Are you wondering what to expect from board members?
As a startup founder, your board of directors can be one of your most powerful tools for success. It is also one of the factors of starting a real business that few entrepreneurs really have experience with. That can also make it one of the most precarious parts of running a true fast-growth startup that scales.
So, what should you expect from board members?
What Is A Board?
You will need to legally have a board of directors. This is a group of individuals who are jointly tasked with supervising the operation of an organization and that also have a fiduciary duty towards investors.
They are really the ultimate decision-makers for a company. While they may join your board and take seats for a variety of reasons, and with their own personal motivations, they are technically bound by a fiduciary responsibility to look after the best interests of the entity itself. Of course, they may also have their own opinions on what that is. This is why it is so important to educate yourself on how boards work, as well as to select your board members very carefully.
Who Makes Up Your Board?
Before you even wonder what to expect from board members, it is key to know that board roles and titles include:
- Chairman of the board
You may also end up with geographic and department committee board members and chairs.
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