Category: entrepreneurs

Talking about the value of our peers in business and in life can be entertaining as well as informative.  Enjoy this short video and then tell me that who you surround yourself with doesn’t matter! 😉

Expert DOjO’s Head Honcho Brian Mac Mahon invited Ryan Foland and me to speak for a full morning session at the Digital Hollywood Conference in Los Angeles last week.  What an amazing event!  Brian provided the kind of insights that only someone whose lived in 30 countries and has consulted and started companies the world over can provide.   Ryan, a gifted presenter in his own right, delivered a masterclass in communication for entrepreneurs.  I reinforced the value of coming together for conferences and the need for extending that experience through participation in peer advisory/mastermind groups.  During the final 45 minutes, we actually set up a spontaneous mastermind group comprised initially of about 10 volunteers, and soon after we got underway, everyone joined in the experience.

As I reflect on the 2 1/2 hours we spent with this impressive group of entrepreneurs, it’s apparent that the most powerful moments of the entire session were found not in the answers that were given, but in the questions that were raised.  Answers tend to guide us to a conclusion, while questions promote additional learning and further discovery.  The audience asked Brian some very pointed questions – questions which often got to the heart of what was burning inside everyone in the room.

Ryan offered a version of the $64,000 question back to the audience when he asked them to identify the problems their companies are trying to solve.  Not “What do they do?” or “How do they do it?  Ryan asks the bigger question because until you know “precisely” what problem you’re trying to solve, you’re going to have a difficult time communicating the relevance of what you do and surviving as a company.  Ryan’s 3-1-3 pitch coaching model, which helps you get to the heart of that very question, should be part of every entrepreneur’s toolkit.

As for my role, after setting the stage for the value of mastermind groups and why they work so well, we invited people to come up on stage and give it a try – to participate in a real-time experience where one of the members would ask the group for assistance in addressing her most pressing challenge.  This is where the rubber meets the road when it comes to asking the right question.   By taking a few moments to assist the member with crafting the question as accurately as we could determine in that moment, it prevents the group (most of the time) from eventually giving the member some great ideas that turn out to have no real utility – which wouldn’t be much help at all.  After helping the member frame the question, it was time for the group members to start asking questions of their own in an effort to gain a greater understanding of the situation.  Here, we established just three rules for asking questions of the member seeking assistance:

1. Ask open-ended questions (ones that cannot be answered yes or no).
2. Do not ask “why” questions (in trying to create a safe environment for sharing, “why” questions can tend to put a group member needlessly on the defensive).
3. Do not frame a question as a question-mendation (meaning ask questions that improve your understanding what’s going on, not “Have you considered trying x, y, z?”).

Everyone jumped right in and followed my three rules to the letter.  Best of all, the richness of the exchange, along with the ideas that came from the participants after the initial question session was completed, demonstrated to everyone that even in 45 minutes, among a group of people many of whom only met that morning, they could deliver and receive real value.

I’d like to think that on the way out of the room, the audience members were asking themselves this question:  How is it that I’m not in a mastermind group of my own?  Let’s hope so.

 

Imagine being the founder of what you believe will be the next great company.  You’re in the embryonic stages of forming your organization.  You know you’re headed down a long and lonely road, and a potentially rewarding one, assuming you don’t screw it up!   Now consider what it would be like to be approached by a major player who leads peer advisory groups for CEOs and business leaders in your area.

At first you might conclude, “Excellent, this is exactly what I need!”  You salivate at the prospect of meeting with your peers on a regular basis in a forum where you can talk about your toughest challenges and greatest opportunities.  You’ve read just enough to know how well these groups tend to help people become better leaders and grow their companies.  But then you find out how much it costs and how much time it will consume.  (Turns out this is the stage where both cash and time can be really tight). What’s more, because of your unpredictable travel schedule, you know before you start that your participation at locally-based monthly meetings may be unreliable at best.  It’s a situation that could be bad for you and unfair to the group.  Oh boy.  Now what?

Turns out Miguel Dias has something to show you.  Recently, CEO World launched its new website.  Miguel’s peer advantage solution not only tackles the issues of time, money and participation, it offers you access to other CEOs around the world who will give you an all new perspective to help you think and act more globally.

CEO World assembles and professionally facilitates mastermind groups specifically for entrepreneurs and leaders of early stage companies.  The groups are comprised of 6-8 people just like you (and yet not exactly like you at all) who meet online once a month for two jam-packed hours, including 30-minutes with a guest CEO who has been where you want to go.  You not only get the kind of help you need, but it’s offered at a fraction of the cost, in two-hour sessions (versus a half-day or full-day), and can be accessed from wherever you may be traveling (assuming you have a decent internet connection).

So does CEO World deliver something that Vistage, EO, Renaissance, TAB, or YPO doesn’t?  The answer is, yes and no.  CEO World is a different model, delivered on a different platform, and designed to meet the needs and requirements of an entirely different demographic.  CEO World opens up the world of peer advantage to those who otherwise might find it difficult, if not impossible, to access and makes it work for them. That’s CEO World’s killer app!   Over time, the market will decide for itself whether this is a gateway drug for traditional, in-person groups or a stand-alone alternative that meets their specific needs on an ongoing basis.  My guess is that leaders will be attracted to both options in greater numbers.

That said, CEO World is not a competitor to the big guys, so much as a companion.  If they all play their cards right, you’ll see what 1 + 1 = 3 really looks like!   If your organization leads CEO mastermind or peer advisory groups and you’re delivering true peer advantage to your members, tell me about it.  I’m more than happy to spread the word about what you’re doing.  Why not create a new world for everyone!

 

 

 

 

Karen Floyd, SymmetryPR,  suggested I take a look at a thoughtful piece she wrote about peer advantage from a recent talk I gave at the ANJE Conference (pictured above).  Even more importantly from my perspective, she asked me to explore a new peer-to-peer community called Shaping the Odds.  At her request, I joined the community and look forward to working with my peers in this forum over the coming months.

Karen briefly described Shaping the Odds as a place that provides a warmer user experience than LinkedIn, while overcoming what some entrepreneurs believe to be the often too personal bent of Facebook.  (I was immediately intrigued).  At first glance. it delivers a perfect balance for entrepreneurs who believe in paying it forward and who wish to participate in a peer-to-peer community where expertise, mentorship, contacts, etc. can be shared among business leaders at all levels.  Over time, I can see it providing a wellspring of business and personal stories that will be invaluable for entrepreneurs and company leaders alike.

For more information on Shaping the Odds vision, check out what its founder, André Eidskrem has to say!  A community is only as strong as its members.  Shape the odds in your favor and theirs by giving it a try!