Recently, YEC spoke with Michael about his experiences building a community for customers and stakeholders in his business, and what others interested could learn about the process.

Surround Yourself With Success

The value of building a strong community for entrepreneurs is priceless. It’s literally one of the biggest drivers of success. If you’re trying to play in the NBA, you have to be around other top players. You won’t get there playing on the playgrounds.

Just hanging around others who are doing awesome things forces you to step your own game up. Because three of my peers became bestsellers recently, I decided — after years of procrastinating — to put out my own. And it became a bestseller in two days. Iron sharpens iron. You become your environment. It is what it is.

Look for a Common Goal

To me, customers or subscribers are buyers. They’re your end users. A community consists of like-minded people who aren’t necessarily buying or selling to each other, but who keep each other inspired, educated, informed and sharp.

In order to establish a community, start with a vision anchored around a common goal. In my business, each property — whether it’s media, SaaS product or actual properties — is divided into its own team. Make sure the energies are aligned and anchored whatever that common goal is.

Identify Ways You Can Help

The most important way to manage a growing community is by staying in touch and adding value. I keep saying it but that’s the key, man. Just being helpful. I have a community of readers who I interact with. Whenever I post an article or have an update, it helps. Give without expecting anything in return.

Use Your Current Connections to Your Advantage

I built the community I started organically through existing networks and my content. I hosted an event for a community of young investors and entrepreneurs looking to break into real estate. I leveraged that into success by either helping them invest or including them in my projects wherever I can.

If you are looking to expand or create a community, find an interest or a cause you can rally around and stay consistent. It’s so easy these days; email lists, group chats, Facebook, you name it. Consistency is key.

Create something different that exceeds people’s needs. 

Most clients only ask for what they need because they don’t know what else is possible. Develop a solution for your clients that actually addresses their problem in a meaningful way. For example, while our clients are interested in banking solutions, we provide these plus an entire “lifestyle layer” that enables them to engage their consumers like never before — a value-add they didn’t expect.

But don’t just sell what you have — understand their problem. Clearly, they are looking for a solution, but why? What friction points are there?

The clients we work with generally don’t want to do any development or IT work on their end. They want a plug-and-play solution that they’re also able to customize. This isn’t always the easiest things to provide, but when you spend time creating a solution that solves your client’s problem and addresses their concerns, it not only impresses them but also boosts your credibility.

Market with scalability and manageability. 

This is a chicken-or-egg scenario: Should you build a robust technology infrastructure that requires more time and money, or should you start small and scramble to build? “Scalability” is a common buzzword we’re all familiar with, but many people don’t put enough thought into it.

Scalability goes beyond technology — it applies to staffing, processes, policies, office space and more. Work with your key members and make sure they understand where you think the business is headed. Take time planning how you will account for various situations that could arise, and how you’ll handle them. This way, when it’s time to scale, it’s no surprise to anyone, and you’ll have ideas at the ready to pull from.

Keep your friends close, and your technology team closer. 

When you start building a new company or product, it’s going to vastly evolve from the initial concept. No matter what you do, there will be changes — sometimes pretty major ones.

If there’s anyone who typically isn’t happy about change, it’s your technology team. Think about it: They’ve spent months (or sometimes years) developing the current platform, then out of nowhere, they have to completely re-engineer the solution or force a new solution to work with the existing infrastructure.

Keep your tech team in the loop so that when changes arise, they understand why. In the hectic, day-to-day grind, it’s easy to just give orders about what needs to be done. But to those who aren’t involved with everything, these orders can seem like a knee-jerk or an irrational decision. Keeping your team in the loop helps them understand why any deviations need to occur and what impact they have on the business. Ultimately, the team will feel more connected, and the added workload will be better received.

Seek out strategic partnerships. 

When you build relationships with new partners, there are several things you should consider — one being mutually beneficial channel partnerships.

