Is Building Entrepreneurial Communities a Great Way To Learn From the Best? Entrepreneurs running successful businesses with a team are lonely as an entrepreneur starting his journey

By Ratish Pandey

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If the media has shaped your perception of a successful entrepreneur, then, I am sure, you are convinced that it's a young person's game.

Do not worry, you are not the only one! While movies, articles and television series may portray a clichéd image of a young male dropping out of college to launch the next big thing, reality tells a different story.

As per a report published in the Harvard Business Review, the average age of a successful startup founder is 45, yes you read that right!

Part of the reason behind this is rooted in the fact that middle-aged entrepreneurs, simply, have more attempts than their youthful counterparts. Regardless of the type of business, professional business experience and exposure will stand you in good stead and increase your appetite for success.

In contrast to founders with no relevant prior experience, entrepreneurs with three or more years of work experience in a specific field were 85 per cent more likely to build a successful startup if the company was in the same area of their expertise. So, it's evident that professional guidance and exposure is required even with brand new creations and technologies. Unfortunately, not many young entrepreneurs can attain that on their own.

Just as no two companies are identical, each entrepreneurial endeavour is as unique as the creator behind it. As good as this sounds, it has its share of backlashes. Since entrepreneurial projects are based on conviction, gut and often data, and carry a definite element of risk, it can be daunting for the entrepreneurs to garner empathy & understanding from peers and family members. Most entrepreneurs feel isolated—and it does not change with success or getting more employees on board!

Entrepreneurs running successful businesses with a team are lonely as an entrepreneur starting his journey.

All in all, entrepreneurship makes for a pretty lonely job, creating the need for a support system, a place to share openly exchange ideas, be candid about learnings and falling and find people with feelings and sentiments akin.

Entrepreneurial communities provide the perfect answer. These communities allow free-flow of copious benefits. They provide a platform for people sailing in the same ocean but with each going through a different experience, having a unique tale to share. With each tale, comes learning that another can benefit from.

Joining an entrepreneurial community offers multiple benefits. Makes you a part of an integrated fraternity where you can be yourself, toast to your triumphs, and get advice from people sailing in the same ocean-facing similar challenges and dilemmas, even helps in business development. You can uncover incredible shortcuts that will help steer you clear of obstacles that your fellow allies have encountered.

The knowledge gained gives you a tremendous benefit, shortening your learning curve helping you scale up your business faster. The best part is its saves you from reinventing the wheel. You have learning tried and tested served to you on a silver platter!

In entrepreneurship, you can abstain from many things, but not from first-hand experience and beneficial connections.

This is where communities for entrepreneurs come in. They can act as a leverage point for fresh and innovative start-ups, openly providing guidance, mentorship, and support to those who need it.

As most have gone through the turbulence of setting up their venture, they are very forthcoming in lending support to each other in time of need.

Contrary to 25 years ago, when resources were not as accessible and well-developed, in this day and age of technical advancements entrepreneurial communities, have naturally been established online.

Members can explore the various fields of interests and connect with other fraternity members across the globe with one simple click!

You can analyse patterns, explore the best platform and tools for their purpose, and even find ways to integrate A with B and create something entirely new. This ease of access has lead to a boundless world of connections and trade of knowledge and information among like-minded people.

During the COVID-19 pandemic, online business communities have become a place, where business connections are nurtured, assets are accumulated, and experience is uninhibitedly shared.

If you're someone who appreciates being involved, such experience exchange will be your most ideal way to master entrepreneurship.

Moreover, in this dog eat dog world of business, you find people who understand, back and encourage your ideas and aspirations.

As bold as going at it alone sounds, it is okay to accept a helping hand.

In a world where the power has shifted from who has the better products to who has more attention, entrepreneurs need to prioritize things that yield real benefits and ROI (both return on investment as well as return on involvement). While everyone feels "Zoomed out" with the switch to webinars, workshops, etc., we need these online communities now more than ever.

One must adapt to the constantly changing times and trends and create ways to improve the quality of life to succeed, and if there's a job description for an entrepreneur, then this is it.

In such situations, these communities can play an important role in spreading the word about a product or service after all, nothing travels faster than word of mouth!

Can you cut your own as an entrepreneur?

Absolutely! Many have done it. However, the vast majority of successful entrepreneurs have realised the benefit of being a part of a community and vouch for it with utmost confidence.

It is a win-win relationship, one that helps you gain clarity, stay grounded and broaden your horizons to fresh and interesting viewpoints that would be unachievable otherwise.

Ratish Pandey

Business Coach, Ethique Advisory

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