Assignment 3

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 coaches and mentors who will provide objective advice relatively early in your project.

There are academic and practical aspects to this assignment.

Part 1- The Academic

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

This is also a practical aspect to this assignment.  You may collaborate on this section with your teammates.

  • 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) business-people 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.

  • Format: email as a word or pdf attachment or hard copy
  • Due date: start of class on Wednesday 1 October
  • Grade: 15%

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?