We were once speaking with two different service providers to provide new functionality for our customers. Our technology team looked at both party’s application program interfaces (APIs) and felt that they provided a similar offering. Even though Provider A would have been easier to integrate with, we chose Provider B for strategic reasons. Both providers delivered the same end-user experience, but in exchange for using their services, Provider B would push our solution to their clients — bringing us both more business. We even looped our technology team into the decision process (speaking to my previous point) and they were on board to tackle the extra work.

Learn how to provide simple explanations to disruptive solutions. 

You’ve created something awesome and unheard of. The problem is, if it’s something truly revolutionary, no one else has heard of it either. You’re at square one, and you have to educate people in a meaningful way. Above all, it’s important to learn how to explain to your client (in terms they’ll understand) why your solution is so innovative and beneficial to them.

We introduced a functionality that no one was accustomed to experiencing in a retail banking application. We knew our platform inside out and could explain it to each other easily, but we ran into a communication barrier when trying to sell it to the banking industry. People had no clue what we were talking about. We ended up using banking industry speak to put it in terms that made sense to them and addressed the problems they faced.

One way to streamline this undertaking is to come up with several simple explanations and try them out with different clients. Attending trade shows and exhibits is a great way to test your marketing message with key people in the industry. This exercise will also point to any weaknesses in your messaging so you can figure out what needs to be improved.

Plan for another plan. 

No matter what you do, nothing will happen the way you expect it. While the highs will be high (and the lows, low), trust in yourself that you can persevere through the tough situations and find a way to make it work against all odds.

Who is your hero? (In business, life, or both.)

Gary Vaynerchuck. He worked like crazy to get to where he is now. He never complains about how difficult it was to attain his goals but always encourages his audiences to stay positive and go after their dreams.

What’s the single best piece of business advice (unorthodox tips welcome!) that helped shape who you are as an entrepreneur today, and why?

Say no. It might sound counterintuitive to say no, but I have found that they only way to grow your business is to stay focused on your goal. Projects will come up, prospective clients will ask you to work with them. If both are not a good fit, just say no. If you continue to say yes to everything, you will spread ourselves too thin and not focus on what’s important and what’s really driving our business. If we lose track of our focus, then the whole operation can fall apart. Identify your goals early on in your business. Stay true to them and don’t stray. Keep your focus sharp and only work on the projects that are in line with your company goals.

What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?

My biggest mistake in my business was thinking that I know it all as an entrepreneur. I have had several businesses that have failed before my current business and at the time I first got started 10 years ago, I thought it was going to be a piece of cake. In retrospect, I didn’t have a clue. I didn’t know how to set up my company as a corporate entity or that I had to file quarterly taxes with the IRS. I learned a couple of things from my mistakes.

The first point I learned was that starting your own business is difficult and there will be failures along the way, but it’s important to get up and keep going. The second point I learned is that being an entrepreneur means being a life-long learner. Although we might think we know it all, there is still so much to learn. It goes beyond just learning our own areas of expertise to learning how to be a good leader, people manager and creator of a company culture.

What do you do during the first hour of your business day and why?

I do yoga, stretching and mindful meditation. The yoga and streteching helps me get the kinks out of my body so I can take on the day from a physical perspective. The mindful meditation has been a key component of focusing on my goals and creating a positive mindset.

What’s your best financial/cash-flow related tip for entrepreneurs just getting started?

If you are just getting started, I would suggest not quitting your full-time job until you have at least six months of savings to weather any storm. One of the biggest mistakes I see when it comes to entrepreneurs is that they start businesses expecting them to explode right away. That may not always be the case, so it’s best to plan ahead than be in a scenario where you can’t keep the lights on.

Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?

Create content and use social media to get your content in front of the right audiences. If you are an expert in any field and you can create value through your content — whether it’s video, blog posts, articles, etc. — you are on the right track. Your audiences will love you for it and you will be solving their challenges.

What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?

