Advisors And Mentors - The Role and How to Find them

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Basics of What and Who an Advisor is and the role they play in an Organization

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Advisors And Mentors - The Role and How to Find them

  1. 1. Vijay Anand, RTBI, IIT Madras Twitter: vijayanands
  2. 2. <ul><li>Entrepreneur. Founder (Proto.in). Currently with RTBI </li></ul>
  3. 4. Key Stages of a Company. Every Stage requires certain niche skills to bring it to scale
  4. 5. Being an Entrepreneur. <ul><li>Being an Entrepreneur/CEO is a lonely path. </li></ul><ul><li>Its both a lifestyle and a professional choice. </li></ul><ul><li>Can only afford to be great in few skills – not mediocre in all. </li></ul><ul><li>Has the challenge in working with people s(he) can envision the company with. </li></ul>
  5. 6. The Biggest Mistake. <ul><li>The two people you need to stay away from (as a startup) are MBAs and Consultants – Guy Kawasaki. </li></ul>
  6. 8. The Coach.
  7. 9. Terminologies <ul><li>Common Mistake to Grade them all together. </li></ul><ul><li>Mentor/Coach – grow acumen (personal) </li></ul><ul><li>Advisor – guide/strategic thinking </li></ul><ul><li>Consultant – hands-on deliverables </li></ul><ul><li>Directors/Stakeholders – monitoring/wealth creation </li></ul>
  8. 11. Relevance. <ul><li>Lots of Examples: </li></ul><ul><ul><li>32 Million SMEs in the Country. </li></ul></ul><ul><ul><li>Founders Syndrome kicks in as company expands. </li></ul></ul><ul><ul><li>The Need to evolve in thinking – detached perspective. </li></ul></ul><ul><ul><li>Spurt vs Sustained Innovation/Growth </li></ul></ul>
  9. 13. How to Engage an Advisor <ul><li>Rule: The First four hours are free. </li></ul><ul><li>Dedicate a specific timeslot in regular intervals to update, and get feedback. </li></ul><ul><li>Get him/her involved – compensate. </li></ul><ul><li>Chemistry is very important – trust. </li></ul><ul><li>The Ability to think in the same lines, but in different wavelengths. </li></ul><ul><li>Longterm: Look at some equity – 1-2% </li></ul>
  10. 15. What Could Go Wrong <ul><li>Lack of Time and cant keep commitment. </li></ul><ul><li>Closed Minded Advisor. </li></ul><ul><li>The falling off of trust – Cant take the NO of an Advisor with trust. </li></ul><ul><li>Motives and Intentions Change </li></ul><ul><li>Execution of the Company doesn’t span out. </li></ul>
  11. 17. Where to Start? <ul><li>Start with Clarity on the past. The vision, the Product, the Market, the Goal. </li></ul><ul><li>Look into your own networks to see if you find someone whom you admire, and is a few steps ahead of you. </li></ul><ul><li>Tap into networks like TiE, NASSCOM etc. </li></ul><ul><li>Linkedin? </li></ul>
  12. 18. Summary <ul><li>A partner in Visioning/strategy </li></ul><ul><li>To extend Networks beyond what you have. </li></ul><ul><li>The Ability to bring a disjoint opinion and perpective of an idea/strategy </li></ul><ul><li>Two heads are better than one. </li></ul><ul><li>The right advisors can increase the board valuation for an entity. </li></ul>
  13. 19. Organization Viewpoint The Advisor doesn’t “Report” to the entrepreneur. But works with the Entrepreneur.
  14. 20. Summary <ul><li>Bold Statement: </li></ul><ul><ul><li>Advisors are probably the only people that you should consult for strategic level thinking. For the very simple reason that there is accountability. </li></ul></ul>
  15. 21. <ul><li>I’m also on Twitter @vijayanands </li></ul>

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