5 Ways an Advisory Board Can Help Your Startup Accelerate
Post on 14-Jul-2015
5 Ways an Advisory Board Can Help Your Startup Accelerate5Ways an Advisory BoardCan Help Your Startup Tom WalkerAccelerateBoards of advisors can provide insight, offer suggestions, and be a sounding board when you need to talk. Advisory boards, unlike boards of directors, do not carry legal or fiduciary responsibilities. They are there voluntarily to help you. Advisory board members can help you fill in the gaps in your experienceand expertise. This is an opportunity to supplement the talents and skills of the founding team with experts who have different functional backgrounds. Advisors can help youwith potential customers. Concept and Seed Stage companies have to learn as much as possible about the companies and markets they plan to serve. A warm introduction by a mutual acquaintance is always preferable to a cold call.connectAdvisors will tell you when you are heading down theEntrepreneurs can be stubborn. They make mistakes. An advisor who is there because he or she wants to help you succeed may be able to stop you before you take the next wrong step. If not, they can help you figure out, based on their experience, how to clean up a mess. wrongpath.Inviting a trusted personto participate in youradvisory boardexpands andstrengthensthe relationship.Even if the individual has to turn you down, they will appreciate being asked. If they arent able to devote the time to be on your board, maybe they will make themselves available for periodic telephone calls. Learning to work effectively with an advisory board gives you hands-on practice for learning to work with a board of directors. As you consider building an advisory board, think about people you trust to ask the questions you havent thought of yet.Its a smart way to plan for success.
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