Knowledgeable, experienced, and well-connected mentors/advisors are crucial to a startup’s success. Overwhelmingly, startups that don’t explicitly seek out the advice and assistance of advisors and thought leaders in their industries fail to raise the funding necessary to scale. Whilst entrepreneurs know that mentors/advisors are vital to the growth of their companies, much confusion persists regarding what an advisory board is, which roles advisors can be expected to play, and how startups should secure mentors in the first place. In this article I’ll provide answers to some of the most common questions concerning the role and benefits of advisors/mentors.

 1. What Is an “Advisory Board”? 

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An advisory board:

 2.Why Should You Assemble an Advisory Board?

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Contemporary startups should assemble advisory boards because: 

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Sean Parker, co-founder of Facebook, was an advisor to Spotify from 2009-2017:

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 3. What Is the Difference Between “Mentors” and “Advisors”?

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Although mentors and advisors are commonly mentioned in the same breath, especially because the two groups tend to work closely with startup founders (and other entrepreneurs), we can, in fact, differentiate between the two:

 4. What Steps Should You Take Before Trying to Recruit Advisors or Mentors?

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Before reaching out to one or more people whom you believe might make excellent advisors or mentors, here are some important steps you should take:

 5. How Can You Recruit Advisors/Mentors?

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Here are some helpful tips for ways to effectively locate potential mentors/advisors:

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