I really disagree with that. Board members (and other shareholders for that matter) can hold you accountable for mis-steps but if they get in the way of you doing your job then you owe it to yourself <i>and</i> your company to manage the relationship in such a way that they do not have the ability to impose on you in such a way.<p>That&#x27;s <i>also</i> in the best interest of that investor. Structuring and managing relationships is one of the things a CEO should be good at if the company is to become successful. This goes for the relationships with the rest of the company management, it goes for outsiders and it goes for the board.<p>If a CEO is hired by the board then that changes but if you found it you should be in charge and you should make it clear - in a respectful way and if necessary by educating your board members - why that is the case.<p>&gt; If you depend on that outside investor to support (take pro-rata, say upbeat things etc) your next round<p>He or she will say upbeat things regardless (because they&#x27;re already in it is in their own interest), whether or not they will take pro-rata shares with a next emission will depend on the price and their ability to purchase as much as anything else so I would not count on it regardless and take it as a nice-to-have but not a must.<p>If you behave like someone else is in control they <i>are</i> in control. Don&#x27;t do that.