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Creating a Team to
Support Your Success
This guide was developed in support of OPEN for
Women: CEO BootCamp, a rst-of-its-kind program
that immerses women entrepreneurs in some of the
fundamental pillars for successful ventures: condence,
competence and connections. CEO BootCamp is
designed to help women business owners reach their
full potential as CEOs and help grow their businesses.
INTRODUCTION
The buck stops with you! Thats the incredible benet
and responsibility of running a business and being the
CEO. As great as it is to be at the top, the reality isnt
always easy. Theres no boss down the hallway to bless
that great new idea, to help with that critical, potentially
costly decision or to direct you on an emerging
dilemma. At the end of the day, its your call. Even if
your management team rocks and is a source of great
support for you and your vision, you should not rely on
that team alone to help you through the many decisions
you will face. The fact is that outside perspective is
powerful! You have a lot to gain both personally and
professionally by leveraging other sources of support
that are outside of your of ce. Similar to the way you
determine the people on your management team, its
up to you to actively inuence the people in your own
support system.
In this guide, you will learn about seven of the most
important sources of support available to you as a CEO,
discussed in order of most formal to least formal. Each
can have a tremendous impact on your efectiveness as
well as your condence as a leader.
SOURCES OF SUPPORT
Board of Directors
Advisors
Sponsors
Mentors
Coaches
CEO Forums
Personal Posse
Board of Directors
A board of directors is a formal corporate structure that
has duciary (nancial) and legal responsibility for the
decisions made by you and your company. For a CEO
who seeks growth, a board of directors can be one of
many highly efective tools in helping you expand your
company. Though you might fear that having a board of
directors means giving up some controlas you are now
accountable to othersthis formal governance structure
forces a level of discipline that can help your company
succeed.
Having a board is required for those who take on
outside capital. But if you own 100% of your company,
it is a choice and it can be a good one. Your board of
directors works to your benet in a couple of ways.
First of all, a board forces a high level of discipline and
professionalism from you and your team. On a regular
basis, you will need to prepare an update to the board
that usually includes a review of your vision, mission and
goals and your progress against those goals. Your board
essentially becomes a compelling inuence that helps
you to stay on top of and be clear about your companys
performance. And most boards will push you to ask
yourself and your team tough questions about your
plans and will test your assumptions about your desired
This insight guide was commissioned by American Express OPEN and published in September of 2013. The information contained in this report was
prepared from sources and data that we believe to be reliable, but we make no representation as to its accuracy or completeness and we assume neither
responsibility nor liability for any damages of any type resulting from any errors or omissions. The report is provided solely for informational purposes and
is not to be construed as providing advice, recommendations, endorsements, representations or warranties of any kind whatsoever. Opinions and analysis
contained in this report represent the opinions and analysis of Janet Kraus, Serial Entrepreneur (Circles, Spire and Peach Underneath); Investor; Professor
of Entrepreneurship, Harvard Business School, and other third parties as referenced in the insight guide do not necessarily represent the opinions or
analysis of American Express Company or any of its af liates, subsidiaries or divisions (including, without limitation, American Express OPEN).
CREATING A TEAM TO SUPPORT YOUR SUCCESS
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growth trajectory relative to your capacity. The board
has a responsibility to you as well: to help move your
vision forward by providing support and guidance on
both short- and long-term decisions that can ultimately
impact your companys growth and future success.
BOARD MAKE UP
So, what should your board look like? While there are no
hard and fast rules, there are some best practices for a
start-up or early growth stage company:
When putting your board together, consider having
an odd number of members. Since board members
have voting rights, an odd number prevents a tie on
critical decisions.
While the number of people on a board varies
(e.g., by size of company, industry, tenure), it is
common and manageable for smaller companies
to have either three or ve board members. Here
are examples:
If you take on outside nancing, you will typically
have a representative on the board from your
investor rounds (usually one to two).
To balance out your board, it is common practice
to have one independent (non-investor) board
member for each investor board member that
you have.
As the CEO, you become either the third or fth
board member (driven by the number of investor
reps on your board).
If you take on outside nancing and are evaluating
diferent investors, you need to think long and hard about
the impact to you of having a particular investor on your
board. Ask yourself whether they will be someone whom
you want to work with on a regular basis. You need to feel
comfortable that they can add value beyond whats in
their wallet.
