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Forming a Board of Advisors

Everyone could use a little experienced advice from people who are pulling for you.

No entrepreneur knows everything. So to be sure you cover all your bases, why not create a board of advisors? How you stock your advisory board depends on your business's needs and your own expertise, but it's generally a good idea to include a lawyer, an accountant, a marketing expert and a financial advisor.

When recruiting your board, make sure you ask the most successful people you can find even if you don't know them well. But be very clear about your needs, and be sure to let them know you don't expect them to take an active management role or assume any liability.

It's smart to meet with your board monthly, whether as a group or individually. And remember that it's advice they're offering, not instructions. You are still the ultimate decision-maker.

Excerpted from Get Smart: 365 Tips To Boost Your Entrepreneurial IQ.

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