Man as an entrepreneur you have to have the right circle around you. Outside of building your network at the Lonely Entrepreneur, we want to ensure you also have the right advisors.

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. This lecture outlines the benefits of an advisory board and how to put one in place.

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. If you’ve got a lot of experience in one ares, 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, a head of marketing, your advisor can give you his or her expert opinion on the candidates.
  • 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.

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