In addition, you cannot underestimate the importance
of choosing independent board members who share
your values and vision and who can provide constructive
feedback. Unlike your investor board members, you
have the ability to hand pick your independent board
members. Choosing someone with operating experience
from a similar industry and someone who understands
board dynamics from the CEO vantage point can provide
invaluable support. Other ideal characteristics would
include experience with scaling businesses like the
one you are growing, a track record of success and a
credible reputation.
Ultimately, the best independent board members can
either play a very active role (e.g., roll up their sleeves and
really dig into your plan) or can play a helpful role in the
boardroom by coming to the table prepared and ready
to have thoughtful discussions. In either case, they may
not be inuenced by a vested interest. That said, it is very
common for companies to compensate independent
board members. While some companies compensate
with cash, for many small businesses where there is
limited liquidity, its more common to compensate with
non-qualifying options that vest over time. The amount
of equity you give a board member might depend on
their level of activity on the board. Ultimately, your goal
is for board members to be present for meetings up to
six times per year and to serve as real thought partners
for you. Giving up a bit of equity for their loyalty can be to
your benet.
BOARD MEETINGS
After establishing your board, its important to create
and communicate the annual calendar and the structure
for the meetings. Again, there are no set rules but there
are some best practices:
It is common for a board to meet between four and
six times per year. There are a couple of strategic
months for meeting with your board:
September is an optimal time for your annual
planning meeting. At this meeting, you present
your initial plan for the coming year to the board
and gather feedback.
A December meeting is good for submitting your
nal plan to the board for approval. Also, review
year-end results to understand how your business
is tracking and any implications for your plan.
3
Board meetings tend to last for two to three hours
and follow an agenda something like this:
Review goals, strategy and plan
Update on progress against key initiatives
Review business results
Discuss next steps
The CEO or an independent board member usually
chairs the board and leads the meetings. Typically,
investor members do not chair the board in an
efort to prevent any compromise of corporate
governance.
Depending on size, a board might have committees
with specic responsibilities to the larger board in
areas such as compensation, audit or nance.
For a high-functioning board, you can tackle and often
resolve one or two budding issues or questions that you
need help with in addition to covering governance issues.
Finding talented people for your board is critical because
they can help guide and support you through the many
big questions you will have as CEO.
Advisors
While boards of directors are formal governance
entities structured along a model generally accepted
from company to company, advisors and groups of
advisors (or advisory boards) tend to have very broad
denitions and their members, structure and obligations
are highly inuenced by you as the CEO. Part of the
exibility inherent in this support system comes from
the fact that an advisor does not have a legal or duciary
responsibility to your company the way the board of
directors does. The role of an advisor is purely and simply
to give you advice.
Advisors come in diferent shapes and sizes. You
might have an individual advisor whom you speak
with from time to time and/or you might organize a
group of individuals into an advisory board that meets
infrequently in person (perhaps one or two times per
year) and/or by phone (two to four times per year). If you
own 100% of your company and dont choose to have a
board of directors, you might create a board of advisors
to leverage as a support system (though without the legal
or duciary role). In terms of nding advisors to support
you, there are some common sources for identifying
and meeting advisors, including conferences, trade
association events, in the press and through people you
know. You wouldnt necessarily meet them once and ask
them to be your advisor. You might approach them on a
particular subject and nd their advice valuable and then
ask if theyd be open to ofering further advice over time.
As with the selection of independent members of your
board of directors, your advisors should be smart,
experienced and well-respected individuals who can
provide skills and guidance in areas where you may
need help and serve as a general sounding board for the
challenges you face as CEO.
Beyond their valuable advice, advisors can also enhance
the perception of your company to potential investors.
For a start-up or early growth stage company, it is
common and benecial to list advisors as members of
your team, which expands your companys footprint
(though not your operating budget, thankfully). And
when the listed advisors include well-known and
respected names in the business community, you and
your company benet from the halo efect of their
reputation and esteem. Its also handy to have advisors
willing to serve as company advocates in the event that
they are called upon by potential investors or the media.
While you have no nancial obligation to your advisors,
and frankly, most advisors do this for the overall
experience (social, networking, entrepreneurial, etc.), it
is an option to provide them with either equity (between
.25% and .5%) or a small stipend for their continued
support and willingness to advocate on your behalf.
