40 minutes | May 24, 2021

The Superstar Advisor Sham

In today’s Startup Therapy Podcast, Wil and Ryan ask, is it too early to get an advisor? Many Startup companies invest in an advisor to tap into connections that can possibly help raise additional capital. Yet, this investment does not promise successful returns because some introductions don’t end with the results founders are hoping for. The anticipated business meetings are never set.


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Resources:


What to Listen For

  • 00:00 Intro
  • 00:28 How often were you asked to be a business advisor?
  • 03:55 What's the guarantee that they want to know you?
  • 07:08 If getting an advisor is just for raising the capital
  • 09:31 One-sided conversations: what’s the biggest thing you can have getting an advisor
  • 12:10 What if you make the introductions and nothing comes of it?
  • 16:18 Ponder first if it’s the right time to invest in an investor
  • 18:46 When people know more than you do, they just seem like geniuses
  • 22:37 You can’t qualify an advice on a topic you’ve never understood
  • 28:58 A good advisor will tell you what questions you should be asking
  • 35:25 Advisors aren’t that bought in and won’t fully care
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