The objective of this assignment is to develop an awareness of the value of formal and informal advisers in a business. It is also intended to help you with your group project by identifying outside 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 advisers
- 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
Part 2 - The Practical
Since there is also a practical aspect to this assignment, you may collaborate on this section with your teammates for your project.
- 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 attachment (ehj@sfu.ca)
- Due date: start of class on Tuesday 20 October
Notes:
- practice your elevator pitch on prospective advisers
- Be businesslike. Set clear expectations with your prospective adviser. Be certain to explain to the prospective adviser that this is for a class assignment.
- Can't find an adviser? 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 advisers a brief thank you note... even if they don't agree to participate on your board
Questions? Recommendations?
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