Start Your Startup | A Founder’s Guide to a Board of Directors
Your Board of Directors – Why Bother?
Stephen Semprevivo is a firm believer that the right board of directors can offer your company invaluable guidance, allowing you to move your business forward, develop new products, and grow at a manageable rate. Taking the time to think about your board of directors early in your business planning can help you make the best decisions for your company.
When you first start your business, you might be the sole member of your Board of Directors. As you grow and secure investors, you will need to start adding new members to fill out your board.
How a Board of Directors Benefits a Startup ?
Your board of directors is responsible for making significant decisions in the company, including hiring and firing key stakeholders, awarding compensation, developing an exit strategy, and acquiring new companies.
Founders often are intimately connected to their business and might have a hard time seeing the bigger picture. Board members have an outside perspective. They act in your shareholders’ interest and can offer valuable insight that benefits the business, not just your personal goals.
It’s never too early to start thinking about your board of directors. Founders who spend time strategically planning their board before they start fundraising can have a better idea of who they want to pitch to and what types of board members to bring in as advisers.
As a successful entrepreneur, Stephen Semprevivo is always looking for new businesses to mentor. If you have an idea for a startup and are ready to take the next steps, apply for the Stephen Semprevivo Startup Scholarship. Two student entrepreneurs will receive a $2,500 scholarship along with mentorship and guidance. Learn more about the scholarship program and apply today. Remember, the best time to start a business is NOW!