Buy 1 hour of time from each advisor and do the following:

3. Who do you know?

Ask what other companies like yours (or situations that may be similar to yours), your new professional advisor has worked on. What did he or she actually do? Can you speak with one or several of those clients? (NOTE: If the answer is "No," you may wish to find a professional advisor who is comfortable having you speak with current and former clients.)

4. What am I supposed to be doing?

You already have lots of ideas and tasks running around in your head. Probably more than you can figure out how to get done. But what if they are not the right ones? What if you have left out something? What if you could actually eliminate one or more of these tasks and actually be better off? What if, by changing the sequence in which you address certain issues, you would end up with an easier process? Or a more effective result? Ask your new professional advisors. They have experience that you don't yet have. And they have specific expertise that is different from yours. That's why you picked them, right?!? Use them.

5. How do you want to work with me?

It is important to get solid guidance. Find out how it will be done. Even if it is only 1 hour per quarter. Done regularly (no kidding), it is invaluable.

6. What's this going to cost?

You've got to end up knowing this. You might as well find out now. (But note that this probably isn't the most useful initial question.) And the answer might surprise you. Pleasantly. It certainly won't be (should not be) zero. Most professionals work with entrepreneurial companies because they enjoy the process and truly believe in its importance. There are degrees of pricing and billing flexibility that usually make it entirely workable. Always pay professional advisors (A) on time (you expect their advice to be on time, right?) and (B) with real money (not stock). If things don't work out, you want to be able to make a change. A fired advisor who owns stock isn't pretty.

Metaphoric Models of Entrepreneurial Success

Tree

Wood Screw

Football

Pisa Tower

Kite

Musical

Istana

Ice Cream

Lion

8. Fire Alarm! Fire Alarm! Fire Alarm! Fire Alarm!

Something totally unexpected pops up. It could be either good news or a seeming disaster. It's not yet time for the next scheduled meeting. What should you do?

You might as well discuss this possibility and agree on a procedure right now. It costs lots less money to chat about a possible issue today than to fix a Big Problem tomorrow.

Some issues, even ones that initially seem minor, can become life-threatening for fragile young ventures. Like yours. Don't mess around with such risks.

And don't try to "tough it out." You and your new professional advisors ought to be able to agree on how surprises should be handled. Advisors hate to get an entrepreneur's phone call that begins "Maybe I should have talked to you before I did this but . . . ."

Venture Management

Specific Features

11 Keys To a Good Venture

Startup Business Plan

Business Plan DOs and DON'Ts

Entrepreneurial Team

Increase Your Cash Flow

Hey, the hour's up.

Wasn't that interesting? Feel like you've now got a better handle on what to do? Was that first hour's worth of money well spent? If so, go use your experience with another entrepreneur and convince him or her to "do it right." And Best Wishes for the success of your new venture.