Why Every Entrepreneur Needs a Business Support Group

The idea of starting your own business or kicking off a side hustle sounds great until doubt starts creeping into your thoughts. I'm so busy when would i do this? What can I start with my limited funds?

Am I even capable? I've never started a business before so how do I know it wont fail? And what will my friends and family members think when I tell them I'm diving into something new?

These are all normal thoughts that every person deals with when they think about doing anything out of the ordinary. The only problem with these thoughts is that they can become debilitating if you let them. From my experience, these thoughts spiral into a rabbit hole that leads you to "Analysis Paralysis". You become so hung up on all the questions that you end up giving up without taking the first step.

The problem becomes worse if you're surrounded by people that aren't entrepreneurs and don't understand or support the path you're taking. Nothing puts out your fire faster than your best friend or parents telling you not to do something because you'll fail. So what do you do? Just give up and keep living the life you currently have?

Absolutely not, the first thing you do is find a tribe that is like minded and has similar goals. As any good business book would tell you, having a strong support system is vital to starting and growing your business. Sometimes, working with like minded strangers can be the key to your success or succumbing to the Paralysis we mentioned earlier.

Now, you might be wondering, why is an entrepreneur support group so crucial for aspiring entrepreneurs? And, how can it benefit me as a small business owner? There's probably a ton of other questions you're asking yourself about support groups, entrepreneur circles and masterminds. In this post, we'll provide some high level answers to those questions in hopes of getting you excited about finding the right support group for your goals.

The main reason having a support group is so important for entrepreneurs is that entrepreneurship can feel very lonely. Starting a business or side hustle, requires you to take on additional responsibilities other people will never experience. Besides coming up with an idea, you're responsible for executing on that idea which includes tasks such as:

• Operate legally (Setting up the right business structure, have all the required licenses and permits)
• Have a viable business plan
• Have a marketable product (partnerships, manufacturing, shipping, logistics, etc.)
• Keep your accounting updated (know your cashflow, outstanding invoices, tax liability, etc.)
• Operate efficiently (correct processes, reduce waste, maximize profits and product/service quality).

Handling all this and making important decisions alone adds a layer of pressure that most non-entrepreneurs cant understand. The stress of possible failure can feel overwhelming but in such instances, being part of a business support group can help ease the burden by providing you access to resources and others with experience.

Data supports this assertion too. According to a 2017 Harvard Business Review study, entrepreneurs who belong to a business network are 27% more likely to create ventures that are still operating after three years. This shows that the support, advice, and encouragement you receive in such groups can significantly enhance your business longevity.

Source: Oberlo

Moreover, a 2022 study published in the Harvard Business School, states that "Networking is valuable to any business professional but especially entrepreneurs. When starting out, an entrepreneur’s network can open doors to critical opportunities, knowledge, and support that can be the difference between a venture that succeeds and one that fails." This is because a strong network gives you access to tools and resources you might otherwise lack.

These were just a few examples of benefits of a support groups for entrepreneurs. Let's examine a few more advantages to joining business related support networks.

1. Shared Experiences: Owning a small business can be difficult, but having a group of peers to rely on can make all the difference. A small business support group offers a space for entrepreneurs to connect and share their stories, learn from each other, and cheer each other on in successes.
2. Resources and Tools: Many entrepreneur support groups, like the Corporate Divergent Community, provide access to a growing library of tools and resources that can aid your entrepreneurial journey. These can range from templates for business plans to online courses for skill development.
3. Networking Opportunities: Support groups for entrepreneurs are also a great space for networking. They bring together a diverse group of individuals who can provide different perspectives, insights, and potentially form business collaborations.
4. Emotional Support: The rollercoaster ride of entrepreneurship can take a toll on your emotional health. Having a support group means you have a group of people who understand your struggle and can provide the emotional support you need to push through tough times.

If you're looking for a support group, there are numerous online entrepreneur groups including these listed in this U.S. Chamber of Commerce article, 10 Networking Groups for Entrepreneurs. One such community worth looking into is the Corporate Divergent Community. Its mission is to be a hub for working professionals interested in learning and discussing entrepreneurship. In addition to networking with like-minded individuals, members have access to a library of aggregated tools, templates, and resources aimed at helping to maximize and diversify income.

Joining the Corporate Divergent Community or any entrepreneur support group doesn't mean you'll instantly be successful. It's a tool to guide you on your entrepreneurial journey. It provides a support system to help you manage the ups and downs of running a business. By joining an entrepreneur support group, you're choosing to go far in your entrepreneurial journey.

Joining a support group provides every aspiring entrepreneur a sense of community, valuable resources, networking events, and emotional support. So, what are you waiting for? Start your search for the perfect entrepreneur support group today.