evolution/big bang &
This is an investor running an accelerator for solopreneurs!
https://forwardpartners.com/blog/the-single-founder-hypothesis/ A founders’ first task is to validate her business, not find a co-founder. In the startup world there are two truisms that are regularly aired which deserve questioning. Approach investors once you have a product and some traction Approach investors as a team; a team of two is more appealing than a team of oneOur hypothesis is that we can repeatedly back solo founders who can create successful businesses with our support.
The help we provide is through our team of experts who assist with customer discovery, coding the first version of the product and attracting the first customers.
There are investors prepared to invest pre-product with solo founders – and right now, we’re one of them.
16 startup experts, in the room with you from day one.
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https://www.inc.com/magazine/201806/kate-rockwood/peer-mentoring-mastermind-groups.html
Mastermind groups date back to Napoleon Hill's 1937 book, Think and Grow Rich, but in recent years the concept has resurfaced. The construct is simple: Two or more entrepreneurs agree to meet roughly once a month to confidentially workshop one another's business challenges and share notes on a variety of company issues. Rather than a polished networking group in which CEOs put on the brave face of perfection, it's a safe space for them to bare their vulnerabilities and shortcomings, where they can peek over another founder's shoulder for guidance on topics mundane (incentive structures) to maddening (beating out a copycat competitor).
Higgins's group--eight Chicago-based female founders--had been meeting monthly for about three years, and knew enough about Parent & Co. to help solve her problem.
A half- or full-day commitment once a month is a considerable investment, but founders are finding the mastermind returns to be more than worth it.
1. Avoid your industry.
To jump-start growth at her Ashburn, Virginia-based kids athletic company More Than Cheer, Brittany Rose joined groups, "but there were two competitors in the same group within 10 miles of me." Rose found herself holding back some of her best tips and biggest questions. Then she sought out a mastermind group with no industry overlap. "Instead of staying in the kids athletic mindset, you're looking at problems just from a business mindset," she says. When a martial arts studio owner talked about his successful afterschool program, Rose launched a similar idea at her retail locations. "Three years later, our afterschool program is a substantial portion of our income--and growing," she says. Company revenue has doubled each of the six years she's been part of a mastermind group.
2. Seek a similar metabolism.
Joining a group that doesn't share your goals will be frustrating. "We signed up for a group that was all solopreneurs, and it was a terrible fit because they weren't facing the issues we were," says co-founder Dustin Brackett of Hive Digital Strategy, in Denver. He's grown revenue by more than 50 percent the past four years--so he joined a new group focused on growth. Collin Holmes, founder and CEO of San Diego-based Chatmeter, felt a similar frustration in a group of founders who were still in launch mode. While he addressed scaling strategy, most members were mired in basic operations. "The challenges we faced were so different, we weren't talking the same language," Holmes says.
3. Protect it under lock and key.
If you want people to truly buy in, have all members sign a mutual nondisclosure agreement and make, at minimum, a six-month commitment, says Candice Blansett-Cummins, founder and chief experience officer of Wishcraft Workshop and C'mon, Let's Rally. Holmes, who joined a mastermind group in late 2015, says, "To really understand someone's business--to be able to give good guidance and make real recommendations--could take six months, depending on the industry, the frequency of meetings, and the dedication of the founders." If there's an open-door policy, people might disappear after a few meetings, which can tank the momentum of the group.
4. Let others dig deep.
Sometimes, you'll walk in wondering how to handle a bad hire--only to learn it's how the person's being managed that has to change. That's because "members don't just brainstorm--they ask questions to get to the bottom of what the real issue is," says Leslie Grossman, who joined her first mastermind group 25 years ago, as founder of an integrated marketing firm, and now facilitates groups in New York City. "As a leader of a business, even your C-suite will tell you the things you think you want to hear after a while--that's natural. But a mastermind group asks the tough questions to make the right decisions."
5. Keep the conversation flowing.
Monthly meetings aren't the be-all and end-all, says Blansett-Cummins, who has facilitated multiple mastermind groups. Most have some way for members to stay in touch between get-togethers, such as a private Facebook group or email chain to ask quick questions, seek referrals, share relevant news, or address deeper problems. In Grossman's groups, one-on-one phone calls between official gatherings are encouraged, "because the more you get to know each other, the more you can help each other."
How to Find (or Design) a Mastermind
Ready to give peer mentoring a go?
Focus on the facilitator. As the mastermind group's gatekeeper and de facto leader, the often-paid facilitator acts as a sort of business therapist. Look for business coaches or larger organizations in your area, and ask whether they facilitate groups. "While the facilitator doesn't have to have run a business, I think you get more out of it when he or she has accomplished what you want to accomplish," says Rose.
Rely on word of mouth. Peer mentoring can feel as personal as marriage counseling, and your odds of finding a good group fit are infinitely better if you rely on personal recommendations rather than on a search engine, says Blansett-Cummins. Higgins's route to her group? Someone suggested she meet with another punk rock-loving entrepreneur, and when the duo hit it off, that entrepreneur plugged Higgins into her group.
Act like an entrepreneur. If you can't find what you need, build it yourself. "It's like launching a company--you want to talk through mission, vision, and values as a group," says Blansett-Cummins. Can people step out for pressing calls? What happens if someone can't make a meeting at the last minute? Establishing those dynamics together makes everyone more invested.
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https://www.meetup.com/MasterMindsOC/ Our local OC Master Mind group meetings offer friendly group problem-solving discussions that help local Founders (and aspiring Founders) to move forward, farther, and faster, and have some fun, too.
"MasterMinds Groups" that accelerate startup companies have been a key driver of growth company success for generations.
Join us for this Orange County Master Minds group (https://www.MasterMindsOC.com), a service of the OC Startup Council.
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Mentoring through a new online mastermind group of new startup founders working on new ideas
I am launching a new mastermind group (of 10-15 people max) with a monthly subscription of $ 25 that would offer companionship (accountability) and also specific inputs on business - business ideas, validating business models, early customers, etc.
The way the mastermind group will work is - a weekly video call, and one specific task focus each week.
Presently, I am involved in entrepreneurship training, mentoring and startup consulting….
Thanks for putting together a mastermind group. I think these are much needed especially for solo-preneurs. A few questions if you would be so kind...
· Is that $25 a month or a one time payment to be part of the group?
· How many people have joined so far?
· Would the group of 25 people all meet online at the same time?
· Is there a format for the mastermind sessions? Or guidelines that you have crafted yet?
level 2
1 point·3 months ago
@adamwebber, This is the first time I am launching a mastermind group and so I am totally flexible in terms of subscription, guidelines etc., as long as we are able to work towards 90 days goals for each one in the group.
Having said that, there are few things that I am kind ...