March 17, 2021
Why joining a mastermind group can benefit you as an entrepreneur
In honor of Women’s History Month in March and International Women’s Day on March 8, let’s take a moment to recognize how far equal rights for women have come, to celebrate your progress as a female entrepreneur, and to consider the role that a relatively new phenomenon — a mastermind group — has had to help women stake their claim in the world of business.
Now I know 2020 was a tough year for everyone, and maybe you personally don’t feel like you have too much to celebrate. If the pandemic had a negative impact on your business, regaining momentum can be hard. Maybe 2020 was a wake-up call that you need to do things differently – or do something completely different in business.
I’ve been there, and it didn’t take a global pandemic to make me wonder a few years ago if it was time to give up in the financial services industry and do something else. But you know what thankfully changed my mind, helped me keep going to become the woman I knew I could be, and to create a successful business that I love? Being part of and leading a business women’s mastermind group.
Why women’s mastermind groups matter today
Every woman who has wanted to achieve more at any point in her life has a story about discrimination or being told “no” in some form – because she was female.
Most of us, at one point or another, have had to confront more than merely rising above the competition on an even playing field. We’ve had to overcome subtle and not-so-subtle challenges to our capabilities based on your gender.
Sometimes the word “no” can fire you up to say: just watch me! Or, it can be the pin in your balloon that completely deflates your power and drive.
This is a big part of why I believe so much in the women’s mastermind I facilitate today. I know I couldn’t have achieved as much as I have without the help of other women who have forged a path ahead of me and today are walking alongside me on our unique business journeys.
The genius of mastermind groups
The focus of mastermind groups is not just about business. It’s personal, too. There’s no question that so much about starting and growing a business is connected to self-confidence.
The way we think about what we’re doing in business (and how well we’re doing) is a powerful thing. I can honestly say there were times in the past when I was ready to give up, when I thought that entrepreneurship was just too far out of my comfort zone, and that I simply wasn’t wired to go out and get clients or “be the boss.”
But, every time I thought it would be better (ahem, easier) to walk away, something in me always spoke up and said, “You know you’re meant for more than that.”
I knew I wanted more than a job where I was told what I would do, when I would do it, and how much I could earn.
So, with the help of fellow mastermind members, I kept going. And I learned that with every step you take — even if it feels super uncomfortable and that you’re in way over your head — you grow. Bit by bit, it gets a little easier.
In helping other female entrepreneurs in the mastermind group, I learned even more about my strengths and weaknesses as a business owner. (You know the saying: If you want to master something, teach it!)
What happened as a result? My own goals got bigger — and so did my achievements.
How does a mastermind group help women entrepreneurs?
If there’s one question I get a lot, it’s about the value of women’s mastermind groups.
There are several answers to this question, but I like to emphasize that these groups are a safe place for women to get an education about entrepreneurship. Starting a business is a big undertaking and, in many cases, women are preparing to enter what has typically been a man’s world. It can be super intimidating.
Were you ever in a meeting or a class where you had a question but were afraid to ask because you thought you’d look stupid? Let me tell you: there is so much to know to succeed as a business owner. There’s even more to know if you’re a female business owner.
Factor in the confidence and mindset conflicts that go with starting and growing your own enterprise, and it can all start to feel really stressful and make you wonder why you’re putting yourself through this.
In my mind as a women’s mastermind facilitator, there are no stupid questions about business. Every topic is fair game for discussion, no matter how big or small.
What happens in a mastermind group?
One of the best things about a great business mastermind or female entrepreneurial community is the ability to get answers to the most basic questions without feeling ashamed or embarrassed. Everyone there has been where you are, trying to figure it out. They know how you feel. And honestly, they’re excited to share their knowledge.
Confused about the first step you need to take to transform your spark of an entrepreneurial idea into something exciting and profitable? Ask.
Looking for ways to get the word out about your business without breaking the bank? Ask.
You’re terrified of failure – but deep down, you also have fears around success. How can you get past the paralysis that stops you from taking action? Ask.
Questions like these are just the beginning. A women’s mastermind group is your personal think tank. Let the power of multiple minds and collective experience help you. And, of course, you should be sharing your experience, knowledge, and insight to help others in the group.
