Business Opportunities Weblog

Selecting an Advisory Board

By on June 5, 2006 in Ideas

Entrepreneur:

Entrepreneurs are often told that it is a good idea to recruit an advisory board for their new business. In theory, this makes sense. In practice, however, it is very difficult to form an advisory board that is effective. My column this month is intended to provide some advice about advisors. Keep the following tips in mind when forming an advisory board for your startup:

  • Recruit advisors for short-term objectives.
  • Advisors can help establish credibility.
  • Look for advisors in unusual places.
  • A free lunch is often a better motivator than equity.
  • Don’t treat advisors like employees or suppliers.
  • Set term limits.

via Angie McKaig.

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Business Opportunities Weblog editor and publisher Dane Carlson lives in the Sierra Nevada mountains of California, just 15 miles from Yosemite National Park. He accidentally became a professional blogger in 2001. He has added 12,198 posts to the site.

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