To me, the definition of success is multi-faceted. I think there is no one definition of success, but if two of the following are applicable to you, then you are on the right track. Being an expert in your field with a growing business and a fair market salary for yourself is one part of being successful. Being successful also means having the ability to step away from your business, so it doesn’t depend on you being there every day. It means you have hired the right people and set up processes that allow you to spend your time how you wish, whether it’s building more startups, spending time with your family or doing what you love personally. The third definition of success means you have perfected your craft so well that now you can teach others to do what you do successfully.

As a business founder and mother, I’ve found myself in this position many times, trying to balance my entrepreneurial ventures with my efforts to create a warm and loving environment for my son. I won’t lie, I’ve struggled to find harmony between these two roles and more than once has one part of my life been momentarily overshadowed by the demands of the other.

With practice, however, I’ve learned some lessons that make it easier to create symmetry in my life between these two roles. Whether you are thinking of starting your own company (or becoming a mother!) or you’re already deep in the trenches, these seven tips to balance entrepreneurship and motherhood can help you make the most of both roles — and maintain your own sanity in the process.

Enlist Deputies at Work and at Home

One of the first notions that you have to rid yourself of as an entrepreneur and a mother is the idea that you have to do everything yourself. The belief that you have to have a hand in everything is often seen as embedded in the concept of being an entrepreneur, but attempting to tackle everything on the job and at home guarantees that things will fall through the cracks. I fell victim to this misguided theory when I first launched my business. However, I quickly found that relying on my talented team at work and extended support network at home produced better results across the board.

Create a Routine for Yourself (But Allow for Flexibility)

Between my company and my son, every second of my day is filled. Without an established routine, it’s too easy to lose track of what I’m doing in the middle of doing it, wasting time and leaving me feeling unnecessarily stressed. Even worse, without a plan, one role can easily overwhelm the other. Establishing a weekly routine with time set aside solely for my business and my family alike helps me stay on top of things and be more effective. That said, flexibility is key. Otherwise, that unexpected doctor’s appointment can throw a wrench in your whole week.

Set Goals on a Daily Basis

I’ve found that outlining my life’s big aspirations is easy. I have a clear vision for my company’s long-term growth and I know the important principles and values that I want to instill in my son. The smaller, day-to-day goals that will lead me toward fulfilling these ambitions, however, can be harder to set. Putting aside time each morning for a quick daily goal-setting session has helped me enormously. First, it allows me to see more clearly if I’m forgetting something important. Second, the action of checking off a completed daily goal — no matter how small — gives me a sense of satisfaction that helps nurture my own mental well-being.

Be Able to Roll With Life’s Punches

The key caveat to the practice of daily goal-setting, of course, is that you have to be OK with failing to meet those goals from time to time. Start by making sure that your goals are realistic. I personally found that my intention to go to the gym every day was too ambitious. Even the best-laid plans are going to fall apart every now and then. Every entrepreneurial mother will face baby spit-up on their dry-cleaned suit at some point. Accept that this is going to happen, recalibrate and move on. Dwelling on these setbacks will only mess up your routine even more.

Be Mindful

Multitasking seems like it was designed for those of us balancing a company and a child, but trying to do both roles at once can easily result in doing neither role well. Before I figured this out, I definitely had times when I short-changed my son by attempting to answer a work email while playing with him. And I didn’t do my colleagues any favors, either, by missing an important question while trying to soothe my son. Whether you’re doing something for work or something for your family, dedicate all of your attention to that task. Being mindful can actually end up saving you time.

Make Family Meals a Priority

Carving out time dedicated solely to your family can be tough, and it’s easy to let the lovely idea of a family meal at the dinner table together fall to the side in favor of eating a sandwich in the kitchen while typing on your phone one-handed. If you’re able to fit just one daily activity into your life that revolves around your role as mother, however, family dinner is the way to go. Researchers have found that dinner-time conversations improve literacy and behavior.

