Successful startups need good advisors. These folks are seasoned professionals who provide sound advice based on real world experience. What makes a good advisor, how do you find them and how do you get them to join your advisory board?

Think about your own strengths and weaknesses as an entrepreneur. Use your advisory board to fortify areas where you are weak or inexperienced. These areas might include: technology development, data center operations, capitalization, business strategy, accounting & finance, marketing or sales. You probably don’t need to cover all the areas. If you’re marketing a free, consumer Internet service you probably don’t need an advisor with experience in enterprise software sales. For sure you need at least one advisor who has previously been a successful entrepreur.

Finding advisors requires some networking. Ask your attorney, banker, accountant and other entrepreneurs for introductions to potential board advisors. Be direct and tell them what you’re trying to accomplish. Use Linked In to make introductions as well. Active angel investors are good candidates as advisors, too. I’ve found most folks to be fairly receptive and flattered to be considered for an advisory role. Here’s what I look for in potential advisors:

1) Repeatedly demonstrates a propensity to be extremely candid
2) Distinguished and well-respected within his or her domain
3) Track record of multiple successes within his or her domain
4) His or her participation lends credibility with your target audience(s)
5) Has the intelligence to map his prior experiences to your startup’s needs
6) Can add value commensurate with or in excess of the cost of getting the advisor

Point #6 really is the summary point. A lot of advisors don’t add as much value as they cost, in my opinion. You want someone about whom you feel is worth the x number of shares it costs to attract them.

While #6 is the summary point, #1 is the one most neglected but is far more important than #2 through #5. Your business processes, strategies, presentations and messaging will improve dramatically if your advisors are candid enough to offer insightful, constructive criticism. And that’s the whole point of having advisors in the first place. Good ones improve your chance of success.

Landing good advisors takes time and the establishment of mutual respect and trust. When meeting potential advisors, tell them your motives and that you’d like to get to know them over time. They’ll want to do the same - after all, their reputation is diminished if they become an advisor and you turn out to be not such a great entrepreneur. Nurture the relationship over time and when the time is right, ask the individual to become a formal advisor. From there, avoid the second most common mistake - under-utilization of board advisors.