Rise of mastermind groups
The support from your network can provide important insights and can help achieve business growth. Suzi Dafnis, CEO of the Australian Businesswomen’s Network, explains why smaller, intimate gatherings like mastermind groups work best.
If, like the American author and motivational speaker, Jim Rohn, you subscribe to the belief that you are the sum of the five people you spend the most time with, then it makes sense those who reach the greatest heights in business surround themselves with equally successful people.
Such a network of people could be found at business advisory groups, mentoring sessions, roundtable events or mastermind groups, with participants offering advice, support, connections and inspiration.
According to the 2013 Ernst & Young G20 Entrepreneurship Barometer survey, 55 per cent of respondents make use of entrepreneurial workshops or support meetings, as well as business incubators, mentoring, and entrepreneur clubs and associations.
Those respondents who actively engaged with these types of external networks reported greater access to funding, better opportunities to build relationships with diverse and substantial capital providers and the chance to test ideas before a critical audience.
Additionally the survey found, “Networks create opportunity for a fast transfer of expertise. They help female entrepreneurs build their reputations and tap into funding.”
Which networks work?
It is vital for entrepreneurs to spend time building a network of like-minded people. This strong network of like-minded people can provide mentoring, advice, support and feedback, which is invaluable for entrepreneurs.
Real networking gives you a strong foundation you can draw from over time, one that doesn’t evaporate as fast as the champagne bubbles at your last networking function. Many entrepreneurs agree a lot of their successes in business could not have happened without the collaboration opportunities business networks provide.
Many networking events have no clear focus beyond bringing business people together over a meal or drinks or to see a guest speaker and are not actually structured to support facilitated networking. Smaller, intimate gatherings like mastermind groups however are designed to facilitate business networking that is focused on developing strategic relationships and providing business advice and support.
The Australian Businesswomen’s Network (ABN) recognises the importance of developing and nurturing strategic business relationships and has created the Entrepreneurs’ Roundtable. These roundtable events are designed to provide support and guidance for members, which is crucial to staying motivated, focused and on track to achieve their business goals.
The Entrepreneurs’ Roundtable events are available for ABN members in Sydney, Brisbane and Melbourne, where they can connect with their peers and other business professionals to share ideas and support each other.
ABN Hall of Fame inductees Kate Morris, Audette Exel and Cathie Reid each credit mastermind groups and networks as hallmarks of their success in business. Adore Beauty CEO Ms Morris meets informally with a small group of e-commerce business owners at major e-commerce conferences and said these meetings are invaluable.
Ms Morris said, “Frankly I learn more at a dinner with these business owners than I ever do at the actual conference! Knowledge and experiences are freely shared, and this is of tremendous value in a technology-based industry where change is the only constant.”
Similarly, Audette Exel from Adara Group agrees that strong networks that include friends, family, colleagues and other entrepreneurs are critical to success and development – both professional and personal.
Ms Exel believes, “To have other people to bounce your ideas off, to share your concerns, who understand what you do is hugely valuable. The networks and friendships it has given me have been instrumental to my business success.”
Fellow inductee, Epic Pharmacy Group Managing Partner Cathie Reid, said she had also gained much from her involvement in businesswomen’s networks, both in Australia and internationally.
Commenting on mastermind groups, Ms Reid said, “The support, friendships and opportunities that these networks of like-minded women have created have been enormously beneficial, both personally and professionally.”
Drawing on support from others in your network, for advice, funding or feedback, can provide you with important insights and can also help you to achieve business growth.
Suzi Dafnis is the CEO of the Australian Businesswomen’s Network (ABN). She is passionate about helping women succeed in business. It is her aim to create opportunities for female business owners to learn and connect in ways that are easily accessible. The ABN Hall of Fame honours and celebrates Australian female business owners who have been exemplary in their industries, are trailblazers and demonstrate inspiring and aspiring business journeys. http://bit.ly/abnhof15
Max Thomas
March 31, 2015 at 9:44 pm
networking
An interesting read Suzi. I've retired but always hoped for such progressive thinking in the workplaces I frequented. How do you apply networking principles at the workplace level? Creating a 'safe' environment for people to express their creativity should be one of the priorities of a good manager. Free and fearless exchange of ideas usually only occurs close to the tea urn. Maybe hold meetings in the kitchen. Good on you 🙂