Why do we need an advisory board?
Discussions About An Advisory Board
Many entrepreneurs tend to surround themselves with too supportive “Yes” people. They also tend to get too close to their strengths and weaknesses. In the end, it is difficult to for them to become objective. As General Patton once said, “No one is thinking if everyone is thinking alike.” The founders can often start a fatal flaw of “breathing their own exhaust, and they” and the business runs the risks of suffocating from the lack of new insight and ideas.
Michael Dell discovered this: “If a company is having problems, the role of its board becomes greater. Many board members may have seen recessions and downturns more closely than the people who are operating companies today. Because most managers have probably not been through something like this, the board can provide perspective.” And marquee board members can lead the venture to funding. Eugen Chan, CEO of U.S. Genomics, recruited Dr. Craig Venter, president of the first company to map an entire human genome, and by the end of 2002 U.S. Genomics received $25 million in funding.
Strategic Advisory Services
Our Experts can provide questions and ideas that can help stimulate active discussions immediately with your stakeholders. A stakeholder is anyone–whether within or outside your venture–who has a stake in your venture’s performance. Employees, owners, suppliers, investors, and board members are all stakeholders.
Practiced this way, our Online Incubator Program can serve as a “feasibility-sieve,” helping entrepreneurs ensure that questions of feasibility are fully addressed. Our Experts can also encourage what we call “creative turbulence” from your established board members and team of advisors. Remember that while you are riding through their creative turbulence, they have a responsibility to keep asking the right questions and will do so until they are all answered!
We can help you:
– Uncover, identify, and know what creates and drives value in your business.
– Understand how to clearly communicate your “value drivers” to your venture team and potential investors.
– Understand the business planning process and the business plan, its importance, and uses.
– Understand the six competitive advantages that successful entrepreneurs use today.
– Understand the five market entry strategies that successful entrepreneurs use today.
– Understand how to prepare your first value map that helps you find immediate sales traction in fast-changing marketplace.
– Realize why companies run into the growth wall and understand how successful entrepreneurs grow around the growth wall.
– Understand the types of different exit strategies, and identify the one that is best for your venture.
– Understand how entrepreneurs are successfully getting acquired today, and how to get on the radar of potential acquirers.
– Avoid sand traps, land mines, and instant deal killers with investors.