TSN #12 - Assembling a Team of Your Virtual Advisors

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In past issues, we looked at tools and types of businesses or intrapreneurship. This time, I want to focus on something more personal: the advisory board.

It's a circle of people who are further down the road than you are, individuals you can consult and learn from. The best part? You don’t need to know them personally.

The best minds in the world, interested? Read on! ☀️

I’ve recently updated my recommendations list, if you are looking for some summer inspiration, check it out.

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Why do you need a personal advisory board?

It was a bit tough to settle on the right wording for this. These individuals are advisors, but if you study them closely, they can also be your mentors. Some of them are already deceased, and some are too far away for you to know personally, so let’s call them “virtual” for now.

Virtual mentors or advisors are successful individuals whose wisdom and experience you can draw upon, even without direct access to them. This approach allows you to benefit from diverse perspectives and expertise, creating a personalized learning experience.

Why It Matters:

1. They act as a distant target for where you want to get to.

2. You can study the situations they went through to get guidance on your current “stuff”.

3. Having a diverse group means understanding that there are multiple ways to wherever you want to get to.

4. Filling up your “attention span” with the right stuff.

5. Continuous motivation if you manage to have “them” on your eyes constantly.

6. Strategy replication and adaptation to your environment.

I am sharing my list of current advisors below. Why current? Well I tend to replace them from time to time. As my vision for the future adjust, so does my board.

How to get this started?

1. Identify Areas for Growth: Assess where you need guidance or expertise, where do you want to get to? Build a unicorn? Look for someone who did. Build a VC fund? Find someone who did.

2. Research Potential Individuals: I’m sure you already have some of them in mind. You maybe saw their book, or listened to them on podcast. If you found them interesting, double down.

3. Double down: Immerse yourself in their content - books, podcasts, interviews, social media. Make notes & study them.

4. Decide whether to put them on your board: Once you’ve studied them, do you still feel they align with your goals and vision? Do they possess frameworks and ideas that you will find useful? If so, take them onboard.

5. Build a knowledge base: compile all the actionable items, their quotes, and anything that resonated. I like to turn it into my own small Wikipedia in Apple Notes. Document the situations they've been in, the decisions they've made, the companies they've invested in, etc. Include enough information so I can get into their heads.

6. Stay Current: Adjust your LinkedIns, Instagrams, Twitters and Spotify to be on a lookout for new content. On one had this will give you the motivation and deepen the relationship, but you will be also able to add new nuggets of wisdom.

You can start with 2-3, maybe take it to 5. Whatever floats your boat. The best thing about today’s world is that following some of my advisors closely on social media meant I could grab some rare opportunities to get on a call with them. But I’ll cover those experiences in another issue.

My circle of virtual advisors

To illustrate, here's a look at my current circle of virtual mentors:

Andrew Wilkinson

Best known for: Recently took his holding company Tiny.com public. Became a billionaire at 35 years of age.

Why I follow him: Tiny.com managed to build a portfolio of unrelated businesses and made it work.

Sam Parr

Best known for: Sold The Hustle newsletter to Hubspot & runs the My First Million podcast. Now runs Hampton.

Why I follow him: Great tips on validating companies, anti VC stance and no BS questions.

Codie Sanchez

Best known for: Has a fund that invests into “boring/mainstreet companies”. Founder of Contrarian Capital.

Why I follow her: Operating knowhow on anything from carwashes to roofing companies.

Greg Isenberg

Best known for: Left WeWork and build an interesting portfolio of internet businesses.

Why I follow him: His focus on cash-flowing businesses rather than VC stories.

Nick Huber

Best known for: The self storage king of the US.

Why I follow him: Down to earth business advice mainly through his personal stories.

Why This Circle?

I've chosen these individuals because they represent a mix of skills crucial for modern entrepreneurship. Each has a different background and is building something different.

Another cool thing? Sometimes you can catch content where they interact together.

Remember, your circle of virtual mentors should reflect your specific goals and interests. It's a personal tool for growth, so choose mentors who resonate with your vision and aspirations.

The last two weeks of August are a great time to get ahead before the mayhem of September starts! Enjoy the summer!

- Slavo