Building an advisory board is a great way to get help from other experts on your team. What should you look for in an advisor? How can you get the most out of advisory board members? I'll explore some of the 4 different types of people you need to think about when building an advisory board.
When looking to hire people for your advisory board - the first types of person you should consider is The Industry Expert.
The industry expert is someone who has been in your space for a long time and knows the ins and outs of your industry. This person is going to be able to give you insight into trends and what's coming down the pipeline. They are also going to be able to give you feedback on how others perceive your business and where they think it needs improvement.
These individuals are often very busy and have been in their field for years. If you can't afford to pay them, then offer them equity in your company
When looking to hire people for your advisory board - the next type of person you should consider is the connector, someone with a network that you can tap into. They are going to be a great asset to your business because they have the ability to put you in touch with people who can help you grow your business. They may also be able to refer you to potential investors or partners. The best way to find this type of person is through networking events or through referrals from other members of your business community.
The connector is someone who knows a lot of people and has relationships with them. They’re often referred to as “socialites” or “social connectors” because they are the ones that can introduce you to the right people in your industry and help you build relationships with them. If you want to grow your business, these are the people you want on your team!
When looking to hire people for your advisory board, the next type of person you should consider is The Trusted Friend. This is someone that you can trust to give you the honest truth as they see it.
This person will be able to tell you exactly what they think about your business model, product or service. When this type of person sits on your team, it's important that they are not afraid to tell you when something isn't working.
The Trusted Friend will also be someone who is willing to listen to you, take in what you say and give you feedback on how they think things could be improved or changed. They will be able to provide insight as well as guidance on how best to approach issues or obstacles in your business.
When looking to hire people for your advisory board - the first types of person you should consider is The Non-Business Brain.
The Non-Business Brain is a person who has never sat on an advisory board before, but has experience in a different industry that you can draw upon for ideas and inspiration.
The Non-Business Brain does not have to be an expert in your business or industry - they just need to be able to see things from a different perspective.
The Non-Business Brain is someone who has deep insight into a topic that is not related to your business. This can be a lawyer, a scientist or an engineer. They are experts in their field and have knowledge that can help steer your business in the right direction. Their advice may be invaluable because they have no vested interest in your company's success or failure.
The best way to figure out who you need on your advisory board is to do some research and experimentation with those kinds of people. See what kinds of results you get from your current staff and the customers around you. Do you feel like there are more sales coming your direction because someone introduced you to a connection at an event? Ask yourself why, and then act accordingly when looking to fill out your own advisory board. Use what works, throw out what doesn't, and use the information in this article as a starting point for building an effective team.
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