The concept of a business advisory board is based on the “Mastermind Group” principle first introduced by renowned personal success author, Napoleon Hill, in his famous book, “Think And Grow Rich.”
In his research of the most successful people of his time, Hill found that a membership in a mastermind group made a key difference in business success. Masterminding brings together people from different spheres of expertise, authorities with different experiences and opinions, and experts with diverse modes of problem solving, to collaborate, brainstorm, and provide support to help group participants and advisory board clients achieve their individual business and personal goals.
The benefits to even small business owners?
Masterminding equips managers to model other successful entrepreneurs. It assigns accountability, goal achievement and synergizes the personal and professional experiences of the advisory board.
“Great Minds Think Alike?” What An Awful Waste.
One of the oldest business chestnuts proclaims, “Great minds think alike.”
In fact, if great minds did, indeed, think alike, we’d all be squatting in caves or hunting for that night’s dinner.
We come from different walks of life, and our business and world views are founded on unique and different experiences. Masterminds share and learn from others. Without fear, without prejudice and without limits.
The Mastermind concept cultivates the exchange of ideas, the pursuit of learning and the creation of diverse, synergistic strategies to achieve personal and professional growth and success. Boards of Advisors are impartial, thus providing the business with a compass pointing toward the path with the greatest chance for success.
Typical mastermind group outcomes:
• Help define the business model and establish accountability for setting and achieving company objectives within a clearly defined time frame. Objectives should be quantifiable to the extent possible.
• Integrate diverse strategies based on feedback from other entrepreneurs. This leverages the masterminds’ successes to the benefit of the business.
• Make stakeholders accountable to others for the implementation of key goals. Provide the means to meet objectives, i.e. budget, authorization, clearance, etc.
• Support and encourage business managers, both personally and professionally.
• Increase contestability and “pushback.” This constitutes truth in the face of authority, something the board of advisers encourages and protects. So-called “whistle blowers” are praised loudly and rewarded for their courage and innovation.
• Provide access to a network of business owners/professionals from various backgrounds to obtain different perspectives, input, and resources as part of best business practices.
The business owner who engages the group should prepare an agenda to make best use of the masterminds’ time.
Business owners who employ a mastermind advisory board are:
• committed to achieving goals
• serious about growing your business
• have the desire and inspiration to make the future better
• are highly motivated, willing to ask for help and support.
Continued in part 2