Question: What's ONE quality you should look for in a potential advisory board member? Why?
"The best advisors don't just tell you the answer. They know that they don't know the answer, and the best way to help is to ask powerful questions that get a mentee to think differently and question his own assumptions. Ask questions -- don't give advice."
A Passion for Something Other Than Making Money
"Increased revenue and profitability are byproducts of honesty, hard work, thought leadership and authentic passion around your trade. Find someone who's not willing to sacrifice those most scalable attributes while they consult."
An Action-Oriented Personality
"The one quality we always look for when thinking through an advisory board is the ability for the person to translate his advice to action. When choosing between a big name and someone who actually greases the wheels and participates, I would always pick the latter. "
Deep Industry Knowledge
"You want someone who has strong industry expertise that you can use for strategic planning. Their involvement in your industry will also mean a larger professional network that you can utilize. And their deep knowledge of your industry will help you to avoid making major mistakes."
"Culture fit sounds like something that is talked about frequently during employee hiring, but not during board-building processes. If the advisors of the company don't understand the personality, passion and purpose of the startup they're helping, their advice is likely to miss the mark, and the entrepreneurs may end up taking it with a grain of salt. "
A Background That Adds to Your Board's Diversity
"I stacked my advisory board with a cross-section of people: doctors, vice presidents, managers, retirees and average Joes. I also went with customers and non-customers who were people I respected and wanted advice from. Don't forget that these people need to share a diverse background of experience to draw from if they're going to be of assistance to your company."
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.