Key Idea: Establish A Board Of DirectorsDan Mirich helps each entrepreneur at The Enterprise Network create a board of directors. |
Key Question:A:
Don't try to start and grow your business alone. Surround yourself with experienced business people by forming a board of directors or board of advisers. While directors can be legally responsible for the finances, advisers are not. You choose if you want the formality of a group of directors or a more casual group of mentors. Q: If a board of advisers is so important, why are there more businesses without a board than with one? A Board of Advisers can expedite the decision-making process and it can also provide a fair-minded forum for discussion that is devoid of family or company politics. A Board of Advisers can do the following: 1. Assistance in dispute resolution over operational and strategic issues When selecting the board members: Advisers are usually paid for their time and are reimbursed for expenses. In order to provide the breadth of experience that is needed, an ideal number of advisors is three to four. People who do extraordinary things in life have mentors. Parents start us out, but, we need others. When you see a person you want to be like, find a way to get to know them. Ask them questions--people are flattered, not offended and are usually glad to give advice. Think about itWhat business people do you know and admire? What would stop you from asking them to serve on your board of advisers? Where would you be in your life and in your business if you had several mentors guiding you through the rough waters? Clip from: The Enterprise NetworkSanta Clara and San Jose, California: Silicon Valley is famous for technology startups and its goal is to never lose the distinction of being "the place" for innovation. The Enterprise Network (TEN) houses over a dozen start-ups working to bring new technologies to the marketplace. At TEN they find low-cost office space and mentors who guide them. You will meet the men who run the incubator and a number of the entrepreneurs who depend upon the leadership and camaraderie offered here. According to the National Business Incubation Association, there are about 5,000 incubators worldwide with about 1,100 in the US. We chose this incubator because it became famous during the dot-com boom and it is situated close to Stanford University. Stanford was early to the idea of technology licensing. Technology licensing has assisted faculty and students in the process of launching companies which in turn have created thousands of jobs and brought millions of dollars into Stanford University. Stanford enjoys the "success breeds success" principal so things are popping there. In this program we go to the campus to see how one PhD student is working to commercialize his discoveries. Go to all the key ideas and video of this episode... The Enterprise Network (TEN)Mark Godwin, President & CEO
Access Growth LLC Visit our web site: http://accessgrowth.com
Office: 408-893-4500
Business Classification: Year Founded: 1993 Establish A Board Of DirectorsDAN MIRICH (The Enterprise Network): We have a group of about 350 advisers that are on the . . . Not a member yet? Learn! Be empowered! Join us! |
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