In this no-holds-barred environment where everyone contributes to the greater good and individual benefit, you also get to form really strong relationships with other women that lead to friendship and new connections that elevate the quality of your life and work.
How a mastermind group can support you
When I was starting out, I got some advice that really made a difference in my professional life. That advice is really simple: nobody gets very far on their own.
As a young introvert, I had a tendency to want to learn and do everything myself. Professionally, however, that didn’t make sense. In time, I learned that trying to do it all on my own without help or guidance actually wastes time. Seeking out reliable help through a women’s business group can decrease the number and size of mistakes you make and accelerate your potential for success.
This is precisely why the best athletes have trainers. It’s why business professionals want the guidance of experienced mentors in their field. And why business owners can benefit so much from a dedicated community of companions on the journey and even a personal business coach.
You can do it all on your own, of course, but it will take longer to achieve your idea of success. You’ll bump up against obstacles and feel frustrated more often through repetitive trial-and-error.
When you think it’s better to do it all on your own, you waste money by making more mistakes. You lose time backtracking out of dead ends, and you burn precious energy stumbling along. And let’s not even mention what that kind of approach does to your confidence long-term.
Who are women’s mastermind groups for?
Okay, you say, but why do I need to belong to a group that’s dedicated to helping just women business owners? I’m going to be encountering men on my business journey, too — potentially as partners, clients, professional services providers, and maybe as employees.
This is an excellent point, but be aware that women in business have unique challenges created in large part by social, political, and financial constraints and expectations that have been around for centuries (but thankfully have been changing in recent decades).
When you know you are part of a group that truly understands what you’re up against as a female entrepreneur, you get (and give) the fuel and confidence to go after what you really want. You have gender-focused moral support and can laugh at the same things. Also, you get the satisfaction of helping each other by offering advice and sharing experience that is truly relatable.
Most importantly, you have a strong connection with like-minded women who get the fact that you have ambitions, but you also have much more on your plate than just business ownership. Your fellow mastermind members know what it’s like to work at growing an enterprise while homemaking, parenting, cooking, cleaning, etc., (all of which have helped you hone your abilities to multitask, organize, follow through, practice patience, and persevere).
It’s our time to level up as women in business
To end on a positive note about Women’s History Month, I’d like to share some statistics, drawn from a women-owned business trends report, that show how we’re making progress as female entrepreneurs.
*The 2019 State of Women-Owned Business Report, commissioned by American Express
Between 2014 and 2019:
- Women’s business ownership grew by 21% — more than double of the 9% growth of all businesses started within that timeframe.
- Employment by women-owned businesses rose by 8%, while employment growth for all businesses rose only 1.8%.
- Women-owned businesses that generated annual revenue between $100K and $500K represented the slowest rate of growth at 14%. But that number was still higher than the 9% rate of growth in that revenue category for all businesses.
- In 2019 alone, more than 1,800 women-owned businesses were created every day.
- In 2019, women-owned businesses made up 42% of all businesses in the United States, they employed 9.4 million workers, and generated a revenue of $1.9 trillion.
*The 2019 State of Women-Owned Business Report, commissioned by American Express
Of course, statistics alone rarely tell the whole story. What the numbers above do say is that female entrepreneurs are rising to power. We are gaining clout in policy-making, improved access to capital funding, and greater opportunities in general.
It’s been slow going, but the needle is moving.
Let’s celebrate Women’s History Month with gratitude for the achievements of great women — Suffragette Susan B. Anthony, Physicist Marie Curie, NASA mathematician Katherine Johnson, Supreme Court Justice Ruth Bader Ginsburg, and so many more.
Take time to celebrate your unique achievements now, too, and the collective bond in whatever form – a women’s mastermind group, great mentors or work colleagues, a friend or parent – that has helped to motivate you to reach for more in your life.
We all need that. No one can do it alone. Find your tribe for success and embrace it.
Do you have questions about how a mastermind group would benefit you and your business? Click to learn about Pittsburgh Women’s Mastermind – a From Start-Up to Success® enterprise.
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