This post originally appeared on Quora.
A board makes moving fast easier.
If you want to move fast, it is a lot easier to do so if you can rapidly connect to the right talent, customers, suppliers and investors. The right board members will provide connections to all of these.
If you want to move fast, you may break things, it is better if you have a soft place to land if things stay broken. A board of directors provides limitation of liability to the founders and shareholders of the company. Running a company without a board is like racing a car without airbags. You can do it, but you’re more likely to take risk if you know that that safety equipment is there.
Even the best, most skilled CEOs (Warren Buffett, Richard Branson, Elon Musk) have boards of directors. That’s not only because boards help companies move fast, but also because running a great company is really a team sport.