When you’re just starting out on your journey as an entrepreneur there’s often this (primarily self imposed) pressure to do it all--to learn how to do everything and wear all the hats. And while there are a lot of things that a Founder or founding team does need to know and do, it’s just as important to know where your gaps are and learn how to ask for help.

In the world of startups, this support often comes in the form of either mentorship or advisory--to be clear, these are not the same things, and we will dig into the differences later on in the article. 

If you have questions about next steps--where to find an Advisor, how to compensate them, how to manage that relationship--you’re not alone. At Volition, one of the things that we do is help startups navigate these questions and assess if they need an Advisor, and if so, what exactly they need support on.

As a 20-year entrepreneur of Managing Partner of Volition, we’ve asked Paul Brassard to answer some of the most common questions that we and the League of Innovators team hear about Startup Advisors.

First up, what is a Startup Advisor?

An Advisor is an individual who is a subject matter expert, or is a highly experienced generalist, and provides key guidance, advice, support, and oftentimes resources, to help a company address their knowledge gaps and weaknesses and/or to help them excel at their strengths. This is almost always a compensated role, often but not always with equity (more on this later!).

An Advisor can provide essential guidance and knowledge at key moments during your startup’s growth, and can help you get through challenges that come with growing a company. A solid Advisor will provide a high level of expertise and experience targeted to your needs, with the added bonus of often lending a known industry name to your brand, providing a boost in legitimacy.

And how do I know when I need to look for one?

As companies are built and begin to grow, there will almost always be gaps in knowledge and areas of weakness on the founding team. For example, many startups are launched with a technical founder who might not have any business experience, in which case a Business Advisor would be beneficial for those first stages. Or sometimes a founding team may cover the bases of business, tech and marketing but not have experience with sales--this is where a Sales Advisor could be a great addition.

As soon as a founder, or founding team identifies (and admits) that they have gaps or weaknesses they should begin the process of identifying potential Advisors that fit their needs.

How do I find an advisor that’s a good fit?

As mentioned above, you first need to identify your gaps--often they fall under marketing, sales or business experience--and ask your network to introduce you to people that can help fill those gaps, especially if they have relevant experience. Note: this is also a solid ask for a pitch.

THEN, network, network. network. 

Know that an Advisor needs to be reliable and available to commit the time and energy you need to meet your goals. Once you have identified what kind of Advisor you need, make sure to look for someone who demonstrates this reliability and doesn’t express concern with committing a reasonable and realistic amount of time.

A good approach is to think of an Advisor as an investor in the business, in the sense that they are going to be spending their time, providing their knowledge and expertise, and potentially even opening some doors; providing connections and creating opportunities you wouldn’t have otherwise made on your own. But, also think of them as a team member and ask yourself: “Would I want this person on our team?”

Ok, so once I’ve secured an Advisor, how do I manage the relationship? 

I tend to find earlier stage companies need more help so don’t just manage but maintain the relationship by providing regular and frequent updates, say once every week or two by email, especially depending on progress and/or need for help and guidance.

Pre- (or Post!) COVID I would have also suggested to do a once per month coffee (at least!) with your Advisor; for now, until it’s safe, you can displace that with a “virtual” coffee and catch up. If you have a group of Advisors, schedule a group meeting for company updates, but make sure to book individual meetings with subject matter experts within that group, as needed. 

And what do I need to think about in terms of fair compensation? 

Always consult a trusted startup lawyer before issuing any form of documentation.

A standard Advisory agreement tends to be 1 or 2%, reverse-vested over a four year term, with a one year cliff. The cliff of one year is so that you can make sure you get the value from the Advisor before issuing the equity (likely as options), and ultimately means that they are not assigned the first portion of shares until after the first year, and they receive the remainder over time, usually calculated on a monthly basis.

Numbers ARE variables, so I have seen where any or all of those variables, either percentage or shares or time can be adjusted based on the negotiation with the Advisor and/or their level of work/commitment. 

Some Advisors may not ask for equity, and some may ask for non-equitable compensation. Ultimately, you need to do what’s best for you and your company, and remember that you often get what you pay for but also that equity may be worth more than you think.

Shameless plug: Volition does not believe in taking equity from founders, and charges a per session fee to our clients, with no equity stake.

Last but certainly not least, what exactly is the difference between an advisor and a mentor?

