The advice, counsel and support of an advisory board is required to accomplish substantive objectives of a scaling startup.
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Advisory Board compensation is an important consideration. How much is right? Does this change over time? Is there a vesting period?
One of the most important decisions an entrepreneur must make is the selection of advisory board members for their startup.
Some entrepreneurs fail to leverage the knowledge and experiences of others by failing to create advisory boards. These boards are a critical component required to scale strong entrepreneurial opportunities.
The key is that they are engaging and actively seek to understand all potential alternative points of view in the decision-making process.
Like a master chef preparing a sumptuous feast, every entrepreneur needs to know the right “ingredients” to make his or her business turn out just right. Here are the 8 ingredients for a business secret sauce: