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Tips

How and Why You Need to Assess Your Inner Circle

Our society emphasizes friends, family and co-workers as essential parts of our emotional and professional support system. Friends can offer distraction and encouragement, family members give unconditional love and co-workers may provide a sense of camaraderie and even professional advice. However, there are times when we need a fourth type of support in the form of a personal board of directors. A personal board of directors is usually made up of up to six professionals in your age group—but not necessarily in your industry—who meet once a month to for brainstorming and encouragement. In his book, Who’s Got Your Back (Crown Business), Keith Ferrazzi was one of the first to promote this idea of a small, intimate professional networking group. If you’re not convinced, here are a few reasons a personal board of directors could be worth considering:

1. More Honest Than Friends and Family
Friends and family can be wonderfully supportive and encouraging, but the often don’t want to be constructively honest or, if you are talking about Mom, Dad or Grandma, they think everything you do is spectacular no matter what. A personal board of directors is a great way to have a supportive but honest group of individuals to bounce ideas off of, and get advice and constructive criticism from, on everything from reports to resumes.

2. Break From Your Industry
Sometimes it is good to take a break from your industry or co-workers and get an outside perspective. Often times this can help bring new energy to your ideas or career and get you to meet new people.

3. Creating Accountability
Goals can be hard to keep. With a personal board of directors you can set goals and have your co-members help you stick to them. In a recent working paper for the National Bureau of Economic Research, researchers confirmed the importance of having a small peer group to depend on. Their research suggests it’s best to motivate groups, not individuals. They compared compensation packages and found that group-incentive pay motivated workers better than individual-incentive compensation.

4. Hone Your People-to-People Skills
In this digital age we spend less and less time with others—especially virtual workers. Researchers at the Massachusetts Institute of Technology Sloan School of Management have found that groups of people who did well on tests had the most members who were also good at reading each other’s emotions. They had equal contributions to communications and were patient with each other’s answers and issues. One of the best parts of a personal board of directors is that you do not need a leader and you can solve problems as a group better than one of the individual members could by themselves.

How to start your personal board of directors group?

Identify between four and six professionals. The hardest part is connecting with a good group. Think of a few professionals you know who may or may not be in your industry who you think are intelligent, open-minded and collaborative. If you can only think of one or two, this is fine too — those members might have a few people in mind to invite.

Decide how often to meet. I know personal board of director groups that meet every week. Others check in once every six months. Have an idea of how often you want to meet and tell invitees what to expect.

Define ground rules. Once you have got an group together define some ground rules—no one leader, open support, constructive criticism only, confidentiality etc. You might want to create a Google Doc with the rules and then decide on your structure. I encourage Board of Director groups to go over goals every time they meet and then do goal check-ins with each other.

Let it grow. You will find that your group will grow on its own—both in terms of rules and members. Remember, you do not want it to be too big because you want everyone to feel supported, but otherwise let members dictate the direction of the group.

Vanessa Van Petten specializes in social and emotional intelligence research and development. The focus of her company is to research youth behavior and help adults keep up with young adults.

YEC Urban is an initiative of the Young Entrepreneur Council (YEC), an invite-only nonprofit organization comprised of the country’s most promising young entrepreneurs. YEC promotes entrepreneurship as a solution to youth unemployment and underemployment and provides its members with access to tools, mentorship, and resources that support each stage of a business’s development and growth. YEC Urban’s members are successful minority business owners, entrepreneurs and thought leaders.
  • http://groups.yahoo.com/group/LW-News LW-News-Owner

    Yes. I agree it’s challenging grouping a personal board of directors, six of the most powerful New Yorkers in the same room at the same time, but I’m working on it and it will happen often. Thanks for the article-talk.

    Awesome
    Lisa

  • Doris Jackson

    My business is only a year old and not yet productive. Is it time to establish a board?

    • Heidi

      same question

  • Sister Shelia Middleton

    Very good advice and the ideal is so true.

  • Stacie Price

    Great article! You always hear about board of directors or “dream team” for a business – but a personal board of directors is a novel and great concept!

  • T Miller

    Interesting article. Its so true and important to have an outside group to give you real valuable input. I’m currently working on getting that group together. Good advice.

  • Sharlene

    Good to know that boards don’t only pertain to a non for profit business. It’s a great supportive group for a profit business as well. :-)

    Should you have your board members go through an interview process or complete an application to join?

  • Ron Davis

    Good article. Most of us have an “inner circle” anyway. It makes sense to extend it to business.

  • Mary Gaskin, CFE

    Thank you for the article. Forming a board is a great idea. there is just a handful of women, especially African American women who do what I do. As a result I do not have a model to follow. I think a board will be the best idea.

  • sandrajeanb@me.com

    I Love the concept of forming a board of people in different professionals to brainstorming….

    • http://universityforparents.org/Founder.aspx University for Parents

      I agree Sandra! Having a diverse board is beneficial.

  • Natalie King

    This really reminds me of Napolean Hill’s Think and Grow Rich, Mastermind Alliance. Such an important tip and definately necessary!