Don’t Forget Self-Care

In balancing motherhood and entrepreneurship, forgetting to take care of yourself is easy. But you’re the glue that holds everything together! I learned the hard way that neglecting my own health, physical and mental, can lead to worse performance as a boss and as a caregiver. Between sleep, exercise and unplugging mentally, finding time to fulfill my own needs and recharge makes me more effective in everything I do. Sometimes this requires a little creativity; maybe gym time has to be slotted in at 5:00 a.m. But remember, building harmony between your role as entrepreneur and your role as mother starts by finding balance in yourself.

Recently, YEC spoke with Weitz about his experiences networking and his advice for others aspiring to improve their own experience. His best advice is below.

What is one practical tip you’d give a young entrepreneur who is just setting out to build a professional network?

Make sure you find ways to add value to others before asking others for referrals that add value to you. Never jeopardize your reputation by being dishonest. Build your reputation on being able to get things done accurately and honestly.

Describe one situation in which a casual networking connection ended up later having a big impact on your business. What was the key to making this connection a lasting one?

I remember being at a networking breakfast and meeting someone as we walked in, who it turns out owned the largest mortgage bank in New York. We shared some similar views on discussion topics at the breakfast, afterward we exchanged information and to this day (eight years later) we still refer each other a lot of business. I had a long-time client who owned seven hotels and needed some help refinancing them. I was thankfully able to reach out to this gentlemen, who was able to step in and help a pretty impossible scenario. This hotel owner was so impressed he spoke to his network of other hotel owners and now we are one of the hotel’s top partners, handling their commercial mortgages.

What is the No. 1 quality a successful networker/connector needs to have, and why?

You need the ability to see. Few people can draw out a blueprint but even fewer can execute it. Whenever someone needs something from me involving a connection that is usually for a deal that needs to get done, I not only have the right connections for it but I can see the bigger picture and end goal and then assist in relaying that and helping to close the deal.

Which venues or events do you recommend other entrepreneurs use to make solid business connections?

I’m someone who believes food and drinks bring people together and so I involve myself in networking breakfasts and lunches, mixers, etc. I also try to find the best and most impactful publications in my industry that I can first contribute to and add value. Once I know I’ve added value, I believe it’s easier to network.

What systems, practices, or even apps/tools do you use to simplify networking and follow-ups?

I use my iCal all the time for appointment reminders and tasks. This also ties right into my Outlook Schedule and syncs each time I make an addition or change. I also tie my email into my CRM so that responses and questions are all tracked in a timeline. This helps when I need to go back and review something as well.

How can entrepreneurs introduce themselves memorably to a potentially important contact? What should they avoid?

Often times, someone gets so excited or nervous to introduce themselves to a large contact that they often forget how to be themselves. I always try to speak clearly and with confidence. I look someone in the eye and smile and shake their hand. I introduce myself with my whole name (first and last). I then try to use their name when speaking right away so I don’t forget it. Often, I’m able to handle my introductions with that coupled with a quick 3-4 sentences on a value-add we may be able to both provide to one another. I always follow up with them that night with an email and all of my contact information.

What was your biggest networking faux pas?

I think people should stay in their lanes. Not everyone can solve everything. It does no one good to be a jack of all trades but master of none. Whenever I meet someone who tells me that they can serve any industry and mentions stories about getting completely impossible deals done, I often think that the best press is the people you’re helping, not you yourself.

Who is your hero? (In business, life, or both.)

I love the pursuit of realizing my potential and being creative. The people I look up to are interesting and impressive, with a sense of adventure. Some of the people that demonstrate that curiosity to me are Tim Ferriss, Leonardo da Vinci, and Donald Glover.

What’s the single best piece of business advice (unorthodox tips welcome!) that helped shape who you are as an entrepreneur today, and why?

The single best piece of business advice that shaped me was to be vulnerable in leadership. A lot of business executives are polished and skip the anxious details. While that works, if you can be a vulnerable leader, you can be realistic in any situation you face and gain a lot of advantages. As a leader, I have to expect that people trust to come to me with issues.

