In the chaotic world of entrepreneurship, it is rare that entrepreneurs assess how they work, and how they organize and execute their days. We are often running from fire to fire and don’t think about the ways we can be more efficient, more balanced, more rested and more effective.
Creating an Advisory Board
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.
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.
“It is always helpful to have advisors that have experience building companies to help you implement the processes and structures that drive success.”
- 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. If you’ve got a lot of experience in one area, try to find advisors that have experience in another. By picking advisors who can “round out” your team’s knowledge and capabilities, you’ll ensure that your business can grow in every aspect—not just the ones you and your employees know. Plus, when it comes time to hire, say, ahead of marketing, your advisor can give you his or her expert opinion on the candidates.
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