The objective of this assignment is to develop an awareness of the value of formal and informal advisors in a business. It is also intended to help you with your group project by identifying coaches and mentors who will provide objective advice relatively early in your project.

There are academic and a practical aspects to this assignment.

Part 1- The Academic

Since this is an individual assignment, I expect you to do all research and analysis independently.

• contrast the differences between directors and advisors
• identify the benefits and risks of each role
• identify at least five (5) criteria for selecting board members
• identify at least five (5) strategies for managing board members
• identify how board members should be compensated
• 5 pages

• articulate how you will select your board members
• articulate how you will manage your board members (e.g. how often will you meet, how will you measure success, when and how will you remove a board member, etc.)
• articulate how you will compensate your board members
• Identify at least three (3) businesspeople who you have asked to be members of your advisory board. (Name, business, contact information, skill sets your business will benefit from)
• 5 pages

Your report should be no more than 10-pages. Title page, table of contents, references and tangential information in appendices should not be included in page count. Use a business report format and cite the reference for the format you selected.

• Grade: 15%
• Format: email as a word or pdf attachment (ehj@sfu.ca) or hard copy
• Due date: start of class on Wednesday 1 October

Notes:

• practice your elevator pitch on prospective advisors
• Be businesslike. Set clear expectations with your prospective advisor. Be certain to explain to the prospective advisor that this is for a class assignment.
• Can't find an advisor? Ask your classmates. Contact an industry association or small business BC. Ask your parents, other instructors, Facebook friends...
• As a courtesy, please be sure to send your prospective advisors a brief thank you note... even if they don't agree to participate on your board

Questions? Recommendations?

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