Vas Gorev, Entrepreneur and Investor

Overview

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

In today’s episode of The Brand Called You, entrepreneur and investor Vas Gorev talks about the various aspects of advisory boards and business. He also touches upon his experience as an entrepreneur and an investor.

[00:39] – About Vas Gorev

  • Vas is an entrepreneur and an investor.
  • He has set up many advisory boards.
  • He has also put up an advisory board for a startup airline.

02:38- What are the advantages or disadvantages of setting up an advisory board?

  • Everyone should get an advisor for any business because with the very limited risk you get advice and you get experience.
  • Advisors can be more open than a board of directors.
  • A very important potential downside is counter-intuitive, if you’re lucky enough to put together a stellar board, they can start to outshine you a little bit.
  • Advisors are very accomplished CEOs with multiple years under their belt, there is a risk of you just pretty much delegating them all the decisions just because they’re so experienced.

09:36- How does one set up roles, expectations and deliverables for an advisory board?

  • My personal approach and my advice are to have a small two-page mandate that outlines briefly what your company does, what you want to achieve, what specific tasks you want this advisor to join and why.
  • You set up the framework-ish, like agreement, to formalise your relationship with an advisor.
  • It just briefly outlines what you expect from them in terms of your business advice, what are the meetings, attending the calls, answering emails, etc.

19:10- How can an entrepreneur hold their advisory board members accountable?

  •  I would say that the best outcome would be the entrepreneur doing a good job in selecting and vetting the candidates.
  • He doesn’t, or she doesn’t have to hold them accountable because they are by definition good.
  • So you know that the first piece of advice is just to be very picky. Be very selective.
  • Don’t chase the first ex-CEO that you meet. Know your worth.
  • Just like yourself, again, it’s something that you have with you always and has a reputation, and you never want to undermine that.

RESOURCES:

You can connect with Vas Gorev- LinkedIn

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Profile

  • Vas is an entrepreneur and an investor.
  • He has setup up many advisory boards.
  • He has also put up an advisory board for a startup airline.

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