Quora Answer: What Should I Watch Out for When Getting a Mentor or Advisor for My Startup?

The following is my answer to a Quora question: “What should I watch out for when getting a mentor or advisor for my startup?” 

A mentor or advisor is important when the people in the startup are new, and need borrowed experienced navigating regulatory hurdles, financial structuring of the club, and even investor relations.  That being said, the mentor is supposed to advise, not run the company by proxy.  If a mentor insists on imposing his idea of how a business should be run, or how the management of the company should be structured, you should consider replacing your mentor.  This is your business, not his. 

It is also to ensure that your mentor does not have conflicting business interests.  If he also represents your rivals, your potential customers, investors, or vendors, there will always be questions about whether his advise actually has your interests at heart, or benefits his interest. 

It should be obvious, but it has to be reiterated, that your mentor should have an impeccable record.  He should have any investigation, or any past suspicion of fraud, or any investigation.  This impacts on the credibility of the business. 

Finally, for someone to be a mentor, or advisor, he must demonstrate actual, practical knowledge and experience in the industry.  He should have a network you can leverage on to grow the business, and he should believe in the project, and the team.