A board of advisors doesn’t supervise you or your crowdfund investing business. Instead, it’s a group of individuals — the smartest, most well-connected people you can find — who can become your biggest supporters and advocates. These are people with 500+ high-quality LinkedIn connections who are willing and able to make introductions to those people to help you get connected.
A board of advisors is different from a board of directors. A board of directors is the entity that the CEO of an organization reports to — a group comprised of elected or appointed members who oversee a company’s activities. A company’s bylaws grant its board of directors specific powers, duties, and responsibilities.
The difference between a surviving business and a booming business is the quality of the team of people running it. That’s why you should always try to hire people who are smarter than you, and it’s why you should try to build the best board of advisors that you can.
Your advisors should be people who can help you to connect to strategies, customers, partners, resources, and ideas.
Of course, the more connected someone is, the busier he or she is, so be careful with your advisors’ time. Don’t trouble them with mundane tasks. Focus them on big problems or targeted “asks” so they can help you and get back to their own priorities.