If you're an entrepreneur building a company, one of the first things you do is seek an advisor or two, someone who will, at a minimum, be a reliable sounding board and preferably, in tune ;) with you. There's a lot of pressure to put together an impressive board with a view to generating funding - 'window dressing' as one investor put it. Impressive often translates to big names in big companies, which may mean very busy people who may not have enough time to help you navigate the entrepreneurial shoals.
If you're putting together your AB (or BoA) there's plenty of advice out there - it's going to be an expenditure of effort and equity and it's worth your while to do the homework (check out
this blog for some common-sense guidelines).
But my post is just about the fundamentals: find people you trust, find people you trust to tell you the truth and find at least one entrepreneur who can relate to where your are at and what you're facing.
Trust. That's critical. Don't go with someone you've just met over insipid wine and crumbly crackers at your local entrepreneurial network mixer. Advisors have to be people who know you well (and vice versa) who would have a vested interest in your success (outside of the meager equity you're likely to give them). And do make sure that the advisor will have time for you, or support you in other ways (introductions, money for example).
The truth. I believe, (like Mulder), it's out there. But it doesn't always go down easy, so you need to find an advisor who's very comfortable with telling like it is. That is not as simple as it sounds, as many advisors, who probably are your friends too, hate to be the ones bursting your bubble, notwithstanding the fact, that as a gung-ho entrepreneur, your bubble is all kevlar. You need someone who's capable of telling you that your revenue model looks unsustainable or your presentation is too pedantic. And occasionally, you also need someone who can tell you that your speaking style is wimpy and doesn't inspire confidence or your sartorial style is more Project Runway than project management. Maybe you can find a friend or family member, outside of the AB, who you can rely on to boldly go into touchy-feely territory and protect you from yourself.
Finally, have at least one person whose 'been there and done that' is close to your 'here' and 'this'. It is imperative that you have an entrepreneur who relates to your situation. If you're in services, a product gal can't understand your timeline, and if you're bootstrapping, talking to someone who launched with a few mill from a top-tier VC will just drive you to drink. I was recently introduced to this young guy and was talking to him about doing some development work for us. I found out he's moonlighting as a consultant while building his company. He had an advisory board, sure, but they were all execs in big companies, and no one knew enough to tell him that he shouldn't jeopardize the valuation of his company while bootstrapping (there are ways to do it right). Yes, I did advice him on the specifics at that time, but his story drove home the point that he needs an entrepreneur on his AB.
In case you're interested, my advisory board has people that I've known for a while and absolutely trust. I do have an entrepreneur on it, but a social one, because that's the area that is new to me, not so much the standard startup stuff. They all help in different ways, and I'm getting better at
asking for that help too. And, I'm fortunate that I have experienced and successful friends who provide great insight on myriad issues relating to people or perspective or just about anything that's snagging my sails. I can go on and on - maybe in another post.
Remember that the advisory board is a great way to get expert guidance as you build your company, and what's behind the window is a lot more important than the window dressing.