This question comes up a lot at our pitch events as the terms are often confused. An Advisor cares about the company as a whole, and is almost always a compensated role. A Mentor is a personal one-on-one relationship that you will likely have for a long time and may never meet the rest of the team. 

Also, I believe a Mentor should never be remunerated for this role as the mentoring relationship is intended to be a two-way street and not a service. Think of your mentor as more of a guide and know that they often get just as much out of the relationship as you do (check out this article!). If you really feel the need to ‘give back’ when it comes to mentoring, consider paying it forward instead, or grab your mentor a thank-you card and let them know the impact they have made.

Have more questions? Feel free to book Volition Managing Partners Paul Brassard or Melanie Ewan for a 20-min chat to talk it through! 

By Dina Lu (dina@dinacalligraphy.com)

Ever heard of the saying that your network is your most valuable asset? If you’ve ever taken a business course or attended any career coaching, you’ll know that they always tell you to network, network, network. But why? Networking will help you reach your professional goals faster. It’ll help you meet the right people who will help propel your business and career goals forward. And the earlier you start, the better. Networking can be intimidating for most people who are starting out and that’s completely normal! Although we might be used to talking to our friends and peers on a regular basis, it’s hard to imagine going to an event and talking to strangers!

So, are you making the most of your time when you’re networking? Here are five networking tips for new entrepreneurs:

1 Preparing yourself before networking events

While what you do during a networking event is important, what you do beforehand is equally so. There are a couple of things you can do before going to a networking event.

If you know who will be on the panel or if you have a guest list, research the attendees using Google and LinkedIn. Find out who will be there. It’s such a great conversation starter when you approach someone and mention that, for example, you actually saw their most recent announcement that their company x won x award.

It not only shows genuine interest, but it’s impressive because most people usually don’t research people beforehand. Even if you just take one minute to take a look at where people work or used to work, you’ll go quite far in making meaningful connections by asking relevant questions.

It’s also important to dress the part. You’ve probably heard this a million times, but when you network, you should also dress to impress. Although we all love the idea of not judging a book by its cover, first impressions do matter, especially at networking events when you only have a limited time with each person.

Find out what the dress code is before an event (most networking events are business casual). It’s better to overdress than to underdress!

2 Be selective with your food and drink choices

At a lot of networking events, there is a table with snacks and drinks or event hosts will pass around canapes. Yes, food is there for you to eat, but you should be selective about what you choose to eat.

If possible, eat before an event so you only have to hold a drink in your left hand—this frees up your right hand so you can shake people’s hands after introducing yourself.

If you must eat, pick foods that are small and easy to eat—for example, a small piece of salmon on cucumber is better than a mini hamburger. You don’t want your mouth to be too full when you’re talking to someone you’re trying to connect with. If possible, try to eat between conversations and not during them so you can put your full focus on the person you’re talking to.

3 Make some great connections with a few people rather than “working the room”

While it is generally good to know more people, it doesn’t do you any good at a networking event when you have a one-minute conversation with someone and then swap business cards. There’s no real connection there and chances are you won’t follow up with them and vice versa.

Instead of “working the room” trying to talk to everyone and hand out business cards, talk to a few people but have some amazing conversations with them. Even though you meet fewer people, the people you do meet through these quality conversations will benefit you the most.

If you don’t know who to talk to, it’s always a good idea to introduce yourself to the organizer and thank them for putting on such a great event. Event organizers usually have huge networks so it’s not a bad idea to meet them!

If you end up walking around and noticing that everyone else is engaged in a conversation already, head to the food table and see if there are any stragglers there. Commenting on how great the food is an easy conversation starter.

4 Make genuine conversation and provide value

This is easier said than done—but it’s so crucial to make genuine conversation with the people you meet and ask sincere questions. Ask people not only about their career, but about their hobbies, vacation plans, and life outside of work. When you expand the topics of your conversation, you’ll notice that it’s way easier to connect with people on a deeper level. You might find that someone else has a similar interest to you and build a rapport that way.

Have you ever heard of the saying, “People will be more interested in you if you are interested in them first”? Ask questions, listen intently, and respond positively with value—and people will feel like you genuinely are interested in what they have to say.

5  Send a follow-up email or message

Sometimes the most overlooked part of networking is the follow-up. Yes, while it is important to prepare yourself before a networking event and have great conversations with a few people during the event, don’t forget to follow up with the people you met after the event. What’s the point of meeting someone if you don’t stay connected afterwards?

When you go home after an event, you’ll have several business cards, or perhaps you connected with people over LinkedIn on your phone. In the 1-2 days after the event, send a quick note to everyone you met saying it was a pleasure meeting them and reminding them of what you talked about. To take it one step further, Google or research them on LinkedIn to see if there’s anything else interesting about them and mention that.

During the event, if you promised to send them anything after—such as sending them a link to a book you mentioned—do this in your follow-up message. Sometimes, you’ll meet someone you really connected with, continue the conversation by asking them for a call or for a coffee chat. Even for people with whom you had short conversations—perhaps you got cut off because a panel was starting--it’s a good idea to research them afterwards and send a quick follow up email. You never know where a new connection will take you!

Remember, networking is about relationship building and it takes a long time. Practice, and you’ll get better and better each time. If you’re strategic about networking, you’ll reap so many rewards in the long run, not just for your career, but for your own personal development and entrepreneurial goals. So, make networking your most valuable asset by preparing beforehand, be smart with your eating at events, make a few great connections, being genuine, bringing value and sending a follow-up. 

About Dina Lu, Founder at Dina Calligraphy

Dina is an LOI Connector, LOI Labs Batch 4 Founder, and an ambidextrous calligraphy workshop instructor based in Vancouver, BC. She has taught over 400 people brush lettering and pointed pen calligraphy through her public and corporate workshops in BC. In addition, she does on-site calligraphy at brand events, and loves creating special commissioned projects such custom framed quotes and calligraphy greeting cards. Check out her Instagram account @dinacalligraphy!

The startup journey is filled with ambiguity and uncertainty on a good day. In this new normal we are living in - the same advice still applies with heightened uncertainty. The good news is that you are not in this alone. It is more important than ever to find communities that can support you, your startup journey by equpping you with the tools, insight and connections to help fuel your growth. Doing your research to figure out which organizations, communitites and tools you should tap into requires some work, but can pay off exponentially in the end. Here at the League of Innovators, we work specifically with entrepreneurs under the age of 25 all across Canada through a suite of free, virtual and sector agnostic businesses founded by individuals and teams of diverse backgrounds. There is a wealth of different support systems out there and it’s your job as an entrepreneur to know when and where to tap in.

The League of Innovators community had the opportunity to sit down (virtually) with one of our supporters, Jonah Mindak, Managing Director of Acceleprise. Acceleprise is a B2B SaaS accelerator based in Toronto, New York and San Francisco. We talked about growing a business in this new normal. Here’s some of our favourite key takeaways from what Jonah had to say. We think it’s great advice. 

1. Whatever the issue, make it about something bigger.
2. Gather your people and tell them the honest truth.
3. Think offensively. Defence doesn’t win markets.
4. Think differently. Put literally every crazy idea you have out there. 
5. Work on a plan with you team(s). Have people step in your shoes and share your thought process.
6. Be around even more. Leaders need to be visible.
7. Do the hard things. You can’t help anyone if you’re bankrupt.
8. Empathy and people first always.
9. Lead with value and curiosity.
10. There is no one way to build business. Do what feels right to you.

At the end of the day, it’s all about taking that first step on your entrepreneurial journey and finding your champions and cheerleaders every step of the way of building your business. No matter where you are in your journey always aspire to learn more and hustle responsibly. If you are an aspiring or current entrepreneur, we hope these words of wisdom resonate with you and encourage you to check out the different free and virtual resources and programs LOI has to offer. Ready to get started? Build your entrepreneurial skills with our Innovators Academy. Ready to build?  Sign ups are open for Foundations, an idea-stage pre-incubator course to get you started in building your minimum lovable product (MVP) ready to sell. Ready to accelerate? Applications for LABS incubator are also open until June 30th, 2020. 

Not only that, but realize there are a ton of amazing organizations out there like Acceleprise that are willing to help too. Joining the League of Innovators network is just scratching the surface even with the awesome partners we have in our community, but nevertheless it’s a great place to start if you are a young entrepreneur. With that we’d like to leave it off with a quote from Jonah, “today is about leading the right way no matter the outcome.”