I'd like to focus on one part of a post at Redeye VC , by Josh Kopelman. He points out that there's " greater risk (and variability) in first-time CEOs than in serial entrepreneurs." I would agree that in the portfolio companies we have, that seems to be true.
The follow on question, though, (aside from the interests of the investors,) is how does the first time entrepreneur get assistance to succeed? Successful entrepreneurs seem to be able to hyper-focus, and, as Josh, points out, say NO effectively (Denial is not just a river in Egypt, after all). In addition, living with both ambiguity and the demands of very high growth requires quite a bit of skill- and something akin to experience.
But how do they both learn from the experience of others and not allow themselves to be distracted by competing voices?
How do they choose mentors wisely?
Performance.
Find mentors who have delivered on the goods. This is a lot tougher to do than to say. It's relatively easy to find people who would like to be mentors. I suspect it's easy to find a lot of people who would like to coach an NFL team, too.
But coaches have to deliver the goods. And one pretty good way to judge them is on past performance.
So if you are looking for a mentor, or an advisor, I suggest you start by defining what you want to achieve as objective performance objectives.
Now go ask yourself if the proposed mentor has successfully done this - or is just someone who talks a good game.
Just like the NFL.
Then, just ask the best person you can find if they will accept the assignment. You'll be surprised at how many high quality folks will say "yes."