Successful entrepreneurs almost unanimously attest to the value of a good set of advisers. Whether it is a formal board or an informal group, these entrepreneurs know only too well that historical perspectives and opinions have an important role to play in their decision processes.

As simple and as straightforward as this may appear, establishing this type of advisory relationship seems to be a bit difficult for a number of folks. For some, they mistakenly assume that their role as the leader of their company compels them to be the sum total of all knowledge. Therefore, they reason, if they are expected to be the repository of all knowledge, then accessing other sources would be an admission that they do not have all the answers. Therefore, their logic continues, either it would be a waste of time or they must not be suited for this leadership/ownership position. Neither conclusion is acceptable.

As stupid as this might appear, I can assure you that there are entrepreneurs who implicitly follow this approach. They have crossed over the line between fanatic belief in their product or service and good sound business practice. Their egos trip them up and prohibit them from tapping a vast source of productive input.

Another group views advisers primarily as business contacts or advertising badges. They associate the name on their advisory group e-mail list as a credibility component, one intended solely to impress and open doors, a modern-day version of a letter of introduction. Once “captured,” these trophy names are seldom if ever asked for input but are generally provided information blurbs that attempt to highlight the most mundane of achievements. This approach, which becomes an attempt at success through association, can cause people to feel “used” and often has negative consequences.

Then there are the folks who truly value and utilize their advisers. For starters, they try to locate individuals whose business strengths closely mirror their business weaknesses. Theirs is a very clear awareness model of personal strengths and weaknesses. These entrepreneurs have come to grips with their egos and are comfortable enough in their own skins to allow their shortcomings to be addressed. They intuitively know that only through leveraging what they do best with skills that others do better can they capture the great opportunities that the market presents.

These same folks also understand that advice is just that, advice, and you generally get what you pay for. Entrepreneurs that are serious about their board composition are also serious about creating some type of benefit for the board participant. This benefit can take on many different faces ranging from granting stock ownership to contributions to a favorite charity or any number of things in between. The message is if you are going to ask talented people to apply their talent for your benefit, then you really should be prepared to compensate them in some way.

Take a personal inventory and pinpoint the areas where you need help. Ask around and see who has that expertise and then approach them with your request. You will be amazed at the generosity and willingness to help by people who one day, perhaps not that long ago, were in your very same shoes.

Underscoring both groups is their very real fear that through admitting a need and asking for assistance, they are somehow giving up control of their companies.

John F. Riddell Jr., director of the Center for Entrepreneurial Growth-Hamilton County, writes each Tuesday about entrepreneurs and their impact on companies and the marketplace. Submit comments to his attention by writing to Business Editor John Vass Jr., Chattanooga Times Free Press, P.O. Box 1447, Chattanooga, TN 37401-1447, or by e-mailing him at business@timesfreepress.com