  • http://www.realsistersrising.com ShaChena

    Great advice. Thanks

  • http://universityforparents.org/Founder.aspx University for Parents

    Thank you Ms. Vanessa! This is just what I needed to read as a non-profit leader.

  • http://www.unstoppableassistants.com Anjela

    Maybe we should start a Black Enterprise/SBU inner circle? Who’s in Boston? Better yet, I don’t think we even need to be in the same circle with all these advancements in technology. We can have “virtual meetings” or video calls! YAY TECHNOLOGY!

  • http://www.NOLA-ice.com Kelli

    Actually Friends are who I go to the most when starting a new business. Mine are brutally honest. They tell me if something will work or if it will suck and I should — “dig deeper”. My “team” has become my best set of market research – without paying them anything!

    • Bonnie

      I agree with u friends will help.

  • http://www.linkedin.com/in/drcrnichols Randy Nichols

    You may come to discover the people you know or associate with have strengths or abilities that can help you grow your business or enhance what you already have.

    • http://www.dewittrobinson.com Dewitt Robinson

      Great point Randy!

  • http://thetenthmuseplus.wordpress.com/ Jordan

    wow this is a great article. although I’m not on- get a board of directors- level yet. It is good to know && to consider to future references. BUT I will say, I have a couple of honest friends who I know can keep it 100 with me. Loved this tip!

  • http://healthyliving.storenvy.com Moremi

    I have a home-based business of handmade items. Would it still be a good idea to create a board? I do have 2 people that fit the description in the article that could be added. Since I’m home-based is 6 board members still required?

  • Natasha

    Love this…was looking into establishing some type of brainstorming group…but this format would be great. Thank you for sharing.

  • http://www.BGHaccounting.com Michael Walker, CPA

    I have not implemented this idea myself, but I have thought of it, that minority business start-ups do not have a board of directors. Many individuals are going along with the respective ideas, many have the same ideas, but there are not cohesive groups of support or ideas of colaboration and/or even conglomeration.

  • http://brownsf Shelia Brown

    Good information

  • Denise G

    Agree….Interesting…

  • Jen

    Thats a great article. The advice is amazing. Thank you.

    Jen

  • http://lucubrate.co Minnie Turner

    Really don’t think I will have the time for something like this.

  • http://www.hpcemployment.org Garnett Newcombe

    Wow! In January I started researching how to start a board. This information is so on time.

  • http://www.jeromeespy.com Jespy

    This is an interesting idea. Accountability always helps, in business and in life.

  • A. Guerrero

    Great advice…thanks for the article!!

  • J Hill

    A ancient proverb says; “Iron sharpens iron, this article seems to reflect the same sentiment. Great advice!!!

  • http://www.facebook.com/jagencyllc Jocelyn Chavis

    Can someone tell me have they had success extending personal into business. It’s a battle with me and a college friend who have been close for over 20 years and once we joined businesses definitely a battle. Any suggestions?

  • Vicki

    I think it is important that businesses have a board of directors. I like your advice on defining ground rules in the beginning and for the board to go over their goals whenever they meet.

  • http://www.etbsolutions.net Eric

    I like information in this article about creating a personal board, especially the make-up of its members coming from outside of the industry you work in and trying to get individuals from a different background is a great way of brainstorming and getting different ideas that may ultimately benefit everyone at some point in time with their own business venture.

  • Deborah Latham-White

    Is there more detailed information on how to set up a board of directors? It make sense to include professionals in and outside of the industry. But what do these people need to bring to the table? What type of human content should we be looking for?

  • UfP

    Getting an outside perspective can help bring new energy to your business! Thanks for the great advice!!

  • Buddysgin

    It does not have to be as formal as a nonprofit board or a corporate board. After all this is your personal board of directors. I was asked by a friend to be on her personal board and we always convened over a bottle of wine, homecooked food, and good jazz. In her living room the four of us listened, offered encouragement and support, then went on to solve world problems ;) .  We were from vastly different backgrounds so we all saw things differently. Our friend subsequently left a job she was unhappy at and pursued one she enjoyed. Give it a try!

  • http://www.facebook.com/people/Ransford-U-Mollison/1271383346 Ransford U Mollison

    I think of my inner circle as mentors and I was told by a few that they view mw the same.

  • http://www.facebook.com/people/Ransford-U-Mollison/1271383346 Ransford U Mollison

    I think of my inner circle as mentors and I was told by a few that they view mw the same.

  • Jonymor

    Using one or two members to bring in the optimum number and best suited board members is an excellent idea.

  • http://twitter.com/lovelyone105 Charisse Johnson

    Very good suggestions!
    I will definitely look up YEC

  • L.Caesar

    I think that having a personal board of directors group is a great idea.   I unofficially have this, but I will plan to incorporate this.

  • Kristina Nelson

    The information is excellent and I will share it on my blogs

  • Infinitepurelove

    Great article!

  • http://www.facebook.com/profile.php?id=1630720601 Jamar Lee

    Great information… I’m definitely learning.

  • Jasbar1

    Great stuff!

  • Sandra Butler

    Good advice 

  • http://www.facebook.com/profile.php?id=1263115937 Donna Love Taylor

    Younhave to know whonyou are before you can know what you want.

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