Image via Wikipedia
Carly Fiorina, former head of H-P, candidate for California Governor, etc. etc. was on CNBC's Squawk Box recently. She was speaking about the key responsibilities of company Boards of Directors. Strategy and succession planning were the two primary responsibilities she cited. And it got me thinking about what other responsibilities start-up boards should have. Here are a few more:
Mentoring the Senior Executives--Founders are often long on ideas and short on business sense. Making sure that sustainable business models are part of the overall strategy is a critical role for board members.
Introductions to potential investors, partners, customers--this is the most valuable contribution of board members. Choosing people with extensive industry networks lets you tap a wide range of potential customers, find new employees and explore teaming with channel partners.
Cheerleaders--Being an entrepreneur is tough, really tough. Having board members who can help you over the rough spots by being good listeners, willing to pitch in and help and advise in key areas is invaluable.
Comments