For an entrepreneur, the advisors play a crucial role. The advisor helps by using their skill set and network. So, therefore it is important that the engagement is carefully arranged. Advisors, whose knowledge and experience could add value to your startup is crucial. How can you engage such people in formal and informal ways?
An advisory board in a start-up is different from the formal Board of Directors. This engagement with Startup advisors provides us with additional expertise and network during the hour of need. They could be professionals from any field like law, marketing, or technical.
It is vital to have a straight-forward engagement with start-up advisors. First, it takes efforts to find an advisor who would sync with our team. Second, there could be uncertainty about compensating that advisor satisfactorily.
In this video, Sarda illustrates different forms of engagement with Startup advisors. Also, she clarifies us on the process of paying them with either cash or equity.
Sharda Balaji has expertise as an in-house attorney in various MNCs closing a wide range of deals. Also, she is a CS and founder of law firm NovoJuris. Moreover, she donned the roles of legal counsel, founder, angel investor, Independent director, and trustee. Sharda has nurtured many young entrepreneurs through their start-up journey.
This Start-up 101 series is a guidebook for business to novice entrepreneurs. These are a series of crisp, straight to the point solutions to all your start-up dilemmas. In fact, we have condensed the huge experience of various mentors into a user-friendly manual.