Creating Your Own Personal Board of Advisors

Kyle Ellicott is CEO of Codeita (http://heavy-cloud.com/). In this video he talks about creating your own personal "Board of Advisors".

  1. Start with a connection
  2. Don’t just limit yourself to your industry
  3. It’s essential to get along
  4. Build more than a business relationship
  5. The relationship goes both ways

As an entrepreneur, we always need guidance of some sort. You know, we always need that support core that can help us continue to do what we need to do. Because as an entrepreneur, it’s tough. You know, it’s not going to be a sunny and shiny day. There are going to be those days where things aren’t working or you needed connection or you need to find somebody. You know, you need that support system behind you.

Something I like to – I had developed in kind of created for myself when I first moved to a community that was growing was a personal board of advisers, people that I could look to and connect with and rely on in times of need. There are a few steps you can follow that I’ve created to build that board of advisers.

Number one, start with a connection. Look for somebody who you can connect with. Look for someone at an event that works well with you, you get along, has very, very insightful information and would be great for you to bounce ideas off of.

Number two, look behind your industry. If you’re working in the technology industry, don’t fear to go to someone who is in the medical industry. Everyone has success and failures. Everybody has insight. Everybody has advice. And at times, it would benefit you to be outside your industry talking to people than inside your industry.

Number three, make sure they like you. You know, you definitely don’t want to be pushing and pushing and pushing to talk with someone or to connect with someone or ask for something from someone if they don’t like you. You know, you’re just kind of that person that becomes an annoyance versus a relationship or a friend.

Fourth, build upon the relationship. If you meet somebody who is the most well connected person in town, don’t necessarily use them for those connections, build a relationship with them. Be mindful that they are a person, they may have millions and millions of dollars but they are a person. Treat them as that. Build a relationship, become friends with them so that when in time of need, you can rely on them versus they’re just a millionaire that you hoped and you become annoying and just push off of them.

Lastly, give and receive. When you meet somebody that you feel is good enough to put on your personal board of advisers, you need to be willing not only to get advice from them but you need to be willing to give something back. That person who has a million dollars and all those connections may come to you one day and say, “I don’t understand this. Can you help me?” And that may be your perfect skill set. You need to be willing to also give back.

So think of your board of directors as those you can build with, you can rely on and you can help and also give help back to. It will help you as an entrepreneur grow and help your business and products grow as well.