Yet, too many fledgling entrepreneurs either don't seek out advice from experienced business people or just don't make effective use of such advice.
Most entrepreneurs ought to avail themselves of all three models.
An individual adviser might be a retired executive, a successful entrepreneur, a former co-worker or even a peer. In most cases that I've observed, the individual adviser's role is centered on a specific task or area of experience or expertise. For example, Paul, one of my start-up clients, has a product that will be sold to the defense and automotive industries. He has established an informal adviser relationship with Kevin, a semiretired former General Electric executive who has years of experience in dealing with the government and large manufacturers. Over the past year, adviser Kevin has given entrepreneur Paul invaluable advice about pricing, contract strategies and dealing with subcontractors.