So, You Want to Be a Non-Executive Director? Time to Clock Your 10,000 Hours...Again

Congratulations! You’ve spent decades climbing the corporate ladder, dodging the inevitable office politics, and making your mark in the world of business. By now, you've surely surpassed the magical 10,000-hour mark Malcolm Gladwell keeps going on about - making you an "expert" in your field, or so they say. And now, you’ve decided to leverage that hard-earned expertise by stepping into the illustrious world of non-executive directorships!

But wait, before you start imagining yourself as the wise sage of the boardroom, dispensing pearls of wisdom to founders and CEOs, there’s a slight hitch. You’ve probably not spent 10,000 hours honing the fine art of actually being a non-executive director, let alone building a portfolio of roles. Yes, it’s like a cruel cosmic joke - just when you thought you could coast on your past experience, you find out there’s a whole new mountain to climb.

Welcome to the Art of Portfolio Building: The Other 10,000 Hours

Let’s be real - most of us have already clocked in well over 10,000 hours doing what we do best. Be it in finance, marketing, or the dark arts of corporate governance, you’ve seen it all. That’s why founders and boards are eager to have you on board - your experience is the kind that money can’t buy. Well, actually, they are buying it, and they’re probably paying handsomely for it too.

But the truth is, while you might be an oracle when it comes to your industry, you’re likely a novice at navigating the peculiar world of non-executive directorships. Building a portfolio isn’t as simple as slapping together a CV, firing it off to a few recruiters, and waiting for the offers to roll in. Far from it. You’ll need to channel that same drive and dedication you applied in your executive career to this new endeavour, minus the corner office and personal assistant. And this time, the stakes are different - your reputation and future livelihood are on the line.

The Missing Piece: Peer-to-Peer Advice and Networking (Yes, That Again)

If the thought of clocking another 10,000 hours to become an expert NED fills you with existential dread, there is a silver lining. The beauty of this next phase in your career is that you don’t have to do it alone. In fact, you really shouldn’t. Here’s where networking and peer-to-peer advice come into play - yes, that thing you’ve been dodging at every industry conference for the past 20 years.

In the world of non-executive directorships, your network is your lifeline. The insights and advice of those who’ve trodden this path before you are worth their weight in gold. You’re not reinventing the wheel here; you’re borrowing the wheels from other people’s bikes, attaching them to yours, and hoping you don’t crash.

Make no mistake, there is an art to being a successful NED, and much of that art is learned through the experiences of others. By connecting with other non-executives, you can learn the nuances of managing board dynamics, understanding the subtleties of corporate governance, and knowing when to speak up and when to stay silent - sometimes the latter being the hardest lesson of all.

Building Your Portfolio: The Balancing Act

Creating a portfolio of NED roles is a bit like dating - finding the right fit is half the battle. You’ll need to assess potential roles with a discerning eye, ensuring they align with your skills, values, and long-term goals. But beware the allure of the "portfolio effect" - it’s tempting to say yes to every opportunity that comes your way, but this could lead to overcommitment and the dreaded "spread too thin" syndrome.

Think of each role as a strategic investment in your future - a chance to leverage your 10,000 hours of expertise while accumulating those all-important hours in the world of non-executive directorship. And like any investment, diversification is key. A well-rounded portfolio will include a mix of industries, company sizes, and stages of growth. But, let’s be honest, it’s also about avoiding the companies that are destined for the headlines...and not in a good way.

The Final Word: Embrace the Journey

So, as you embark on this new chapter, remember that while you might be an expert in your field, becoming a seasoned NED is another challenge entirely. You’ll need to embrace the learning curve, lean on your network, and maybe even clock another few thousand hours along the way.

And if all else fails, just remember: you’ve been through worse. After all, nothing quite compares to the horror of surviving that one Christmas party where the CEO decided to do karaoke. Now, if you can handle that, you can certainly handle this.

Ian Wright

CEO and Founder - Virtualnonexecs.com

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