Entrepreneur’s Board of Directors Guide

Check out the extremely detailed guide to help entrepreneurs set up a Board of Directors.  Download the PDF version here. GovernanceContentforFinalPDF

It came from the Telecommunications Development Fund, a venture capital firm for companies in the telecommunications industry. (The guide applies to a corporation in any line of business, and not just to telecomm firms.)

This guide is quite practical. It is designed for small businesses that are setting up a Board for the first time. It assumes the entrepreneur has no experience with a Board of Directors, and covers:

1. Why have a Board?

2. How do I “control” my Board?

3. Who should be on my Board?

4. How do I recruit members of the Board?

5. How does the Board operate?

6. How much should I pay directors?

7. Should I have directors’ and officers’ (D & O) insurance?

8. How do I change the composition of the Board as my business grows?

9. Should I have an advisory board?

10. How do I avoid disaster?

It even includes helpful how-to’s such as: criteria for selecting directors, a sample board meeting agenda, and a primer on the basics of taking corporate minutes.

VC firms can seem forbidding to entrepreneurs, and not very mentor-like. Most have not done much to train entrepreneurs, certainly not in any formal way. Could this be an example of a nascent trend by VCs to mentor and educate entrepreneurs?

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Anita Campbell

Anita Campbell Anita Campbell is the Founder, CEO and Publisher of Small Business Trends and has been following trends in small businesses since 2003. She is the owner of BizSugar, a social media site for small businesses.

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