As entrepreneurs, we succeed because we’re willing to take risks and forge our own paths. But the same traits that turn us into trailblazers also mean that sometimes we can be impatient, isolated and in a perpetual hurry.
So, how do we mitigate the additional risks that our “entrepreneurial DNA” generates for us? One of the most effective strategies is to ask for help before we need it.
Other entrepreneurs have made mistakes, overcome failure and represent a level of knowledge and experience that we have yet to gain. There will be abundant opportunity to learn from our mistakes, but many of them can be avoided altogether by seeking out trusted advisers with subject matter expertise in various disciplines.
These individuals or groups are there for us if we just reach out. They can become our sounding board, our devil’s advocate, our source of inspiration—and potentially even partners in success.
Guidance Systems
Even the smallest one-person startup can surround itself with an advisory board. This group can be composed of trusted friends with business experience, industry contacts that may eventually benefit from your company’s success, or respected mentors.
If you briefly convene such a group on a periodic basis, you will often head off potential challenges before you even encounter them. The investment world and potential clients will view you as much stronger with a group of qualified advisers lending you the benefit of their knowledge and experience.
Your own community can be a great starting point when you’re looking for guidance. In our company’s case, we got help through the Lee’s Summit Chamber of Commerce, which introduced us to BOOST Lee’s Summit, an entrepreneurial incubator program that helped us build a business profile and find a mentor. There are a wealth of great programs out there, including the BetaBlox incubator and Lead Bank’s accelerator program.
I also reached out to a family member who had built his own company over a 15-year period. By asking for his help before I needed it, I avoided many landmines.
Accountants and attorneys can offer valuable input, as well. You’ll also find that most established entrepreneurs are very willing to share their experience with you.
Look for Synergy
Look for contacts who share a synergy with your company’s mission, because they can often benefit from your success. This can be of great value when seeking funding. All potential investors are interested in a financial return, but the best relationship will be with one who shares a specific interest in your business model beyond the basic investment. If you operate a restaurant, for example, an executive from a local food supplier could probably offer a lot of valuable expertise.
Finally, remember to give back. I work with the founder of a new startup, and each week, he spends 20 minutes bouncing ideas off me. It has become one of the most rewarding experiences I have had and has provided clarity of thought that has helped me in my own business.
So don’t stop reaching out, and no matter how successful you become in navigating every stage of growth, ask for help before
you need it.
