Week 12: Who will help you to get the most from your MBA?

Week 12: July 27, 2024

Who will help you to get the most from your MBA?

Andrea,

Who is the first person you would call when you're faced with a career decision or dilemma? As you start school, there will be times when you'll need advice from those who know you best.

Before you start school, consider developing a well-rounded Board of Advisors. Similar to a Board of Directors that advises executives on how to manage a business, a Board of Advisors should include people positioned to help you manage your future!

The 100 Week Sprint team

To-do's this week

Got 5 minutes? Identify candidates for your board. Use our brainstorming template to get started!

Got 30 minutes? Establish a check-in schedule with the members of your board.

Got an hour? Recruit or reconnect with one (or more) of your target Advisory Board members via phone call or in-person.

Why create a personal Board of Advisors?

Successful companies tend to derive great value from their Boards of Directors. Why? Well-designed advisory groups add complementary skills and unique perspectives that often get lost in the daily grind of running a business. These groups tend to challenge management to think more broadly about larger issues that will impact success 10-20 years in the future, not just in the short term.

As career coach Michael Melcher mentioned in the New York Times column Shifting Careers, "Your board is not going to have fiduciary responsibility for your life, serve on committees or raise funds for you. (Wouldn't that be nice, though?) But they can offer something more important - wisdom."

What outside perspectives would be valuable in your career?

Who could help you think 10-20 years in the future?
Is there a professional who has pursued a path you're considering?
Who always asks you the tough questions that challenge your thinking?
What career questions do you have that others could help you answer?

When should I create my board?

We recommend creating it early in your career. Now is the perfect time to start - people are particularly eager to help you as a student! It doesn't need to be a formal organization; just be clear with yourself about who you want on your board. Seek out trustworthy individuals, with complementary skills, who will provide honest perspectives on your decisions. Note that your board members don't necessarily need to know they're part of your board! Just remember to "compensate" them with thank you notes/cards, coffees, lunches, and anything else appropriate to make them feel appreciated.

Who should be on my board?

The ideal board size typically ranges between 5-7 people. Most importantly, a good Board should include the following skill sets:

Sage: A wise person (not necessarily older) with a track record of focusing on the big picture.
Number Cruncher: Someone who emphasizes practicality over ideology; can ask questions in order to identify facts that will help you make an optimal decision.
Moral Compass: Someone who emphasizes "right vs. wrong" over practicality to help keep you grounded; needs to know you and your values well.
Networker: Someone who can open doors for you; finding 2-3 of these people for your board will be particularly helpful when job searching or considering a change.
Heavy Hitter: Someone who operates many, many levels above your pay grade, but respects you enough to offer you glimpses of where you could be in the future; if this person can be a Networker for you, serving dual roles, that's even better.

Read on for examples of what a Board of Advisors may look like for:

An aspiring entrepreneur;
An experienced non-profit leader;
A young professional/recent graduate.

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