What’s the purpose of building an entrepreneurial community?
The reasons people have for beginning a business are endless. It could be that you had a great idea or maybe you wanted more time, money, freedom – or of it all.
Whatever your reason, the personal investment needed is often vastly underestimated. Sadly, the statistics are staggering as to how many businesses fail within the first 5 years (nearly 50%!).
Although there are many reasons a business may not be sustainable, I often find my clients try to overachieve their way out of burnout and that leads to failure. What do I mean? Well, they will tell themselves to work hard for a little longer or they’ll try to “keep up” with what they see other people doing.
When I started my first company (a service-based company), I was rarely overwhelmed by the work I was doing with my clients, but with everything else required. In order to grow, I needed systems. Hiring brought logistical, financial, and legal obligations. There was so much to navigate, learn, and set up!
There is simply no denying that it takes a lot to build a business! In the beginning, you may not have the resources to hire, but that does not mean you have to do it alone! This is where the power of community comes in.
There are many benefits to being a part of a supportive entrepreneurial community.
- Exchanging knowledge and information – We all have different areas of expertise and skill sets. Having a well-rounded community allows you to learn from others and share resources. I have always believed that no one should ever have to recreate the wheel so I readily share any resources I can with others. In return, I benefit from others sharing tangible items, such as guides, to book recommendations, and so much more. The reciprocity of sharing expands everyone’s knowledge base and, consequently, the work we are able to accomplish.
- Sharing lessons learned and insights – Some of the most beneficial conversations I have had while building my businesses was sharing successes and mistakes made along the way. Of course, this requires a certain level of trust, but being able to highlight the highs and lows normalizes the difficulties we all inevitably will face. Furthermore, having this type of partnership can help you identify challenges in your business that you may not have thought about before. We all need someone who can help identify our blind spots or help point out what we do not yet know.
- Improving performance – One of the most common things people think about when they consider the importance of a community is the positive impact on performance. It is a proven fact that when people know they are being held accountable by others, they will work harder. The American Society of Training and Development conducted a study about accountability and found that when someone publicly shares their goals, they have a 65% chance of success. However, having a specific accountability partner boosts that chance to 95%. WOW!
- Establishing focus – Working with others can help identify goals to work toward. Selecting where to focus your efforts and establishing deadlines will help keep you on track. This can also help decrease the likelihood of being distracted, avoid feeling overwhelmed, and help motivate you with tedious (but necessary) tasks.
Personally, I have a tendency to try to tackle way too much at once. Various people in my community have been really helpful at pointing this out and helping me break things down into actionable and attainable steps. While I know this is important, and I coach my clients on this all the time, I struggle to apply it in my own life. This just goes to show that even when we know what we should do to set ourselves up for success, we do not always do so. Hence, the importance of a community who can help point out ways we may be sabotaging our own success.
- Gaining perspective – If you don’t address small problems right away, they can quickly grow into bigger issues. The problem is that we do not always see the small problems. There may be times when you may inadvertently overlook concerns that need to be addressed. Perhaps we are too focused on other areas or too inexperienced to even recognize it is an issue. Having a community can help identify when issues arise and how to mitigate them before they escalate.
An important lesson for me was that I needed to be willing to be honest with where I was struggling. This was not about pretending to have it all figured out. No! This was an opportunity to share where I was feeling stuck and elicit feedback, support, and guidance. Also, people who were further in their businesses were able to point out concerns or issue warning signs that I was not even aware of. Although it is not comfortable being vulnerable, it is essential if you truly want to learn and grow.
- Expanding networks – When you make connections with people, this often leads to more connections. Every group I have joined has led to additional connections, which has led to a flourishing support network. The natural process of these introductions reduces the time and effort required to meet people and allows you to focus on establishing the relationship instead.
Cultivating your community.
“Community” can mean many different things. Here, I am referring to the commonality of building or running a business. This can include entrepreneurs, business owners, founders, and CEOs. A community does not need to be large! The quantity is not nearly as important as the quality of the members you participate with.
There are a few important considerations when building your community to keep in mind.
1. Compatibility
When it comes to compatibility, there are a few things to consider. Does this community align with my morals, ethics, and values? Do our goals and objectives widely differ? Are we in alignment with expectations from one another? How do we approach learning, problem-solving, and communication?
I have found having people who have a similar approach, as well as those who are vastly different from me, to be helpful. For those with a similar approach, this can help tap into my natural process of how I plan or execute. Conversely, those vary help expand the way I view a problem and approach a solution. Both contribute to growth in different ways.
2. Mutuality
In order for a community to be beneficial, you need to feel that your contributions and gains are balanced. Sadly, I have found myself in many situations where I was giving but not receiving. Sometimes this was because I had resources the other person didn’t but sometimes it was also just because of an imbalance in the relationship.
When assessing the mutuality of the community, it can be useful to ask yourself these questions: Do you feel that your relationship is one-sided? Do you feel you are growing from your participation in this community? Are you all fulfilling your commitments to one another?
3. Expectations
People join communities for many different reasons. It is important to ensure that you are all in agreement with what you expect from the engagement. Are there expectations with how frequently you will meet? Do you have preferences for how you will engage with one another?
Where can you find an entrepreneurial community?
Now that you know why having a community is important and things to consider when assessing fit, where the heck do you find your community? Luckily, there are many options available to you! Here are a few suggestions:
- Mastermind groups – the size and structure of these groups can vary, but the premise is that a group of like-minded people get together to offer support, brainstorm ideas, give advice, and create accountability. Sometimes these are industry-specific or related to business milestones.
- Membership groups – these can be local or national, industry-specific, or related to a topic of interest. There are groups available for marginalized populations as well.
- Conferences – attending conferences is an excellent way to meet people. There are often opportunities for social networking or you may just need to be intentional about making connections with the people you come across.
- Retreats – there are many kinds of retreats available but they all tend to focus on a specific objective. Finding one that meets your needs will also provide you with an opportunity to meet people in a similar situation.
At Ancorio, RESET Retreats are available for women entrepreneurs and business owners looking to focus on their personal wellbeing as a means of sustaining success in their businesses. The intimate setting and focus creates a wonderful environment for people to bond and connect, which will continue well after the event has ended.
Communities may change over time. One of the first groups I was ever a part of, I hold fondly in my heart, but over time, it became too difficult to get together on the regular basis we once had. I still reach out to various members and support their efforts, but as that group disbanded, I found others. Being open and flexible to evolving needs and opportunities will allow you to maximize your learning potential.
Take action today to start cultivating your community!
Whether you are gregarious or more reserved, the idea of finding a community may feel overwhelming or excited. Start with finding just one person or group and you can expand from there. Ultimately, your community must be consistent, care about your success, and encourage you to do your best.
