A look at an interesting article I got…

Indian startups are in need for valuable tips from entrepreneurs who have tried and tested the ground. People who have run their own companies, got their hands dirty, fired people, got fired from clients and yet risen up from the ground, brushed off the muck and run again.

The Indian flavor is the Arjun-Krishna version. Here's how startups should look for advisors:

Krishnas are valuable when they are "been there done that" people

Arjuns can't know everything, mentors can guide and tell you what you never expected

A good mix is 2-3 advisors from diverse fields / expertise

Be sure to look for balance of ideas and execution, balance of advice and a database of contacts

Do your own SWOT analysis and find people who can take you up

Advisors look for humility ? learnability, trust relationship, and their own relevance to the mentee

Know what the time constraints of advisors are

Communicate right things at the right time – they need to know enough precise context to advise you so that the 3-4 hours you spend with them is productive

• A person who has been advising 3-4 companies say that they come to him only when they are in trouble and not give ongoing updates which shows their immaturity
• Can have a 2-3 year contractual obligation / timeline for advisor
• Avoid expectation mismatch, have structuring of relationship

Distinguish between CEO coach / mentors vs. Advisors vs. Consultants – what are you really looking for? Mentors / CEO coaches are for a longer time

Compensation is the last thing in mind for a real mentor, but it is a gesture of goodwill. Equity-based vesting over the years is the best and simplest option.

Only when we walk a few steps together, you really know the person. Its wise to

• do due diligence,
• be patient (think long-term) and
• know how do you structure an exit.

More later…. Cheers to startups!