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?
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Every company is composed of individuals with different skill sets and has different roles that must be filled in order to succeed.
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.
One of the most important decisions an entrepreneur must make is the selection of advisory board members for their startup.
“We filter out half of these qualified interviewees in the first minute.”
Even the great ones can screw this one up, case-in-point: Apple, Inc. Consider this lesson when preparing for your next investor pitch.
Many founders don’t consider this one until it’s too late. The excitement and adrenaline of getting started leads to a “kumbaya atmosphere” where all things are equal. This spills over into salaries. Sooner or later, the amount of time, effort and energy expended by the partners is no longer equal, but their salaries are. Tensions begin to rise.
Every businessman knows being cost-effective is important. But you should never cut corners with these critical components!
The issues are complicated and there are varying opinions on their value. The purpose of this post is to share, what I believe to be the most important factor to be considered when one establishes an advisory board for their startup.