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.
Topic: How to Create an Advisory Board
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One of the most important decisions an entrepreneur must make is the selection of advisory board members for their startup.
The advice, counsel and support of an advisory board is required to accomplish substantive objectives of a scaling startup.
An efficient board of advisors is not accidental; they require planning. Here are twelve suggestions for creating highly efficient advisory boards.
Advisory Board compensation is an important consideration. How much is right? Does this change over time? Is there a vesting period?
The key is that they are engaging and actively seek to understand all potential alternative points of view in the decision-making process.
Seasoned entrepreneurs recognize the value of advisory boards. Taking the time to gain a comprehensive understanding can result in significant benefits to the scalable start-up.
Ultimately, the fit is as important to the advisory board candidate as it is to the entrepreneurs and the company. If it is learned that the fit doesn’t exist after the advisor has been on-boarded, it will likely turn out to be a waste of time for everyone.
There are four major sources that the entrepreneur and startup can utilize to identify advisory board candidates. Most experienced CEOs will tell you to begin close by, with who you know. Your personal network and your company are a great place to start.
Should the coach of your favorite college team develop and implement the game plan for this week’s big game against their rival without discussing the options with his offensive and defensive coordinators?