Make informal advisors part of the team.

Whether you find advisors from family, friends, faculty or fellow managers, great advisors can become an informal resource that rivals that of more formal resources, including board members. You will certainly know when you’ve found such a treasure, almost always through introduction by others and rarely because you have deliberately approached someone to fill a needed hole. Most of these people will provide time for you out of friendship, rather than seeking reward in the form of stock options or pay for service. Therefore, it is important that you recognize their worth and be most careful not to overuse the gift of their time. "We work for food" is a common mantra for such friends who are willing to provide such informal services.

by Dave Berkus

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