One of the most important decisions an entrepreneur must make is the selection of advisory board members for their startup.
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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 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?
Every company is composed of individuals with different skill sets and has different roles that must be filled in order to succeed.
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.
“We filter out half of these qualified interviewees in the first minute.”
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?
Even the great ones can screw this one up, case-in-point: Apple, Inc. Consider this lesson when preparing for your next investor pitch.