A board of directors can be an economical way to keep any new entrepreneurial venture on track to achieve its goals if it is properly organized. By asking friends and/or family to serve as your board you add the accountability factor. Having monthly or quarterly meetings in person or over the phone will provide a sounding board for the path your business is taking.
The board does not need to be experts in your business. In fact, it may even be better if they are not. Their existence is not to guide you as much as it is to make you think about, and defend, the way you spend your time, money, energy, and other resources. They may ask many questions that seem to be uninformed and naive. That is actually a very good thing for the budding entrepreneur as it creates a need to educate them. Answering the board’s questions will force the new entrepreneur to think and rethink points revealing potential success or failure points.
This is an excerpt from “Life’s Leadership Lessons” a collection of 53 anecdotal leadership lessons, each with an anecdote and the application of the topic in your everyday life. It is designed for use in weekly staff meetings or for personal development.