“Don’t tell me what to do” might be a teenager’s favorite phrase, but it’s also a rallying cry for any an entrepreneur who balks at following orders. Being in charge of their own destinies is one of the reasons many entrepreneurs cite for starting their businesses in the first place.
So it’s often counterintuitive for an entrepreneur to create a board of directors and actually pay attention to its insights and advice. The benefits of having a board are really inarguable, seasoned voices eager to help you succeed. And in some cases, as Dr. Jim Brinksma of Alley Watch reports, boards may be required either by the state you incorporate in or by investors.
Even if you’re not bound to have a formal board of directors, putting together an informal board is always a good idea. Of course your board needs are bound to change as your business scales, but it’s a good idea to appoint (or elect) people with expertise in the areas you lack experience.
There may be times you clash with your board, but you’ll learn a lot by listening to dissenting voices.