It also sends a signal to them that this is a two-way
relationship with an expectation of them to come to
the table when they are called. And nally, while these
relationships should be built upon total trust, it is
important to make sure that your advisors sign non-
disclosure agreements (mutual or otherwise) to help
ensure that company decisions and/or information you
have shared are protected.
CREATING A TEAM TO SUPPORT YOUR SUCCESS
4
Sponsors
A sponsor can be considered a special type of advisor.
Like advisors, they can provide great feedback, help
problem solve and make connections for you. But
what makes sponsors diferent is that they proactively
get behind you and become your cheerleader among
potential investors, in the media and in their networks.
This is not done purely out of the goodness of their
hearts, as most sponsors have invested money in your
company. But they actively seek this role and put their
name on the line for you because they believe in you
and your business, even if simply by helping you, they
ultimately help themselves.
While you might nd a sponsor in much the same way
as an advisor, most often your sponsor arises out of a
formal investor relationship. It is not uncommon for an
individual within an investor group to assume the role
of sponsor if they are truly passionate about you and
your venture and believe that their personal clout and
connections can make an impact on your success and
ultimately on their investment.
Mentors
There is chemistry. Theres a connection. There is mutual
understanding, support and reciprocal value in the
relationship. While this may sound like an advertisement
for an online dating site, its actually not that far of from
how it feels to have a great mentor! For a CEO, good
mentors are incredibly valuable and they can wear many
hats. Part coach, part friend, part condantthey can
ofer a vast, safe and unconditional support system.
While mentors are in the same overall category as
advisors, mentor relationships tend to be much deeper
and more personal and the sharing usually goes both
ways. But nding that great mentor takes work. In the
corporate arena, it can be much more clear-cut. Youre
on a path, you see a leader above you in your department
whom you admireits an obvious t. So you approach
him or her and its a done deal. For a CEO, its not
that easy or obvious until you nd them and then
you just know!
So where do you nd your best mentors? Frankly,
your mentors may come from various places. A past
professor, a former business associate, a seasoned
member of your industrypeople who have been in
your shoes in some way. You dont necessarily go out
looking for a mentor relationship. You might approach
someone for advice on a specic topic and then perhaps
you reach out again because you nd his or her insights
truly valuable. And, before you know it, theres a real
connection and they become one of those few people
you can count on. A mentor. While theres no magic
number, its always good to have a couple of these
great people in your life. And having a gender mix is not
a bad idea, either, given the value of getting multiple
perspectives on certain issues. At the end of the day,
your mentor is someone you can rely on to speak freely
and to share their wisdom and help you. They would even
answer a phone call in the middle of the night if that were
what you really needed. And, as is the case with online
dating, if the t or chemistry isnt there, move on!
So, whats in it for them? While your mentorlike an
advisormay or may not have equity in your company,
a mentors desire to play this role is independent of any
nancial relationship. They may be motivated in part by a
desire to pay it forward, but more often, a good mentor
does this because it feels really good! Good mentoring
relationships are symbiotic, enriching and inspiring for
both parties. As a result, good mentors often nd the act
of mentoring a privilege that they take quite seriously.
Business Coaches
Business coaches are like really good therapists you pay
to provide completely unbiased advice and support in
navigating the challenges you face as a business leader.
They are trained professionals whose role is to tap into
and help you leverage your strengths and give you the
tools and condence to tread in areas where you are less
sure-footed. It is typically a more structured relationship
than a mentor. Together, you determine the specic
problem areas you want to work on and the goals you
want to achieve, whether its focusing on the day-to-day
managerial issues or the more strategic and forward-
thinking responsibilities you face.
For example, business coaches can be very helpful if you
feel stuck or are struggling with certain management
issues. Whether its your leadership style, dysfunction
5
GINA BIANCHINI, founder of
Mightybell and Ning, shares
her perspective on the value
of leveraging communities to
create support systems and
ofers insights into the types of
support systems that she has
found most valuable to her as a
leader and CEO.
OPEN: Youve started two successful companies
about communities. What was your inspiration for
starting them?
GINA BIANCHINI: While we regularly celebrate the
mythology of the lone genius or visionary, I would argue
that every great move forward is the work of a group.
Groups, teams, collectives, or circles provide the challenge,
collaboration and courage needed to do something new.
From Xerox PARC to the Seattle, London or San Francisco
music scenes, groups working in highly dense, fertile
environments of inspiration and competition can have the
greatest probability of pushing past the status quo. The
power of groups, however, doesnt just apply to innovation.
