The Big Idea. The "Board of One" objective is to provide the skill and resources necessary to augment the Entrepreneurial Leader in order to to create wealth, crossing the chasm from a small to enterprise business.
Preamble. The majority of small and medium business leaders, especially those in new markets, generally illustrate a background that is dominated by one or two functional areas of expertise. (i.e. technology and engineering, or sales and marketing). Therefore these leaders rarely are “fully or adequately skilled” to effectively lead and manage all the functional areas of a emerging and complex business. This has become especially prevalent in the post 2009 restructured and complex economic and legislative environment. As a result, the Ephor Group over the past 4 years has developed and refined a concept entitled “Board of One”.
The Result. The emerging company and its leaders will have at its accessibility and disposal, the complex skills required to create exponential wealth. At Ephor we call this “Solving the Value Equation”. Simply stated; crossing the chasm from a small lifestyle oriented business, to a wealth creation entity requires holistic wealth planning, effective leadership and management skills, coupled with “best of breed” operational and execution capabilities. The outcome is how entrepreneurs can become effective "CEO Entrepreneurs"!
Paradigm of Change. Historically this “skill deficiency” issue has been solved by retaining functional/domain operators and consultants to temporarily provide these needs via a “bottom up” or task oriented approach. In the “new economy” this approach has frequently failed. What has proven successful is a “top down” holistic approach that builds the long-term capability and capacity of the organization. Additionally, advisory boards or formal board of directors have proven likewise generally ineffective due to the “emerging business leader” simply does not have the time or skill requisite to manage and facilitate effective outcomes from a “pool of resources.”
Board of One Concept. What has proven successful is the “Board of One” concept where the emerging business entrepreneur partners with a proven well established “executive” with access to the “resource pool requirements” that can facilitate the “project management aspect” of developing the business model, skills and capabilities, such that wealth creation is achieved.
Vision Change. Designating one singular "Board of One" dedicated to maximizing the market opportunity for your business is in the best interest of all parties, especially the "CEO Entrepreneur." While most entrepreneurs realize their deficiencies; many have great difficulty in turning over (even sharing) control. There is no change of control with the Board of One. The Board of One simply augments the "CEO Entrepreneur."The outcome is how entrepreneurs can become "CEO Entrepreneurs" and not lose their company to either lifestyle business mediocrity nor VCs so that they create both wealth for themselves, and solid businesses which contribute jobs to the American economy.
Desired Outcome. The Board of One partners with the CEO Entrepreneur to make: Vision a Reality. The Board of One concept makes growth realistic and presents a high probability of success for entrepreneurs to not only start their business, take the core idea and transform it into a validated business, grow it, but also to be able to shepherd it to it a wealth creation outcome. Being a successful leader requires many of the fundamental gifts and talents of an entrepreneur such as: Passionate and Confident Belief, Ability to Build and Lead a Team, Creativity, Inspiration. Entrepreneurs are natural leaders, therefore given the right skill and resource support they can transition to successful CEO Entrepreneurs.
Strategic Change. The Board of One directs the activities that, if executed correctly, make vision a reality. For entrepreneurs to create wealth, they must learn to manage the company beyond its startup growth phase to successfully maximize the market opportunity. The Board of One makes it possible for the CEO Entrepreneur to effectively manage and lead.
In the future, it's realistic for entrepreneurs to not only start their business, found the core idea into validated business, and grow it, but also to be able to shepherd it to it a positive wealth creation outcome. Being a successful leader requires many of the fundamental gifts and talents of an entrepreneur such as: Passionate and Confident Belief, Ability to Build and Lead a Team, Creativity, Inspiration. Entrepreneurs are natural leaders given the right management science and operating support.
The gap is management of the transition from a subscale business to a scaled enterprise and ultimately a market sector leader. Entrepreneurs creating wealth for others is a nice byproduct of growth, but working for themselves versus a financial backer, banker, or venture capitalist is a fundamental change required for our economy becoming more prosperous and resilient and for more industry sector leaders to be developed and succeed. Significant change of whom benefits is required to ensure America's innovation leadership and entrepreneur spirit reigns. Most businesses fail to capitalize on the original idea of their founding. In fact, less than 1% of all startups make it to year ten, and less than 1% realize a successful wealth exit. A shift from the entrepreneur in viewing success as launch, to the goal of maximizing the wealth opportunity for the business.
The Board of One creates the successful CEO entrepreneur.