Masterminding: Two Types of Female Entrepreneurs Reap the Rewards

Starting or joining a mastermind group can provide female entrepreneurs with support, resources and accountability. It’s important for business owners to find a mastermind group that meets their specific needs and desires. Napoleon Hill, author of Think and Grow Rich, first defined the mastermind in 1937 as a “coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”

Continuing research delves into the intricacies of business collaboration – and reveals important steps to follow. Professional market research of more than 3,500 women in business, has shown that each of five unique types of business owners has a unique approach to running a business and to handling the other details of her life – and therefore each one has a unique combination of needs. This article outlines two of those types, and details the benefits they should expect – and considerations they should make – when participating in a mastermind group.

Merry Jane is building a part-time or "flexible time" business that gives her a creative outlet (whether she's an ad agency consultant or she makes beautiful artwork) that she can manage within specific constraints around her schedule. She may have a day-job, or need to be fully present for family or other pursuits. Representing about 19% of women in business, she realizes she could make more money by working longer hours, but she's happy with the tradeoff she has made because her business gives her tremendous freedom to work how and when she wants, around her other commitments.

While Merry Jane business owners definitely can benefit from participation in a mastermind group, their time is at a premium. Therefore, if a Merry Jane entrepreneur decides to join a mastermind group, she must first be sure that the group is structured in a way that fits her life. For example, a mastermind group that meets virtually for shorter periods of time will suit her busy, multifaceted lifestyle better than one that meets frequently, in person for hours at a time. Merry Jane will be best served as part of a team on which members in similar or related industries network together to intentionally grow each of their businesses, with a focus around systems orientation. This is a way for Merry Jane to bring speed to her business while gaining new clients.

Tenacity Jane is an entrepreneur with an undeniable passion for her business, and one who tends to be struggling with cash flow. As a result, she's working longer hours, and making less money than she'd like. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes make up the largest group of female entrepreneurs.

Most importantly, Tenacity Jane business owners progress more quickly when they have a mentor. Therefore, they benefit by participating in a mastermind group facilitated by a mentor, leader or coach, and in which there are other members who have achieved successes Tenacity Jane aspires to. Another alternative she may also want to consider (or in addition to being part of a larger group) is to create an accountability partnership, wherein each person holds the other accountable for taking action against clearly defined goals. In a mastermind group or with an accountability partner, Tenacity Jane's ability to think outside the box and sheer determination will provide inspiration for her mastermind partners, as well.

Any type of entrepreneur can benefit from a mastermind group, as long as it meets her specific needs.

While masterminding can prove a powerful, effective means of reaching business goals – whether it’s business growth or personal development – that power and effectiveness is multiplied when the mastermind group fits with each business owner’s needs, desires and habits as defined by her entrepreneurial type.