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Dear BAM Mentor,
I keep hearing that having an Advisory Board is good idea for a BAM company. How is an advisory board different from other kinds of boards and how should I go about setting one up?
~ Needing Advice
Dear Needing Advice,
The question arises as to the purpose and practicality of an Advisory Board for a small business or a startup. I have had advisory boards for several of the businesses I’ve launched and served on advisory boards for others. Needless to say, I am a big fan.
King Solomon put it like this:
“Where there is no guidance, a people falls, but in an abundance of counselors there is safety.” Proverbs 11:14
“…for by wise guidance you can wage your war, and in abundance of counselors there is victory.” Proverbs 24:6
The basic premise of an Advisory Board is that, rather than try to figure out everything on your own, you can enlist the wisdom, perspective and experience of others to help you “wage your war.” In addition to advice there is also a healthy element of accountability – something many entrepreneurs don’t want, but something all of them need. Read more