what is advisory function
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➡I try to understand meaning of advisory function•
▶Imagine starting a business. Obviously you’re excited by your idea and the opportunity it represents. You may just start by yourself, or you might have found some investors. But it is YOUR idea and YOUR business.
It is very possible that you have never started or run a business before. Or it is possible that you are very well versed in the development and process mapping of your idea (the “what” of the idea) but you have never had to sell such an idea to, for instance, advertisers or investors or buyers of your product of service (the “how”).
That is where an advisory board comes in. You want to select a small number of highly qualified, well established and well connected advisers (five is a good number). You select them to be good at the one thing critical for the growth and success of your business (how to sell to a specific group, i.e. advertising agencies/advertisers, or buyers of your service, or how to further develop/evolve your offering for your key target group or adjacent target groups). What you are looking for are people who are way older and way more experienced than you are at that particular subject, and who can teach you how to position your offering, how to get in front of the right audience with that offering, how to expand the offering, etc.
They are your mentors and door openers. They are not your board. Your board helps you run and evolve your business. Your advisory board is there to guide the one, singularly most important aspect of your business.
You (typically) pay for their travel, feed them lunch or dinner on the day of the quarterly meeting and give them a small share in your business. You keep them up-to-date on how the business is evolving in these meetings and with the same updates you send to your board. That way they are invested in your success, rather than just being a paid oracle.
➡I try to understand meaning of advisory function•
▶Imagine starting a business. Obviously you’re excited by your idea and the opportunity it represents. You may just start by yourself, or you might have found some investors. But it is YOUR idea and YOUR business.
It is very possible that you have never started or run a business before. Or it is possible that you are very well versed in the development and process mapping of your idea (the “what” of the idea) but you have never had to sell such an idea to, for instance, advertisers or investors or buyers of your product of service (the “how”).
That is where an advisory board comes in. You want to select a small number of highly qualified, well established and well connected advisers (five is a good number). You select them to be good at the one thing critical for the growth and success of your business (how to sell to a specific group, i.e. advertising agencies/advertisers, or buyers of your service, or how to further develop/evolve your offering for your key target group or adjacent target groups). What you are looking for are people who are way older and way more experienced than you are at that particular subject, and who can teach you how to position your offering, how to get in front of the right audience with that offering, how to expand the offering, etc.
They are your mentors and door openers. They are not your board. Your board helps you run and evolve your business. Your advisory board is there to guide the one, singularly most important aspect of your business.
You (typically) pay for their travel, feed them lunch or dinner on the day of the quarterly meeting and give them a small share in your business. You keep them up-to-date on how the business is evolving in these meetings and with the same updates you send to your board. That way they are invested in your success, rather than just being a paid oracle.
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