Lead example and with transparency. I do not have to have all the answers. But if I have to have the right mindset and ask the right questions, we can figure anything out as a team. This is more effective than inspiring people by appearing to know it all because you can discuss issues and inspire your team in the face of any setbacks.

What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?

The biggest mistake I have made in my business was over-prioritizing building product when attempting to validate a solution in the market. It’s easy to be lulled into the idea that building a prototype or improving your prototype is the most direct way to build your business and validate it. In truth, you can often learn a lot from customers even without writing a line of code. Most people know that, but what I learned ultimately was to value the vocation of user research.

Understanding the science of interviews, surveys and tests allows your team to validate assumptions without a product. This is critical, as your product isn’t necessarily an iteration or 10 away from being useful. It’s important to be able to build products quickly. But if you can validate quickly, you have a much higher chance of success.

What do you do during the first hour of your business day and why?

During the first hour of my business day, I make tea and take time to read and think. There are a million things a day tugging at my attention: email, meetings, calls, development, hiring, etc. By deliberately starting slowly in the morning, I have time to center myself and focus on what’s important. This allows me to be less anxious and have the time I need to gather the insights to give us competitive advantages.

What’s your best financial/cash-flow related tip for entrepreneurs just getting started?

Think critically about whether your business is capable of being bootstrapped or if you’ll need investment capital. It’s much better to be focused on one completely rather than straddling the line, as you won’t allocate your limited resources properly.

Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?

One thing I recommend all aspiring or current entrepreneurs do is tally their (and their team’s) strengths. If your strengths don’t apply directly into the business you’re building, then there’s waste in your teams potential and you might be the wrong team for the job. Since all value comes from you and your team, it’s critical your team is focused on the best problem they can solve.

What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?

Everyone is trying to succeed in business. Regardless of how large of a business I want to build or what market I want to build it in, my definition of success is defined by a willingness to fail. If I’m happy to have tried building a business even if I ultimately fail, then no matter what, I am successful.

Obviously, the goal is to succeed, but if you’re being audacious and you’re aligned with the mission you’re after, then each day can be filled with joy. It’s hard work, so I don’t believe the idea of success should be predicated on recognition or money. If you feel successful and fulfilled by working on your mission with teammates you enjoy, then you’re successful and more likely to succeed by conventional means as well.

These days, I hear the term thrown around a lot. Businesses and so-called thought leaders talk about emerging trends in strategy with each passing year. But must these strategies change over time?

There is a saying that 20% of businesses in every industry take in 80% of the earnings. I believe this is because they have a time-tested business strategy that encompasses each of the following basic principles, which are based on the ideas of the renowned Prussian military theorist Carl von Clausewitz and incorporated in the U.S. Army Field Manual of Military Operations.

Clausewitz, a widely-renowned strategic theorist, believed that war and business shared a good deal of similarities and that both involve a clash of interests. His insights and strategy not only significantly influence modern business, but also offer an opportunity for managers who want to improve their global business strategies.

The Principle of Objective

Every action must have a clearly defined and actionable goal. That’s the first principle of an effective strategy. Though it may sound obvious, I cannot stress the importance of being certain on what you have set out to accomplish — and how you plan on achieving it.

Business owners who spend time defining clear objectives for their company and employees are usually the most profitable, and by a significant margin. These businesses carry out their operations in the most efficient and effective manner because each employee (no matter how many there may be) knows exactly what their role is, what they are expected to deliver, and by what time they need to do it.

My company’s vision is to “build delightfully smart tools.” It’s an objective that trickles down to every single employee as a clearly defined statement of purpose.

The Principle of Offensive

Business, like war, is an intense fight for survival — and survival requires you to be on the offensive. As a technology entrepreneur, I constantly make adjustments to thrive in today’s economic climate.

Challenging your competitors and winning battles is the only way to move up the ladder of success. Every market has challenges, and only by taking them head-on can you create your own space.

