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Entrepreneurial

Backing up my variable income stream Building my board of advisors and my support networks Building my business around my life Visualizing my marketing strategy clearly

Building my board of advisors and my support networks

Building Your Board of Advisors

One of the first things to consider in making a business run is determining who will sit on your "Board of Advisors." This does not necessarily need to be a formalized group. It should, however, consist of individuals who are committed to helping you succeed; likely you will want to build this board with people of different subject matter expertise (e.g. finance, marketing, legal, accounting).

Going through this process will push you further in making your venture come to life. It will likely force you to define your business case and invite your advisors to ask serious, thought-provoking questions. Select people that you know and trust very well; these should be people who, above all else, want to see you succeed.

This process will also force you to consider what decisions you make yourself versus what decisions you farm out to others. While some individuals feel the need to make every decision (because the venture is "their baby"), others find it more time-efficient to ask their advisors for help. It can be reassuring to know "It's okay that I don't know everything because I have others who will help me."

Building My Support Networks

Starting a venture, while feeling at times exhilarating, can also feel isolating. In the beginning years, there may be few people who work within shouting distance of you. It is worthwhile to consider what your support networks will be to keep you going throughout the day. It can be as formal or unstructured as necessary. A few benefits of building a support network include:

  • They are there to provide a few words of support when you are having an off-day
  • They can provide quick answers to questions that you have to keep you moving
  • They can help hold you accountable for "staying on track"
  • They can provide new ideas for you and they can provide feedback on the ideas that you have

Support networks can come in the shape of your current friendships, industry groups, professional organizations, or social networks. The common theme is that you have at least a few individuals that you can call upon easily to provide support.

Related Information

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