“We filter out half of these qualified interviewees in the first minute.”
How to Build a Winning Team
How to Create a Strategy, Vision and Mission
How to Create an Advisory Board
How to Get Funding
How to Improve Your Company
How to Improve Your Pitch
How to Start Your Company
Entrepreneurial Ecosystem Spotlight
Startup Accelerator Spotlight
Startup Investor Spotlight
Business Startup Spotlight
Entrepreneur Events Spotlight
University Entrepreneurial Program Spotlight
Women Entrepreneurs Spotlight
One of the most important decisions an entrepreneur must make is the selection of advisory board members for their startup.
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.
The most important factor is a buzz word heard in every industry – diversity. So why is it the MOST important factor for creating an advisory board? And how does it resolve issues for entrepreneurs?
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?
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.
Even the great ones can screw this one up, case-in-point: Apple, Inc. Consider this lesson when preparing for your next investor pitch.