About a year ago, a colleague asked me to take his place on a panel when he was called out of town. I agreed, though I chuckled to myself when I heard that the topic was developing an advisory board. When I had my communications firm, I never made the time to put together an advisory board. In fact, I wasn't certain the value of such a board warranted the commitment. I guess you could say I was an advisory board agnostic.

For the uninitiated, an advisory board is a group of industry or subject matter experts an entrepreneur selects to provide counsel in running her business. Advisors are typically not equity investors and don't have voting rights in the company.

I was joined on the panel by two seasoned CEOs who recounted stories of how their advisory boards made a considerable difference in their companies. Audience members offered their positive experiences as well, with plenty of praise for advisory board members who helped leaders develop strategy, make important contacts, build partnerships with companies and investors, and give personal advice in important times.

I went to the event a skeptic and left a convert.

The folks in the room debunked the myths about what it means to have an advisory board and what the right board can do. Since I spent a lot of time talking to other entrepreneurs over the years while developing my initial lukewarm opinion, I know these myths are commonly accepted. I intend to dispel the mistaken assumptions that prevent business owners from developing this key asset:

1. No time to put it together or manage it. Unlike boards of directors, there is no set way advisory boards must work. The board doesn't even have to meet in person. Many entrepreneurs use their advisory board members as unpaid consultants and call the best-suited person as issues arise. And while it takes time at the start to develop the advisory board, the time you save through better decision-making outweighs that initial investment.

2. It's too big of a favor to ask. Many entrepreneurs think no one would want to be an advisory board member. After all, it seems like a huge favor. But many experienced business owners and professionals seek out board positions. It's often their way of giving back, networking, and keeping abreast of business and industry trends. Many former CEOs prefer advisory board positions over corporate board seats--there's less commitment and no oversight responsibility. Also, as a career move it can round out an executive's experience.

3. The right people are too busy or uninterested. I've heard many entrepreneurs over the years talk about how they got board members "on a whim" by just asking. That includes brand-name industry players who, by all accounts, shouldn't have had the time or inclination. How did the entrepreneur do it? By asking. And by finding something about her company that connected with the board member. Don't count the best people out because your business seems too small or unexciting. Seasoned executives often want board seats that fill a personal or professional interest. You may be surprised by who says yes. I know someone who snagged Carly Fiorina for her board. So ask.

4. The compensation would be too high. This is one myth I definitely bought into. I figured an advisory board member would require cash or, at the least, stock options. Advisory board members regularly do the job gratis or for the promise of an upside or bonus if an event ever happens. This is easily accomplished through phantom stock or a short contractual agreement. If you want to pay cash, it's usually a nominal amount, in addition to covering travel expenses.

5. They wouldn't know enough about my business to add value. Busy entrepreneurs figure that you only get out of anything what you put in. If you don't have time to educate an advisor on all parts of your business, you won't receive targeted advice. That thinking puts advisory boards in the "too hard pile" for many entrepreneurs. The reality, however, is that some of the best advice comes from an outsider's perspective. When you're too close to the business, it's easy to develop blinders. So having people who see the world differently is valuable. (Read Blink by Malcolm Gladwell, who argues persuasively that sometimes too much information clouds our judgment.) Don't expect or try to educate your advisory board on all parts of your business. Give them the highlights, and let their experience help you see a broader set of options.

There's a lot to think about as an entrepreneur running a growing business, and time is always limited. But if someone offered you virtually free consulting from top experts in your industry, whose only motivation is to help you grow your business, would you take it? If the answer is yes, then consider an advisory board for your near future.

Start making your wish list for who you'd like to have as advisory board members. You never know; you might just get them.