Building an entrepreneurial advisory board entails assessing the company's needs, developing a list of candidates whose profiles line up, and then asking them to join, writes the founder of four companies in the human-resources field.
"I've got (fill in the name of the high-profile business
person) on my advisory board," said the emerging
entrepreneur to the group of angel investors. "When was the
last time you saw him?" asked the angel at the table in the
rear of the room. The response? Blank stare.
For the entrepreneur looking to grow a business through
equity financing or the business owner simply looking to
limit the stupid mistakes caused solely by inexperience, an
advisory board may be just the answer, if it's built right.
I have had four businesses, with advisory boards of varying
size and activity levels and value to the company. Like all
entrepreneurs, I did some things right, some things wrong,
and cultivated a lot of experience. Being in the executive
search field – my current company, Talent Management
Group, is a recruiter - I also advise my growth company
clients on strategy and recruiting for their board.
