Bringing on external mentors and advisors is one of the best things you can do for your early-stage venture. Not only do they provide valuable advice and connections, but having strong advisors also signals to investors that other talented people believe in you and what you are doing. Typically, ventures have a formal Board of Directors, who get legitimate control over the operations and major decisions of the venture. Many Ventures have a less-formal Board of Advisors, who they turn to for industry-specific and other more day-to-day advice. Finally, there are mentors, which is a very informal designation that more describes their relationship to the founder than it does to the venture. When you bring on Board Members, you’ll need to follow the rules you outline in your Bylaws. With Advisors, you get to decide the process, but it’s good to have a standardize system for onboarding new advisors.