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6 questions a founder should answer when forming a board of directors

Published: Nov 25, 2022

What are the qualifications that you are looking for in a board member?

No matter what answer you choose, they should have a wealth of business and leadership experience. This will help them offer valuable insights, guidance, and advice as you navigate your business. If they don't have business experience, look for people with a passion for your industry who are willing to learn and grow.

What are the specific skills and experience that you would like your board members to possess?

Every entrepreneur should be looking to build a stellar advisory board. These are the people who can provide guidance and support throughout the company's lifespan, so they need to be the right people. One of the best pieces of advice that I can give to any entrepreneur is to look for people with varied experiences. You never know when you're going to run into a problem, so you want people with a wide range of skills and experiences who can help you navigate a variety of different situations. That's why it's important to have a good mix of people with different backgrounds who are all passionate about your mission. By building a strong advisory board, you'll be able to scale your business and reach new heights.

How many board members do you plan to have?

Only two board members. The reason is that the fewer board members you have, the less chance of one of them having a conflict of interest. It's possible to have a board of two, but sometimes it can be difficult to get a decision made. If you have a large company, sometimes three board members are needed.

How will you select your board members?

The biggest mistake entrepreneurs make is they think they should select people they know. While that may be true, you need to select people you know who are also good at what you need them to do. The best board members are people who have been successful in one or more areas that you want to achieve success in. Don't be shy in asking the people you want to serve on your board if they would be willing and able to do the work. If they say no, ask them why. Maybe they don't have the time, or they don't think you have what it takes. In either case, you should listen to their feedback.

What are the responsibilities of your board members?

As an entrepreneur, you want your board members to act as an advisory group that helps you make strategic decisions. If a board member isn't offering this sort of advice, you may want to consider replacing them. On the other hand, board members can also help fundraise for your company. This is a critical function that shouldn't be overlooked.

What are the expectations that you have of your board members?

An entrepreneur should expect diligence and commitment from his/her board members. They should be willing to invest their time and energy into helping the company grow and be successful. They should be willing to ask questions and seek out answers if they don't already have them. They should be ready and willing to make difficult decisions if necessary. Overall, they should be willing to do whatever it takes to help the company succeed.

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