreeing to work on less compensation. Few early-stage founders often look to hire valuable startup advisors who can provide them with rich experience with less money.
Another key factor to solve your query of how to be a good startup advisor is to commit yourself to the startup. You need to stay with the startup founder for at least two years. Unless they require you for a short-term project or a specific project, commit yourself to two years.
Gain Expertise in your Domain and Market
Even if you become a top startup advisor for the startup company, you need to gain expertise in your domain. Becoming an expert in the subject matter can carve your path along with gathering experience in solving difficult problems. This will help you to put your trust in by the company for many years to come.