Monthly Archives: November 2024

To many, being an entrepreneur may seem like a solo adventure, but the truth is, your success hinges on the people around you. In fact, research definitely shows that having a strong support network can boost your chances of success by up to 80%, a staggering figure that underscores the importance of building meaningful connections and having a support group that helps you constantly grow.

Here are the five essential types of people every successful entrepreneur and business owner should have in their corner: Please note this also works for your children if you see that entrepreneurial spirit in them help them build these 5.

1. Visionaries and Role Models You Model

Visionaries are the trailblazers who inspire you to think big and aim higher. They are often the ones who’ve walked the road before you, providing a blueprint for success while challenging you to push beyond your comfort zone. You should always have at least 3-5 role models you are intimately stalking online. Learning from their every business move how they operate and think.

Fact: Entrepreneurs with role models are 3.6 times more likely to lead high-growth businesses.

Who inspires you to dream beyond what feels possible? Seek out those individuals and let their stories fuel your ambition.

2. Mentors and Advisors

Have at least 5 seasoned professionals act as your personal board of directors, offering invaluable guidance and sharing their hard-earned wisdom. Remember wisdom should be learned from others as much as possible. Whether it’s navigating uncharted waters or avoiding common business mistakes, mentors play a pivotal role in shaping your journey.

Fact: A UPS survey found that 70% of small business owners who receive mentoring survive for five years or more double the survival rate of those who don’t.

Don’t wait for mentorship to find you; actively seek mentors who resonate with your vision and values. You can use FounderCentered.com or LinkedIn to find really good mentors. 

3. Partners and Team Members

No great business became great by doing it all alone. The right partners or team members are the co-creators of your entrepreneurial dream. These are the people who share your vision, complement your skills, and roll up their sleeves to help bring your business ideas to life. They are your cheerleaders and you theirs. Make sure you build a solid team around you and your business.

Fact: Companies with engaged employees outperform their competitors by an impressive 147%, according to Gallup.

When building your team, look for alignment in values and diversity in expertise. A strong team doesn’t just execute as a team; they innovate together.

4. Supporters and Friends

When the road gets tough and trust me it will, having emotional support can be the difference between pressing forward and giving up. These are your friends, family, or trusted confidants who celebrate your wins and lift you up during setbacks. They are the people who are there no matter what. Good or bad they got your back. They are also truthful and sincere which is key. Want to leave your wife because of your job… they will tell you “HELL NO” and put you back on track on building your relationship and business at the same time. Those are the friends I am talking about. Ensure you have supporters and friends. I can’t tell you how important this has been for me and others I know.

Fact: Entrepreneurs with strong emotional support experience 50% less stress and burnout.

Never underestimate the power of a kind word, a listening ear, or a heartfelt “You’ve got this.” can do to elevate you.  They can reignite your drive when it matters most. 

5. Connectors and Networkers

Opportunities often come from who you know, not just what you know. Connectors are the individuals who expand your network, introducing you to clients, collaborators, or investors who can catapult your business forward.

Fact: LinkedIn reports that 85% of jobs are filled through networking a statistic that applies just as powerfully to entrepreneurial opportunities.

Cultivating relationships with connectors can open doors you didn’t even know existed. Be intentional about networking and giving back to your network in return.

Entrepreneurship is a team sport. By surrounding yourself with these five types of people, you’re not just building a business with a strong foundation, you’re creating an ecosystem for sustainable success.

So, take a moment to evaluate your five. Do you have these key figures in your corner? If not, start seeking them out. Success is never a clear line, but with the right people by your side, the path becomes much clearer.

Who’s in your entrepreneurial circle?