History shows you don’t win battles on the defensive. Rather, you need to identify your competition’s strengths and, and more importantly, their weaknesses. Look for a chink in the armor that can be exploited. Instill a “relentless attack” mindset, continuously going on the offensive with new products, services and ways to reach your ideal prospect and communicate with them. 

The Principle of Mass

The principle of mass is about concentrating your power at the right place and time: “Concentrate combat power at the decisive place and time.”

Applied to business, this means you should wait for that decisive moment before you seize the opportunity. And when that moment is upon you, only then should you concentrate all your resources to achieve the desired market position. This is often seen in practice by businesses that deal with seasonality, where major transactions are carried out over a small period of time requiring a massive allocation of resources.

The Principle of Maneuver

Businesses need to remain flexible and have enough maneuverability to continue pursuing innovative and creative ways to better serve their customers. Despite all odds, and no matter what the competition does, businesses need to continue moving forward and always look for simpler, cheaper and faster ways to serve customers, increase sales and achieve higher returns on investment. 

The principle of maneuver requires you to use speed, surprise and economy of effort as the key elements with which to defeat your competition. If you don’t move decisively, you stagnate. And when you stagnate, you risk going out of business. Maneuver is an act of initiative, resulting in long-term business gains and sustainable growth.

The Principle of Surprise    

The most common and classic mistake that a business can make is to be predictable. This doesn’t necessarily mean you need to introduce a brand-new product, but it can often be in the form of an improved and repositioned product that has been given a major overhaul.

In order to stay ahead of the competition, businesses need to constantly strive towards developing a competitive advantage with products, marketing strategies, services, processes, sales strategies and by adopting new technology.

The Principle of Security

As a business, you must protect your valuable assets and resources. Your competitors are always on the lookout for any vulnerabilities that you may offer, which they could exploit to gain an advantage. 

Social, mobile, and cloud technologies have grown integral to the functioning of most businesses, leading to higher levels of innovation and business transformations. Security should no longer be a deterrent to this momentum; rather, it’s time for businesses to analyze and mitigate risks to acceptable levels while moving forward.

The Principle of Simplicity

In the words of Karl von Clausewitz, “Everything in war is simple, but the simplest thing is difficult. The difficulties accumulate and end by producing a kind of friction that is inconceivable unless one has experienced war.”

As a strategic leader, you need to make several decisions as you plan ahead. What’s important, however, is that these plans remain clear, succint and easy to understand if they are to be executed without issue.

By taking these steps, you put yourself in the position to scale your company and maintain your advantage against changing markets and new competitors over time.

Recently, YEC spoke with Philip Michael about his experiences networking and his advice for others aspiring to improve their own experience. His best advice is below.

Always Think Value First

Identify people in your current network who are what you want to be—and then invite them out to coffee! And find a way to give them value. How can you share, give or be helpful to the person who’s giving you their time?

For one, giving is a great vibrational recipe for yourself. Secondly, if you’re helpful enough, word spreads and people will like you and want to help you.

Find Connections in Unlikely Places 

The most impactful networking connection I have ever made was with my current friend, mentor and advisor Jonathan. We both were in a meeting with someone who was trying to peddle a seminar, wondering what the other was doing there.

Long story short, we connected because we both are sincere people. Since then, he’s been an invaluable resource for me — whether it’s advice, connections or experiences. That connection alone probably single-handedly took us from a $2M asset operation to $10M+.

I make it a core part of my business to connect, have lunch or coffee with three-to-five inspiring people a week. I use Airtable to keep track of contacts, connections, relationships and people I’d like to meet. It’s the networking effect. When I do see people who would be great connections, I don’t hesitate to pair them up.

Pay for Value

Avoid Meetups and don’t waste time on Eventbrite. They are too accessible. You’re better off paying for quality. For real estate, Bisnow has top events, consistently. TechCrunch; The Hustle, events of that nature. Even though it costs money, the experience and the networking is invaluable.

