Some entrepreneurs fail to leverage the knowledge and experiences of others by failing to create advisory boards. These boards are a critical component required to scale strong entrepreneurial opportunities.

There has been a trend to try to create one overarching company mission statement. However, they often become “wall art” hanging in the office of little practical use in operating the company.

There are many ways for a startup to fail. Some factors, like regulatory changes or input cost increases, are beyond the founder’s control. However, there are three significant actions that entrepreneurs are often guilty of that can kill your company as fast as anything.

The most important factor is a buzz word heard in every industry – diversity. So why is it the MOST important factor for creating an advisory board? And how does it resolve issues for entrepreneurs?

“The single biggest problem in communication is the illusion that it has taken place.”– George Bernard Shaw

Angel and venture capital investors may receive hundreds or even thousands of executive summaries each year. With their time being limited and the competition for their attention intense, it is extremely important that the entrepreneur provide executive summaries that “Wow!”

“We filter out half of these qualified interviewees in the first minute.”

If _______, you might be an entrepreneur:

You can be a successful entrepreneur. You’ve just graduated and are ready to put all of that knowledge and energy to use. Admittedly, a great deal of your practical knowledge was picked up outside the classroom – like the time you broke into the Dean’s office with.. how long ago was that? Nevermind, the statute of limitations hasn’t passed.

Since the business side of my world is focused on entrepreneurialism and business growth, so is my new year reading list.