Board and Advisors Needed?


1

I wanted to know if it was needed to have Board Members and Advisers for your start-up to be successful. I know there are advantages to having this committee in terms of how they can advise you, give connections, and so on.

Essentially, do you think that start-up success needs a board member team and list of advisers to be successful?

Board Advisors

asked Mar 12 '11 at 06:09
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John
161 points

3 Answers


1

It could also be very useful depending on who was on your board. It's certainly not necessary. There are millions of small businesses out there that are family run or simply run by the founders of the company without any outside advice. My personal opinion is that no one will understand your small business in the same way that you do (so that could either be enlightening to get their opinion or mean that they have no clue about the problems you face).

Even without a formal board or advisors, you will probably consult friends and family and your peers for advice.

answered Mar 12 '11 at 07:17
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Michael Pryor
2,235 points

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No, many businesses have been very successful without having a board of directors. An official board of directors or advisers is typically only necessary to obtain VC or other high-level financing.

However, in my opinion, having an unofficial group of business mentors you can go to for advice is essential.

answered Mar 19 '11 at 07:31
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Dave Feyereisen
963 points

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Most of the time you get a Board is for political reasons, access to capital, access to partners etc. Its not necessary.

A board wont give you Coaching. Look into organizations which form alliances for startups. You could do a lot better with a business coach then someone who is going to be a board member.

answered Mar 12 '11 at 09:25
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Frank
2,079 points
  • PS. Never had a Board of directors, or CFO, CRE, COO at anyone company we have ran. – Frank 6 years ago
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