
The Entrepreneurial Environment ◾ 67
members of the BOA do not have legal liability to the rm because their
opinions are considered advisory and non-binding. Legally and operation-
ally, BOAs are established to provide expert opinions to management on
specic issues, and serving on a BOA is less time-consuming than serving
on a BOD.
Table4.6 presents some important considerations when choosing your
BOA members.
Legal
Regulatory
BOD
Risk
Management
Auditing
Financial
Strategy
Business
Model
Fundraising
Financial
Strategy
Figure 4.8 Governance circle—The BOD is primarily responsible for the governance
of the enterprise.
Table4.6 Considera ...