Benefits of SKMurphy Mastermind for Entrepreneurs

An SKMurphy Mastermind Group is an ongoing series of facilitated conversations among serious entrepreneurs. It enables collaboration on problems and opportunities and fosters joint accountability around effective ongoing action.

Benefits of SKMurphy Mastermind for Entrepreneurs

“A mastermind group is an ongoing serious conversation among entrepreneurs.

It offers a chance to pause and reflect,
to frame the challenges you are facing,
and to gather other perspectives and lessons learned.

It enables collaboration with other entrepreneurs on problems and opportunities
and fosters joint accountability around effective ongoing action

There is an African Proverb ‘If you want to go quickly, go alone.
If you want to go far, go together.’

Entrepreneurs in a mastermind group are running their own businesses,
but use the group as an informal advisory board.
SKMurphy acts as peer facilitators and scribes.
Our model is record to remember, pause to reflect.

A mastermind is a self-help group going through new experiences.
As anyone who is running a business knows,
it’s one new insurmountable opportunity after another.”

Sean Murphy on benefits of SKMurphy Mastermind for entrepreneurs.

Don’t Just Take Our Word For It

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Peer Accountability and Perspectives

Successful entrepreneurs invest the time and effort to anticipate the effects of several possible courses of action available to them, document plans and assumptions to facilitate later review, and make what are often hard choices with limited information. They set trigger dates to measure the results they achieve against their expectations and refine their approach to incorporate what they have learned. A mastermind or peer advisory group holds you accountable for learning from successes and failures and suggests alternatives and insights you may have overlooked. There is no substitute for thinking hard about your situation and taking action, but serious conversations with peers can clarify your situation.

You can have one-on-one conversations with peers regularly, organize a small group of three to six that meets once or twice a month for a coffee break or a meal, or create more formal accountability structures with an informal or formal advisory board. There is value in both comparing notes with peers who come to know your business well and talking with people you know less well who may have novel insights or perspectives. While bootstrappers succeed or fail on their own efforts, regular conversations can help you persevere and scale up.

Three Final Observations

• A mastermind enables you to take action by gaining new insights and perspectives.
• It’s with entrepreneurs you get to know, so you can factor that context into their advice and your questions are based on what you already know about their business, so you get to the heart of a matter quickly.
• It’s a funny thing: when you hear another entrepreneur describe a challenge, or you help another entrepreneur with a situation, you often gain new insights on your own startup.

Related Blog Posts

• SKMurphy Mastermind: A Peer Advisory Board
• A Mastermind Group Can Help Entrepreneurs Achieve Their Goals
• Seeing The Elephant: The Entrepreneur’s Challenge of Integrating Advice
• Scott Swaaley, Founder & CEO of MAKESafe Tools on SKMurphy’s Mastermind Group
• Nadia James Daily Checklist for Aligning Efforts with Goals
• Planning and Reflection in particular the section “Go only as fast as you can learn,” which highlights that markets continually evolve, forcing each firm to run its own “Red Queen Race,” running faster and faster (or learning more and more) just to maintain market share. But action without reflection is rarely effective.