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Board of Directors

Tuesday, October 4th, 2011 – running time 09:21

Successful entrepreneur and CEO, Jay Adelson, demystifies the start-up process by providing advice, tips, and answering questions. Today, he discusses what the role of a company's board of directors plays.

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Today's Homework Assignment

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06:10
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Jay's chalkboard notes on if you need a patent to protect your idea:

- They represent interests of shareholders

- They work with you towards success

- You present updates to them

- They provide advice and insights

- Non-investor experts can be board members

- A board has legal rights

- A board makes stock & big financial or acquisition decisions

- A board has the ability to fire the CEO

- A board is advocate of the company's management and its success

Today's Homework Assignment

Managing your board of directors:

- Communicate a lot

- Bring up issues ASAP

- Be overly prepared

- Anticipate questions

- Be up to date with your executive team

- Remember, your board is part of your team

06:10

Play

Have questions about launching a business that you want answered? Submit them to askjay@revision3.com, or upload a video question on our YouTube page. And make sure and follow Jay via Twitter.

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