For those starting a business for the first time, or those starting a business in an unfamiliar industry, business mentors can be a lifeline to survival and success. Successful mentor relationships are priceless, but many individual mentor relationships fail due to a lack of structure and organization.
One way to avoid the lack of structure and organization problems is to form a peer advisory group, or better yet, two advisory groups, rather than individual mentors. These groups have scheduled meetings where all members are expected to contribute successful business strategies and non-proprietary information. Members are held accountable for their contributions, as well as how well they execute the suggestions that are appropriate for the business.
Peer advisory groups are successful because individual members are honest with each other. That honesty fosters trust. When the trust grows, members are relaxed and candid, stimulating beneficial ideas and conversation.
Successful groups add members one at a time to determine if the individual member is right for that group. Forming a group at one time can lead to confusion and possible conflict among members if lacking the right chemistry.
Peer groups stress accountability. Common topics include: goal setting, handling both positive and negative constructive feedback, corporate culture, and supplying generic and specific business information.
Earn.com currently has these style groups available. The groups meet monthly and focus on the start-up, growth, and funding of your business. We highly recommend these programs. Earn.com is our sister company which provides Entrepreneurial education, networking, and capital. Please email firstname.lastname@example.org for questions about joining the next Earn Mastermind Group this month.