Since I started running events for female entrepreneurs, I have been investing some time into hearing and understanding some of the issues that small business owners face.
I like to keep my content focussed on business and struggles for small business owners where possible (#sbo), because in doing so it helps me to write my feelings out and also opens a discussion for other small business owners who face similar issues to mine.
Something I have realised recently is:
"Failure in business is inevitable. Limiting failure is possible".
The topic of discussion today is - why you need to build out a professional support structure to succeed faster in business. I'm calling it a professional support structure because these will come to be your work friend and the people you rely on most for support and understanding.
When you first start your own business, your relationship with your friends changes because they often don't understand your situation anymore - unless they too have their own business, of course. My suggestion would be to see your friends as your personal support structure. Your people, who you can go to, have fun with, grow with as people - all the things friends do. By no means ditch your friends.
I believe you need to also build out a separate, professional support structure. A group of like-minded individuals who have their own businesses and are at the same stage of their journey as you are.
Why do I need new friends?
When you work for a corporation you usually have colleagues. There is a reason that we often build strong bonds with colleagues and this is that you both have something clearly in common - your job. Your colleagues can grow to be a professional support structure, which has quite thankfully been handed to you. Someone else has determined which kind of people should be sitting in the room you are in based on your employability and various other factors that mean you are likely to have much in common.
When you start your own business you won’t have a professional support structure at first, so it's important to actively build one. Find people you can bounce ideas off, grow with, learn with. It isn't a natural process, since you probably wouldn't have done anything like it before. I’ll refer to them from here on as ‘work friends’. I’ve found these are now some of the most crucial people in my life, in a lot of ways.
Won't we all just be clueless together?
Maybe at first. But you will face challenges at different rates and help each other to grow through it. In doing so not only are you off-loading your professional issues that your friends might not understand, but you will also be building a go-to community of people who are in the same boat as you, which will help you to fail less.
image via stocksy.com
'Failing less' really is the key here.
Shouldn't I pick mentors instead?
No. A mentor is something completely different. You can have a mentor or coach, but you will also need peers, people who are going through the same thing as you. Starting your own business can often leave you in quite lonely place. Whilst mentors are perfect for guidance, motivation and much more, they often know so much it can be daunting. Having work friends helps to ease the journey, since doing it all alone isn’t always the easiest. This way you have people around you when you need them who can directly relate to your situation.
Who do I choose to be a part of my professional support structure?
For me, the most important factors are:
1. Genuine people
People you connect with and feel have real intentions. If you aren’t the kind of person who usually gets vibes or feelings from people, I can promise you that will begin to change when you have your own business. Choose the people you let into your close professional network wisely, but don't be too sceptical either.
2. People of a similar age
This is important because people of a similar age will be more relatable, especially for business. Someone who is starting a business at 45 years old will be in an entirely different position. Not just because of capabilities, but also life experience. For example I have a few friends who are aged 45-55, starting their own business for the first time. I’ve found they have a different relationship with technology and are a little less willing to try new apps etc. They are also more wary of failure, probably because they have had more dealings with failure over the years, and this often holds them back from opportunity. I understand that not every person within this age group will have the same issues. This is only an example of how it could be more useful to have people of the same age with your professional friends circle.
3. People at the same stage
As much as age is important, more so than that is stage of business. If you've just started-up a company, you don't want to look for someone who has had their own business for 5 years because you will be in different stages of development and experience. You won’t be able to go through the same challenges at the same time - which can hinder you in many ways.
Where do I find these people?
That’s the tough part and it may take some time. Usually it happens naturally, based on the nature of your business.
Also your professional support structure will be forever evolving as you meet new people, or people quit their business etc.
Try the following to get you started:
Networking events
, peer focus groups
, free talks, co-working spaces, cafes where other entrepreneurs work etc.
You’ll be surprised what you find on Eventbrite or Meet-Up!
image sourced via Pintrest
What happens if I don't build a professional support structure?
It might put serious strain on your personal relationship with friends and family, since they may not be ale to relate to what you are going though, may not be able to support or give you guidance. Similarly, they may get sick of hearing about it, especially if it is something alien to them.
You also will certainly fail much more. As I mentioned, I believe that "Failure in business is inevitable. Limiting failure is possible". With more like-minded people around us who are embarking on the same journey at the same time, not only will you feel less lonely, more motivated and guided, but with a mentor and a professional support structure, you will fail less.
Do you already have a professional support structure like this? Do you think it's necessary?
If you're in Malaysia and are looking for ways to build a professional support structure, contact me and I may be able to help you get started.
Yasmine