Be Respectful of People’s Time

Don’t talk too much. Get to the point and let the person know why you should care. Don’t talk about all the things in it for you. Simply be sincere, be respectful and offer to help in any way you can. To me, honestly, a sincere desire in others’ well-being is the No. 1 quality of a successful networker — giving without expecting anything in return. Every time someone does well, whether I know or like them or not, I feel so happy. If I had a hand in connecting them somehow, I’m even happier.

If someone reaches out, if I can sense they’re determined, hungry and think big, I’ll take a meeting with them. Because people took, and still take, the time to do it for me.

Survey Findings

The survey found that today’s entrepreneurs are very optimistic about the current and future state of their business, including the potential to grow. Many attribute this confidence to the current economic climate. Yet, there are issues related to digital transformation processes, a lack of government support and the need for more resources. This includes the need to improve infrastructure, minimize the regulatory environment and continue improving the tax structure.

The survey also revealed that female entrepreneurs tend to struggle more during their first year of business than their male counterparts. Many noted that the challenge of leaving the confidence and financial security of their jobs to create their startups was the biggest issue. However, over time, this faded and those that have continued to build out their startups have mostly been able to survive and continue growing.

Struggling for Support

Over a quarter of black first-year startups and a quarter of Hispanic first-year startups have one or fewer business owners they can turn to for support or advice within their network. Financial support also appears to be an area where all entrepreneurs, including startups and older businesses, could use greater assistance.

There is a lack of support when it comes to understanding the basics of business setup, such as how to get payment systems and benefits for employees up and running, selecting a business structure, getting the appropriate licenses and becoming compliant with all regulations. Lack of advisory and support has even prohibited many from pursuing loans or grants that might help them continue to grow their startups and businesses during an economic environment they view as positive.

Room for Advisors

In serving as a business advisor myself, I see that there is a big opportunity for more current and retired business leaders to take on roles and fill in these gaps, providing support in the form of mentoring, networking and connections, education and strategic direction. First, you need to locate these entrepreneurs like those within this survey.

Reach out online through networking groups and share your interest in advising or mentoring any startup or company that needs help. If you participate in conferences, this is another good place to announce on stage or throughout networking at these trade shows.

Fill the Gap

Focus on an industry where you believe you can provide the type of support these entrepreneurs are seeking. Or, if you have any type of regulatory or government experience with lobbying or other connections, you could focus on this level of support. Look for the places where you can deliver the support rather than seek out a leadership role just because that’s where your experience lies. This goes beyond making a list of recommendations. Any consultant can do that.

I realized early on as an advisor that businesses didn’t necessarily need another leader — they could really benefit from an expert who could bring them up to speed on a particular area or build plans to propel the business forward. That means rolling up your sleeves and working wherever needed to help that entrepreneur. Even if you are pitching in with someone who has considerable experience, identify what they may not see and focus your assistance there. It’s a temporary position where you are filling a gap, not taking over the company.

Bring Results to the Table

Entrepreneurs are very much like the customers you seek among a consumer or business audience. They are unsure, untrusting and unaware that they may need a business advisor. That means presenting your value-add to them. Personalize what you can provide for them. Utilize past experiences and provide specific examples of what you have done in terms of various types of support. It helps to put together a list of references they can check. All this points to your capabilities and builds a case for how you can help.

Other Ways to Help

If you don’t want to go it alone as a business advisor, work as part of nonprofit or operate in conjunction with other organizations designed to help these entrepreneurs. Getting involved gives you more opportunities to build knowledge and experience across an industry or business niche. Also, it provides you with a sense of satisfaction that you are giving back or paying it forward in relation to all the support you might have received when you were in the same shoes.

For example, Techstars is an accelerator who created a nonprofit division called the Techstars Foundation to directly support minority tech entrepreneurs. They offer financial support, such as grants and scholarships. They also partner with numerous other organizations that have initiatives, programs and advisors directed at helping minority entrepreneurs. They are always seeking business experts and seasoned entrepreneurs to assist their efforts to support these entrepreneurs and work past these issues.