From sections and class projects to health support groups
and savings circles, if you want to change your life, start
with a group.
OPEN: What role do you think communities and/or
networking plays in the life of a CEO or a small
business owner?
GINA BIANCHINI: They can make everything not just easier
but a heck of a lot more fun. If you want to push yourself to
the highest levels of mastery, it is almost impossible to do
it alone, even if that is the narrative that accompanies so
many successful entrepreneurs. Its simply not true.
OPEN: Can you describe the role of communities and
support systems in your career/lifeyour experience
with diferent support systems including boards of
directors, advisors, mentors, coaches, CEO forums, etc.?
GINA BIANCHINI: I use my advisors, investors, partners and
directors as sounding boards to share results, ideas, fears
and what I see as opportunities. Most importantly, I use my
circle of founder peers the most. Sworn to condentiality,
we share experiences, not advice, seek to truly listen and
ofer support and insights on the issues that truly matter.
The most important ally, though, is a sponsor. A sponsor is
someone who will use political and nancial capital to help
you realize opportunities. I think we spend too much time
focused on mentors and not enough time on sponsorship,
which is the scarcer resource for anyone, especially women.
OPEN: How did you get the people in your support
team to say yes? Whats your experience and perspective
on having male supporters vs. female supporters?
Whats the diference? What about the role of women
supporting women?
GINA BIANCHINI: I have absolutely wanted and needed
both men and women as advisors, mentors andmost
importantlysponsors. The math of success doesnt work
if all you are focused on is women. I cherish my women
friends, mentors and supporters. And the men in my life are
equally important.
OPEN: Given the support teams weve addressed in
the guide, how do you imagine the tools youve built
(Mightybell and Ning) enabling those support teams to
be more efective? How do you nd people to be part of
your support team?
GINA BIANCHINI: Reach out and join communities of
shared interests. This is a fantastic way to meet people
who care about the same things you do. For example, some
of my best friends today are those I met while working on
a Somaly Mam fundraiser three years ago. Friendship,
mentorship and networking can get easier when you have a
purpose and cause.
OPEN: How do you use these tools and use them well?
GINA BIANCHINI: Everything starts with the purpose and
people. You can have a tin can and string as long as there
are people you can get to know and build relationships with
in the context of something you care about. From there, Im
biased, but I think what were building with Mightybell is the
only community platform that lets people go deeper with a
small group of people in the context of a bigger community.
We think about it as the equivalent of creating a network of
dinner parties that are all connected to a higher purpose,
rather than the alternatives today of other social networks
which are more of a big stadium event.
CREATING A TEAM TO SUPPORT YOUR SUCCESS
6
on your team, or the need to change someones span of
control, a coach can provide an unbiased opinion and
provide action-oriented tools to help you move forward.
Or, lets say you are trying to move your company to its
next level of growth but you dont have the infrastructure
in place to make critical decisions. A business coach
will provide you with tools and processes (e.g., strategic
planning, process maps) to help you create your
strategy, tactical plans and even work on the leadership
competencies that you may need to tweak in order to
lead your company to this next level.
While you might nd a business coach who has some
experience in your industry, its not overly important.
Youre not necessarily looking to your coach for advice
on a specic business decision (e.g., should we invest in
this technology?) as you might from a mentor, advisor or
board of directors. Rather, your coach might give you the
tools to help you think about all of options and tradeofs
related to the decision. He or she might give you
guidance on how to present these options to your board
in the most compelling manner. And he or she might give
you the strength to weather the consequences of your
ultimate decision. Sufce it to say, your coach is in it for
YOU to win it!
Similar to choosing any professional service, selecting
the right business coach requires a proactive approach.
You might ask a fellow CEO for a referral or follow up
with someone in your professional network who had a
good coaching experience. Otherwise, you can tap into
a myriad of professional resources to start your search,
including these:
Worldwide Association of Business Coaches (WABC)
www.wabccoaches.com
International Coach Federation (ICF)
www.coachfederation.org
International Business Coach Institute (IBCI)
www.businesscoachinstitute.org
Start by creating a short list of business coaches in
your area. Its ideal but not critical to meet with them for
an in-person interview. Youll want to understand their
credentials:
How long have they been in business?
What was their training?
