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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How to Create a Strategy, Vision and Mission
How to Create an Advisory Board
How to Get Funding
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How to Improve Your Pitch
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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.
Every businessman knows being cost-effective is important. But you should never cut corners with these critical components!
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.
“We filter out half of these qualified interviewees in the first minute.”
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.
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.
Consider this lesson from Apple when preparing for your next investor pitch. Even the great ones can screw this one up, case-in-point: Apple, Inc.