Board of Directors?

mxer210 · 03-24-06, 09:27 PM

I know most major companies have a board of directors, but what about smaller companies?

I think it would be really cool if I could gather 3-7 entrepreneurs I know, and invite them to be board members of my own business. An idea for execution could be online based, and basically consist of a small message board, an update/news section, and some other content-rich features. Like at the moment, I am at a fork in the road for my business and have asked about 5 entrepreneur friends what to do over AIM. It's hard to track what they say (I have the save the conversations or take notes), and I'm asking for their advice out of context (they don't know anything else about the company, which could influence their advice).

Having an online based system, it would be easier to discuss issues, and having a set board of directors would make better decisions because they know a lot more about your company and where you are trying to take it, as opposed to asking a few entrepreneurs at a forum.

What do you guys think of small businesses having board of directors, and what do you guys think of having an online based portal, maybe a wiki, where you and your directors could go every week or so and discuss your businesses issues?

Rogue · 03-25-06, 02:05 AM

The reason I see that smaller companies don't have a board of directors, is because smaller companies just don't need it.

The bigger corporations have many different branches, divisions, etc. and those board of directors are needed to keep everything "democratic" and healthy. Otherwise, a corporation/company could easily turn into an industrial tyranny.

Small businesses can usually be held down by the owner, a couple top managers, and if you have any, maybe some investors. It doesn't need to be anything more then that.

mxer210 · 03-25-06, 02:40 AM

I thnk you are missing the point of my suggestion/idea... I was thinking more along the lines of a mentoring committee for that business/owner....

kris · 03-25-06, 07:57 AM

Quote:

Originally Posted by mxer210

I thnk you are missing the point of my suggestion/idea... I was thinking more along the lines of a mentoring committee for that business/owner....

Having individuals as not so much a board of directors but people to provide some guidance and insight (mentoring) is not a bad idea.

darren · 03-25-06, 12:07 PM

Quote:

Originally Posted by mxer210

I thnk you are missing the point of my suggestion/idea... I was thinking more along the lines of a mentoring committee for that business/owner....

having people there to help you is a must in my opinion but to have them as an actual board of directors will just over complicate things.

anne · 03-26-06, 03:51 PM

It sounds like what you want is a group of Mentors, not a board of directors with control over, and a share of, the business.

A group of mentors is a great idea - a support network like that can be very beneficial.

Super Mod · 03-30-06, 12:15 AM

Quote:

Originally Posted by anne

A group of mentors is a great idea - a support network like that can be very beneficial.

I think that a group of mentors is a nice thing. I don't really have a group of mentors, but I do have people on IRC, MSN, and AIM that I consult and get feedback from for certain things such as design, etc.