Subscribe to Entrepreneur for $5

What to Think About When You Think About Advisors


You can't build your business alone so advice is critical. In a recent hangout, we chatted with experts in the startup space for their expertise on how to surround yourself with the smartest people possible, to give your business the best chance for success. Here's what they said:

Look for enthusiasm. Find people who are interested in your company and your success, and find a range of opinions for balanced help. Says Seth Levine, managing director at venture capital firm Foundry Group, "The quality of the business and the life of success increases as people open themselves up to advice."

Play the long game. When you pick your advisors -- your accountant, your lawyer, and even your banker, consider those who can advise you as your business grows. For instance, bankers "like to talk and share ideas not just for the transaction but because they feel they are building a relationship for the long term" says Wole Coaxum, a business banking executive at Chase.

Beware of your own passion. Your own excitement can blind you from your true risk profile, says Levine, who sees hundreds of business plans, some that are stronger than others. He suggests you find a way to balance your enthusiasm with your advisors' expertise.

This video is editorial content and reflects the personal views and opinions of the participants.

Entrepreneur Editors' Picks