Tuesday, March 9, 2010
Form a Board of Advisors...Now!
Mistakes, we all make ‘em and for those of us who are entrepreneurs, we definitely make our share. A while back, I was talking with a friend at Rollins College who was doing some research on the entrepreneurial process. I can’t remember his exact question, but he was asking me something that had to do with mistakes that I made when I owned my companies. After a bit of thought, I told him that it was that I never formed a Board of Advisors for my company. That conversation came to mind this week when I saw the article in the NY Times How to Create an Advisory Board. While I don’t agree with everything in article (not sure you need to pay people to sit on the board(other than expenses), and I’m not sure you have to put a written agreement in place, but I do agree that you should get people on it from your network(think of your attorney, accountant, and other more senior entrepreneurs, but remember to bring in someone young who will bring new to the group new thinking about new technology) who will help and challenge you; this is not the time for sycophants. So take the time...and form a Board of Advisors!