How future entrepreneurs will make the most of advisors after their PMBA
Even with the most promising ideas, no entrepreneur can compete with the experience of seasoned business professionals. Bridging the experience gap is crucial to the survival of emerging businesses, allowing them to compete in a competitive market.
Mentors and advisors are now considered a top priority for small businesses, helping entrepreneurs protect their vision and project it into the future. While an estimated 30 percent of small US businesses survive a decade without advisors, 70 percent of businesses with advisors make the ten-year mark.
Consensus is forming around the benefits of business mentors, but maximizing their services poses a new set of challenges. Are you curious to know how entrepreneurs make the most of business advisors and mentors? Read on to find out.
While seeking the strategic benefits of an advisor, entrepreneurs should be mindful that expertise will vary greatly by business size and sector. In fact, when advisors are not equipped for particular business needs, their employment can add an unnecessary expense.
Emerging businesses should select advisors with the experience to match their practices, ethics and long-term vision. To ensure a good working relationship, entrepreneurs can also look for communication, critical thinking and motivational skills in prospective candidates.
Businesses must be ready to meet new advisors in all environments. From personal connections and networking events, to LinkedIn and Twitter, businesses have more avenues than ever to find seasoned professionals they can work with. In addition to direct business relationships, entrepreneurs can identify the most suitable ‘indirect’ mentors, whose insights are typically conveyed through books, webinars and blogs.
Before engaging directly with a business advisor, entrepreneurs can prepare to maximize productivity. Seeking as much knowledge as possible, new businesses are often too vague in their requests to advisors. Instead, they should set focused expectations for each meeting, prioritizing set questions and envisioning ideal outcomes. Advisors are more likely to accept new clients – and help existing ones – when their time and expertise are serving a defined purpose.
Good advice also comes down to timing. Businesses that only seek advisors when problems arise are often too late to benefit from their expertise. Unresolved tensions are also a common mistake, as new businesses often waste precious time with advisors on smoothing out company disputes. PMBA graduates can avoid these mistakes by setting regular meetings with their advisors – and enlisting their expertise with clarity and a unified company front.
After their professional MBA, entrepreneurs should seek business advisors that will respect their vision while also challenging them to reach new heights. Both proximate and long-term challenges help businesses achieve their potential, ensuring a productive entrepreneur-advisor relationship. Providing it does not jeopardize the company’s basic mission, business owners should welcome challenges from their advisors – and invite constructive criticism.
Facing these challenges will not only forge a more trusting relationship with the advisor, but also help enhance a new business’s success and reputation. Top advisors will adapt their expertise as client business interests evolve, helping them realize and expand their mission statement. Since successful business owners are too seldom challenged or critiqued, seasoned advisors are crucial in providing alternate perspectives – and ensuring continued growth.
Are you looking for the expertise to bring success to new businesses?
Contact WU Executive Academy to find out more about our MBA in Entrepreneurship!