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Pros and Cons of Board Members
Being invited to join a Board is a big deal for many people. It can boost your credibility increase your reach and ultimately result in more opportunities in your professional or business.
If you’re unsure if being on a Board is worth the stress of meetings, settling disputes and analyzing financial statements, you should consider that money isn’t an important factor for board members. There’s a variety of professional skills that you can strengthen as a result of your board experience and these can be highly beneficial to your professional growth.
If you are on the board of a startup in its beginning stages, you can be a part of the management of the company in a way that you might not be able to do in your current post. The same is true for boards that are based in areas like insurance/managed healthcare, medicine, law, finance/banking, marketing, real estate or public policy, for instance.
A board member has the chance to learn from leaders and executives in completely different industries. Working together to solve difficult problems can lead to strong personal bonds.
There are other elements that affect the decision to join a board, which includes the compensation and unique perks. These could include the use of a company jet to the capability to test company products. It is important to be well-informed about the expectations of your organization, including time commitments as well as clear communication and your ability to contribute.