Behind every successful entrepreneur is a network of advisors, mentors, and trusted voices who provide perspective, guidance, and wisdom. But these relationships don’t happen by accident, and they’re not reserved for executives at large corporations. Every entrepreneur, regardless of business size, can and should build what I call a Personal Board of Directors.

What Is a Personal Board of Directors?

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Think of it like a board of directors for a company, except this board advises you personally and professionally. It’s a intentionally curated group of people who offer different perspectives, expertise, and experience relevant to your goals and challenges.

This isn’t a formal structure with scheduled meetings (though it could be). More often, it’s a framework for thinking about the various voices and perspectives you need access to as you navigate entrepreneurship and life.

Why You Need One

Entrepreneurship can be isolating. You’re making significant decisions with limited information, often without colleagues to bounce ideas off or managers to provide guidance. Your Personal Board of Directors fills this gap.

These relationships provide accountability (people who check on your goals and call you out when you’re not living up to your potential), perspective (insights from people who’ve faced similar challenges or have different expertise), connections (access to networks and opportunities you wouldn’t find alone), and support (people who believe in you during difficult times when self-doubt creeps in).

The Key Positions to Fill

Just like a corporate board has different roles, your Personal Board should include diverse perspectives and expertise. Consider including:

• The Industry Expert: someone who deeply understands your specific business sector and can provide tactical advice on industry-specific challenges.

• The Strategic Thinker: someone who sees the big picture and helps you think long-term about positioning, growth, and major decisions.

• The Operator: someone who’s built and run successful businesses and can advise on practical implementation, systems, and management.

• The Financial Advisor: someone with financial expertise who can guide decisions around business finances, personal wealth building, and credit strategies.

• The Personal Development Coach: someone focused on your growth as a person, not just as a business owner—helping you develop leadership skills, emotional intelligence, and self-awareness.

• The Challenger: someone who pushes back on your assumptions, asks hard questions, and doesn’t let you settle for comfortable mediocrity.

• The Cheerleader: someone who believes in you unconditionally and reminds you why you started this journey when things get hard.

Finding Your Board Members

You might be thinking, “This sounds great, but how do I actually find these people?” The good news: they’re likely closer than you think.

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Start by mapping your existing network. Who do you already know who fits these roles, even partially? A former professor, a family member in business, a colleague from your previous career, or someone you’ve met through networking?

Seek out intentional mentorship relationships. Many successful professionals are willing to mentor rising entrepreneurs. The key is approaching them thoughtfully, respecting their time, and being clear about what you’re hoping to learn.

Join entrepreneur communities and masterminds. These peer groups provide collective wisdom and often become sources of long-term advisory relationships. Look for groups where members are slightly ahead of where you are—close enough to remember recent challenges but far enough ahead to provide valuable perspective.

Consider paid advisors for specific areas. Sometimes the best board members are professionals you compensate for their time—business coaches, financial advisors, or consultants who bring specialized expertise.

The Art of the Ask

Asking someone to serve as an advisor or mentor can feel intimidating. Here’s how to approach it effectively:

Be specific about what you’re asking for. Instead of “Will you be my mentor?” try “Would you be willing to have coffee once a quarter so I can get your perspective on growing my business?” Specific, time-bounded requests are easier to say yes to.

Demonstrate why you value their specific expertise. Show that you’ve done your homework and understand what they bring to the table. People want to know their advice will be valued and used.

Make it easy for them. Suggest times, offer to meet at their convenience, come prepared with specific questions. Respect their time above all else.

Start small and let the relationship grow organically. One conversation might lead to another, and over time, informal advice becomes an ongoing advisory relationship.

Nurturing These Relationships

Building your board is just the beginning. Maintaining these relationships requires ongoing effort and reciprocity.

Provide updates on how you’ve implemented their advice. People want to know their counsel made a difference. Share your wins and how their guidance contributed.

Be respectful of time. Don’t overwhelm advisors with constant requests. Quality, focused interactions beat frequent, scattered ones.

Find ways to add value in return. Maybe you can make introductions within your network, share relevant articles or opportunities, or provide assistance in

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areas where you have expertise. Advisory relationships shouldn’t be entirely one-sided.

Express genuine gratitude. A thoughtful thank you note, public acknowledgment, or small gift shows you don’t take their time and wisdom for granted.

When to Rotate Board Members

Your needs evolve as your business and life change. The advisor who was perfect when you were starting out might not be the right fit five years later. That’s okay. Personal Board positions aren’t lifetime appointments.

Periodically assess whether your current board provides the perspectives you need for your current challenges. As you grow, you might need to level up certain positions or add new roles entirely.

Handle transitions gracefully. If an advisory relationship runs its course, express sincere gratitude for their contributions and maintain the connection even as it becomes less active. These relationships have value beyond immediate advice.

The Formal Option: Advisory Boards

As your business grows, you might create a more formal advisory board for your company. This is different from your personal board—focused specifically on business strategy rather than your holistic development.

Formal advisory boards typically include 3-7 members who meet quarterly or semi-annually. Members might receive compensation (equity, cash, or both) in exchange for their time and expertise.

The Investment That Pays Dividends

Building and maintaining a Personal Board of Directors requires time and emotional energy. It might be tempting to skip this “soft” work in favor of grinding through your to-do list. That would be a mistake.

The insights, connections, and support from trusted advisors compound over years. A single conversation might prevent a costly mistake, open a gamechanging opportunity, or provide the encouragement needed to keep going during tough times.

You don’t have to figure everything out alone. You don’t have to learn every lesson through painful experience. You have permission to stand on the shoulders of those who’ve walked similar paths.

Build your board intentionally. Invest in those relationships genuinely. Listen to their wisdom openly. Your business—and your life—will be immeasurably richer for it.