Why did they go into this eld?
What types and levels of leaders have they
worked with?
Any clients who are references?
Just as important, youll want to understand the
softer credentials:
Are they good communicators?
Are they good listeners?
Do they have empathy, depth and
emotional intelligence?
Will they be there for you in the way that you need?
(i.e., in person, online, by phone, frequency)
CEO Forums
It is not uncommon to hear CEOs say that their CEO
Forum is like the board I wish I had. They too are
with a group of people who really get you! They too are
CEOs challenged equally by the myriad of decisions
you face every day. The goal of a CEO Forum is to help
participants reach their vision and be successful without
the inuence or bias related to a nancial investment.
So how does it work? Once you join a CEO Forum, you
are matched with other CEOs who are running non-
competitive companies but who have related experience
and who bring skills to the table that you may lack.
Other criteria may come into play (e.g., size of company,
venture-backed vs. privately owned, industry, tenure).
Typically, you have an opportunity to present a challenge
or series of challenges you are facing and the group digs
in deep and helps you prioritize, strategize and make
good decisions. Some CEO Forums meet as often as
once a month for a full day, while others may meet once
a quarter for two days. The best ones are intense and
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frequentwhich is what you want! At the end of the day,
there is nothing better than getting advice from a group
of unbiased people who really get what it means to be in
charge of it all!
Join or start a CEO BootCamp circle to be part of your
own CEO Forum. Visit openforum.com/ceobootcamp for
more information.
Personal Posse
Finally, never underestimate the value of having people
in your personal life whom you can turn to for advice,
support and perhaps most importantly, to help you
take care of yourself! Finding the time to attend to your
personal needs can be challenging when youre running
a company. But tapping into your authentic leadership,
you should not only identify your needs, but reach
out and ask for help. Ultimately, its important to ask
yourself what your time is worth and what it means to
you to take some of the lower value activities of your
plate. If youre like most CEOs, this idea is just what the
doctor ordered! The people you turn to for this are your
personal posse. These are the people that can help you
tackle your personal to do list. Sometimes, your posse
includes parents, close friends or spouses to whom you
delegate certain tasks (e.g., to secure more babysitting
hours for your children or healthier home-cooked meals).
But there are other resources out there that you can tap
into that can be extremely helpful. Consider TaskRabbit,
for instance. For a nominal fee, you can book a vetted
assistant to do your grocery shopping, buy birthday
gifts, return your last Bloomingdales purchase, clean
your home or hang your new at screen. Whatever it
is, by actually asking for help and clearing your plate of
some of these necessary but time consuming tasks, you
can make your life easier and your head less cluttered so
you can focus on the core things that require your time.
But when you are CEO, often your professional and
personal needs are one and the same. You still have that
list of those things in the of ce that you constantly
think about but never tackle. Whether its booking
appointments, doing small research projects for you or
buying gifts for employees, getting help for these tasks
is liberating! Again, this is where your personal posse
comes in. Even if your company is new or small, having a
personal assistant of some kind can make the diference
in your efectiveness as a leader. And you dont have to
hire someone on a full-time basis. There are companies
that provide both on-site and virtual assistance for this
very purpose. You can start by searching online under
personal assistants or virtual assistants to explore
some available options and credentials.
Beyond helping you get stuf done, your close personal
posse can play another very important roleto tell
you that you rock! After all, its hard being a CEO and
sometimes you just need that cheerleading behind you
to keep you going. It isnt to say, however, that you want
these folks to just yes you to death. You want them to
be active listeners and thoughtful communicators who
ofer advice or a suggestion here and there. The beauty
of this support, though, is that its light, helpful, positively
inclined and absent of any criticism or devils advocacy.
And if it isnt that way, its up to you to communicate
what you need.

Your takeaway:
As exciting as it is to be CEO, it can also be
somewhat isolating. Outside perspective is not
only powerful, it can be extremely helpful as
you tackle CEO decisions.
Remember these seven great sources of
support available to help you be the very best
CEO you can be:
Board of Directors
Advisors
Sponsors
Mentors
Coaches
CEO Forums
Personal Posse
Now, what are you waiting for?
CREATING A TEAM TO SUPPORT YOUR SUCCESS
8
20092013 American Express Company. All Rights Reserved.
The information contained in this document is meant for advisory purposes only.
American Express accepts no liability for any outcome of its use.
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