When you’re starting, and growing, a new business, you need support, accountability, and fresh ideas. Being in a think tank is one way to get all three. If you’ve ever wondered about the pros and cons of being on a think tank or how to start one, here are some ideas:
Advantages of being in a group of experts:
- You have people with whom you can exchange ideas.
- You have people who will hold you accountable for doing what you say you are going to do (and achieve).
- You have the networks of others that you can access.
- You help the members of your mastermind grow in ways they wouldn’t without you (and that feels great!)
- You have people who have no vested interest in whether you do well or not, who have what’s best for you at heart, so they will tell you the truth.
- Their growth is accelerated by being part of the group.
- Your mistakes are reduced (or at least the pain is reduced) because you learn from the mistakes of others, and then you help them in the same way when you’ve made mistakes and can share your wisdom.
- They share a trust and camaraderie that is related to your business and may or may not be related to any other part of your life.
The drawbacks of being in a group of experts, and I think I’ll call them “cautions” instead of “cons”, because if you don’t pay attention to these precautions, then none of the “pros” above apply:
- Consider “where” people are, that is, in terms of their business direction, intent, overall maturity, knowledge, determination, etc.
- You want to be in a think tank with people who are in the same rank as you. If you are with people who are “below” where you are with respect to the considerations mentioned above, then you will be their mentor. If you are with others who are way above where you are then you are less likely to be able to help them and it becomes an even situation. You will constantly cling to them and they will feel cheated because they are not with someone who is on their same level.
- For starters, be careful about who is in the group and who you let in (if you admit others) as you go along. If you have a well-functioning group, adding someone can change the group dynamic in a way that might not work. The think tank I’m in is 3 people and we’ve decided that three is our number and we won’t expand, ever.
- Set guidelines for how you will manage your group. How often will they meet? How long will you meet? What time frame will be involved each time? It’s helpful to have a structure rather than just “get together”.
- If you’re part of a group that doesn’t work, or doesn’t work anymore, then leave the group and find another (or start another).
Consider this general advice:
- Mastermind someone else and build (slowly, if at all) from there.
- Consider any brainstorming group as a test at first.
- Interview each other.
- Agree to certain non-negotiables.
- Find out if you are “on the same page” philosophically, ethically, etc.
- Get together, get started, and then watch your growth.
- If your intellectual group pushes you, that’s good.
- If you’re pushing others in your group, that’s good.
- If everyone is growing, learning, and changing, then that’s when they know it’s working!