by Leon Goren, owner and CEO of PEO Leadership
Each year, there are many people who take the plunge into entrepreneurship and start their own business. Increasingly, the younger generation doesn’t want to punch a time clock for others, and they are often not engaged when they do. Instead, they put their chips on the table and follow their passion, giving them more flexibility and engagement, while allowing them to enjoy what they do.
Without some guidance, however, some may struggle in trying to navigate their way around the business world. The good news is that being involved in a peer or leadership group can go a long way toward helping young entrepreneurs succeed.
The younger generation has great ideas for businesses, and they have the gumption to take the risks involved, but they may need some additional support. Being a part of a peer group may be all that it takes to help them learn the ropes and grow their business. Such groups are stimulating and will help them work through challenges and opportunities.
A leadership group is made up of people who have been there. They are experienced entrepreneurs and business leaders coming together to share their experiences and offer guidance. They are typically at a point in their life where they are successful and want to help by paying it forward to others who are making their way in the trenches. They provide a lot of value to those who take advantage of being a part of a group, both for the seasoned entrepreneur and the newbies.
Entrepreneurial groups offer a way to learn from those who have wisdom and experience. People can easily gain clarity and avoid feeling they trying to navigate through everything on their own, which would be overwhelming to try to do.
Here is how a leadership or a peer group, can help young entrepreneurs succeed:
Navigation.
Having an idea for a business is great, but it doesn’t mean that a young entrepreneur knows how to take it from an idea to being a profitable business. A leadership group can help pave the path.
Accountability.
It’s difficult for people to hold themselves accountable, especially if there are challenges that arise. Having a support group to turn to can help hold you accountable and keep you from losing sight of what the goal is.
Feedback.
Being able to have people who can answer questions that arise is critical. Whether the questions are regarding marketing, startup goals, growth, or hiring practices, there are people who have been there who can give you the information you need.
Support.
There are times when entrepreneurs just need to know that there is support for what they are going through. They may need someone to listen or to just say that it gets better. A peer group works very well from this perspective. There are a lot of stumbling blocks on the road to success and having a group of peers that you can count on to bounce ideas off of and to keep you motivated, plays a big part in an entrepreneur’s success.
Networking.
Having a group of like-minded entrepreneurs to discuss things with is like gold. They get it, they have been there, and they can provide the leadership that young entrepreneurs need. Networking can open doors and help keep you moving through them. Groups give you a great place to share ideas so that you are not on your own or trying to seek guidance from family members who may not have the business knowledge necessary, nor the interest in trying to help.
Give you the three C’s.
One of the important things people get from being in a group is what he calls the three C’s, which are clarity, counsel, and courage. All of these are necessary to thrive in the business world.
Being in an entrepreneurial group can help you seek counsel regarding issues and opportunities, help you gain clarity, and give you the courage you need to move forward. Peer groups are important, because they help you tackle real-time issues and opportunities that are happening in today’s world.
Leon Goren, owner and CEO of PEO Leadership, brings his passion for purposeful leadership to our executive community. Leon’s 25 years of leadership experience underscores his unique impact on the way leaders lead, learn and live. He leverages his innate understanding of their needs and challenges to inspire leaders to excel beyond the status quo.
