How to Be A Successful Entrepreneur — Pick Your Friends Wisely

ORIGINALLY POSTED ON FORBES OCTOBER 22, 2013 | READ THE ORIGINAL POST

Have you ever looked around your group of friends and thought wow – these people are truly amazing?! If not, you could be hurting your business.

Jim Rohn – the entrepreneur, author and motivational speaker said, “we are the average of the five people we spend the most time with.” I wanted to explore this topic a little further so I set out to find an expert.

Jason Schloetzer, Assistant Professor at the McDonough School of Business, Georgetown University, shared with me this: “Personal networks facilitate the accumulation and diffusion of information among members of the network. An executive or director who has a personal network filled with ‘the right’ people can be a source of important information. Access to this information might help the executive make better decisions, learn improved management practices, and cultivate business relationships. As one example of the value of personal networks, a recent study suggests that CEOs with larger personal networks earn more than CEOs with smaller networks, and a single new connection to a prominent business leader increases the CEO’s pay by about $17,000.”

Armed with this information, I started exploring my own group of friends and can proudly say, yup – they’re amazing. Not to brag, but I have realized that as a very busy entrepreneur I only have so many hours in a day and the majority of them are devoted to growing my business. That means that I have to be very picky about anyone that consumes my time. What that also means is that I choose to spend my time with others that are on the up and up – because they understand me, can support me and I for them.

There’s more to this than just companionship however, research has proven that women who have peer to peer mentors on a regular basis are more successful, more willing to take risks and earn more money than those who do not have this type of interaction.

“…it makes me think about how we unconsciously calibrate ourselves to the energy of those whom we surround ourselves with–for better or worse. Second to the energy is the standards that we hold for ourselves to as far as our determination to accomplish goals, our integrity, our self-management.” reflected Katie Kelley, a Leadership Development Expert and founder of the Leading Ladies Academy.

“I have found this to be true with my career development over the years. In looking back I can see that I grew as my circle of friends grew. These new friends were made through other social networks at my daughter’s school or through professional networks I had joined and the people I gravitated towards were the ones that demonstrated more personal drive, determination, and passion for their careers.” said Corlinda Wooden, Co-Founder and Consultant with Wooden Consulting, LLC

This is why there are so many networking groups, meetups and masterminds popping up. Not just because it’s a fad, but also because it works. As women are continuing to start businesses at a rate of about 2:1 over men in the US, networks are increasingly important.

That being said, take a look at your circle. It may be time to start seeking out a group of highly influential and driven people to be spending your time with. It is an electric feeling to chat with a sister who understands your passions, fears, drive and goals and cannot only commiserate with you, but can also lift you up and help you continue on your entrepreneurial journey. Head up, chin up – onward!