Questions You Should Ask Before Building a Board of Advisors
Guidance on how you can build a strong support network for your new venture
Guidance on how you can build a strong support network for your new venture
(For original article see Inc.com)
Through case studies and experiential courses in business school, I learned quickly that teams are an essential tool to succeed in the business world. This not only includes your management team but also your board of directors and board of advisors.
Uber’s most recent issues prove how important it is for entrepreneurs to surround themselves with strong advisors who can provide guidance on how to navigate startup growth. Uber has been a bright star in the venture capital ecosystem from a business and valuation perspective, but we’ve all seen its recent issues with employee misconduct, intellectual property lawsuits, and a deteriorating, toxic culture.
With last week’s resignation of Uber’s former CEO, Travis Kalanick, the once-”darling” of the startup world is desperately searching for the next chapter in their future. It’s a great time for all of us to revisit the essential questions to consider when building a board of advisors and a strong foundation for the future.
Here are the four questions you need to ask when assembling that board:
1. What are your team’s blind spots?
Your founding team has driven your company’s success to this point due to your competitive advantage, technical expertise, and industry experience. No startup team is the equivalent to the Golden State Warriors, so you may have some gaps in your collective skill set that if filled, can help your startup reach the next growth milestone.
Take time to think about what domain expertise and strategic partnerships you need to help drive your search for a diverse group of board of directors and advisor candidates.
2. Where do you need support the most?
Being a startup founder or CEO can be a very lonely position. However, great entrepreneurs are typically very self-aware and introspective. I challenge you to think about where you have struggled the most while building your company.
Are your challenges due to lack of management experience or due to the lack of domain knowledge? Regardless of what type of guidance you are looking for, you should seek out individuals who have had success in that specific industry, company stage, or region.
For the final two tips see the original article on Inc.com.
Earnest Sweat is an Entrepreneurial Engineer for Camelback Ventures and Investor in Residence for Backstage Capital. If you have any questions or requests please connect with Earnest through LinkedIn, Twitter, or AngelList.