Dear Aunty B,
I am a “serial” entrepreneur, in that I bought a business, built it to $120 million and sold it last year. I have started a new online business. In my old business I had a board that I inherited when I bought the business, which I found useful. My question is, do I need a board for this new venture given that I have been around the block?
WN,
Brisbane
Dear WN,
No. Not at the moment. I assume you are using your own capital to finance the venture. So you don’t need set meetings with minutes and all that guff when you are running the show, the venture is small and it is only your money on the line. When you reach the stage where you take in investment funds and need to build credibility with the market, you need a board.
And it is also a great idea when you need to leap to the next level. But having already been an entrepreneur you understand the value of mentors. You know how to network, ask for advice and build links. You know how to work the online world to find out what it is you need to know.
What you do need to do is move really fast. And at this stage a board will just get in your way.
Good luck,
Your Aunty B
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