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Key Takeaways
- Audit your current network to see if your business requires the structured skill-building of a peer advisory network or the infrastructure of an incubator.
- Join a specialized incubator to share high-end equipment, saving your early-stage capital from heavy upfront machinery costs.
- Launch a niche podcast or targeted online articles to build a dedicated digital community centered around a personal passion.
Founders face countless challenges. But one recent survey published by Wilbur Labs showed that loneliness may top them all — at least in terms of its near-universal presence among leaders.
The survey polled entrepreneurs about the realities they faced as they grew their companies. A full 87% of respondents admitted that being the head of a company involved more isolation than they expected. Furthermore, 90% said that the stress they experienced made them consider abandoning startup life.
These aren’t startling revelations. If you’re an entrepreneur, you know how often you can feel like you have no one who understands you.
Nonetheless, the statistics illustrate an important truth: Founders need to surround themselves with supporters, mentors, peers and likeminded entrepreneurs. In other words, they need both the intrinsic and corporate value that comes from being involved in communities. This support helps them overcome the harsh truths about entrepreneurship that rarely get discussed.
Indeed, being a part of many communities can help startup owners feel less lonely. These networks also provide other benefits, including the ability to gain insights, stay ahead of trends and keep a competitive edge.
That said, you may be unsure which types of communities to join and leverage. Below are three options to guide your next moves.
Peer advisory-style networks
Peers typically foster camaraderie between members by staying small so meetings can be very focused. Ideally, any peer group you enter should have some kind of structural element to it. Otherwise, you’ll just feel like you’re attending a freestyling network event. Those can be great, but they’re not designed to improve your skills and relationships at the same level of continuous focused feedback and support.
As you might imagine, these types of groups are unique and some serve distinct populations. For instance, BrainTrust is a peer advisory community aimed at bringing together women business owners and entrepreneurs to help build financial independence, wealth, and influence. However, their meetings aren’t set up to develop business pipelines. Instead, BrainTrust puts members into small, confidential groups called Vaults, where women discuss their business challenges and opportunities. In a highly structured environment, they hold one another accountable as they grow and scale their companies.
Looking for other entrepreneur network recommendations to jumpstart your success? The CFO Circle concentrates on helping senior leaders in finance upskill their abilities for their (and their organizations’) advantage. Front Row Dads helps fathers stay active as parents as they grow their businesses. There’s a peer group ideal for you to stretch into a new community.
Entrepreneur incubators
Many founders find it valuable to join startup incubator communities. These networks explain why smart startups are partnering with larger entities to unlock seed funding, future partnerships and talent pools. It’s not unusual to find incubators attached to academic institutions or government agencies. However, they can be privately run as well.
If you’ve been trying to work out of a small or inadequate space, you may be able to find office areas in an incubator setting. Also, if you’re not able to purchase equipment to take your startup to the next level, you could potentially gain access to specific kinds of machinery available at an incubator. This gives you the chance to go farther without spending down your capital.
For instance, Lab Central provides several incubator locations that allow biotech startups to share laboratory equipment and tools. This prevents founders from carrying the entire financial load of acquiring biotech equipment.
Digital-first communities
In the digital era, founders may want to take their community-building into cyberspace. Specifically, becoming visible on social media channels — including LinkedIn — can give them and their businesses a spotlight. They can also start to build relationships with influencers who may become valuable marketing partners later.
It’s worth noting that you shouldn’t shy away from the idea of building a community around one of your passions. Maybe you’re an entrepreneur who overcame a learning disorder, and you want to raise awareness. In that case, you might want to launch a podcast or start publishing articles online to start conversations with other founders like yourself.
Reid Hoffman, the co-founder of LinkedIn, used this technique to boost his exposure. His podcast, Masters of Scale, sets him up to talk with entrepreneurs across almost all fields. He built a dedicated community around a podcast. You might not have his visibility, but that doesn’t mean you can’t follow his lead.
You don’t have to feel like you’re all alone as a founder. Involving yourself in communities ensures you’re surrounded by people who can serve as coaches and sounding boards. With them on your side, you’ll be better positioned to navigate your business in a positive direction.
Key Takeaways
- Audit your current network to see if your business requires the structured skill-building of a peer advisory network or the infrastructure of an incubator.
- Join a specialized incubator to share high-end equipment, saving your early-stage capital from heavy upfront machinery costs.
- Launch a niche podcast or targeted online articles to build a dedicated digital community centered around a personal passion.
Founders face countless challenges. But one recent survey published by Wilbur Labs showed that loneliness may top them all — at least in terms of its near-universal presence among leaders.
The survey polled entrepreneurs about the realities they faced as they grew their companies. A full 87% of respondents admitted that being the head of a company involved more isolation than they expected. Furthermore, 90% said that the stress they experienced made them consider abandoning startup life.
These aren’t startling revelations. If you’re an entrepreneur, you know how often you can feel like you have no one who understands you.
