Unlock Expert Insights with Tailored Advisory Boards for Entrepreneurs

Advisory boards can be an invaluable source of insight. Think of an advisory board as a collection of mentors that can provide individual expertise, provide you a sounding board for ideas, give you advice, introduce you to valuable contacts, and tell you when you’re potentially making a mistake.

“Any company can have an advisory board, but they’re not mandatory.” 

When looking for advisors consider the following:

• Size Matters. Most advisory boards have three to five members. Any less, and you won’t have a diversity of opinions and skills; any more, and you’ll face the “too many cooks in the kitchen” problem.
• Where to Find Them. You can find advisors from all walks of your life. They can be friends, professional colleagues or those in your network or your industry.
• Find Skills That Complement Yours. When looking for advisors, try to find people with skills that are complementary to yours.
• Find Experience in Building Companies. It is always helpful to have advisors that have experience building companies to help you implement the processes and structures that drive success.
• Look for Industry Experience. If possible, you also want advisors to have experience in your industry.
• Look for True Belief. You also want to ask people who seem to genuinely passionate about what you’re doing.
• Look for Those That Will Challenge You. The best advisor is often one that challenges you. Being forced to examine your assumptions, take risks, and make dramatic changes is hard, but usually, it’s worth it. So if you’re sitting down with someone who’s blunt and a little aggressive, don’t automatically write the person off. He or she could turn out to be your most valuable advisor.

Keep in mind that an advisory board is not the same as a board of directors. A board of directors is formal mechanism that has a legal role and authority.