Category Archives: Hot Seat

Fear and the Entrepreneur

 

Photo from Nordwood Themes – Unsplash

By Stephanie Angelo and Adrianna Huff

Adrianna once wrote, “I had been talking with #HighStakesMastermindGroups about signing up for the mastermind groups and getting my  real estate license for months, possibly years, but as my cursor hovered over the “Submit” button I was still full of fear. Thoughts like: Can I do this? Is this the right move?, What if I mess up?, ran through my head.”

According to Psychology Today,

Fear is a vital response to physical and emotional danger — if we didn’t feel it, we couldn’t protect ourselves from legitimate threats. But often we fear situations that are far from life-or-death, and thus hang back for no good reason. Traumas or bad experiences can trigger a fear response within us that is hard to quell. Yet exposing ourselves to our personal demons is the best way to move past them.”

Fear is a normal human reaction. It originally protected us from lion attacks, but is still present in our everyday lives. I’m not exactly running from wild animals in my home in the suburbs, so why do I (did I) feel fear in this situation? In reality, it is because I was jumping into an unknown situation.

According to an article from the Harvard Business Review, “How Fear Helps (and Hurts) Entrepreneurs”, for many entrepreneurs, fear is a constant companion. Not only do you have fear of losing business, but all of your employees could also be hurt if the business is not successful. However, if entrepreneurs get stuck in this fearful mentality, they may find a more challenging climb for their business.

So, that begs the question, what should an entrepreneur do? Have a healthy level of fear. Simple enough, below are a few suggestions.

  1. Reach out to peers in business or your fellow High Stakes Mastermind Group These individuals have either been in a situation of fear or are feeling fearful. Either way, a supportive and understanding peer advisor or colleague can talk you through possible scenarios and brainstorm situations. Sometimes the hardest part of entrepreneurship is being responsible for all of the decisions. Talking with a like minded individual can be powerful support.
    If fear is gripping you – this is not the time to lash out, make knee-jerk decisions, or be dishonest.  It’s the time to talk it through.  Help and compromise are there to be had. Remember your reputation could be at stake.
  2. Recognize the fear that you have and acknowledge the worst that could happen. Use this fear and understanding to propel yourself forward and push the business in a positive direction. By looking for all the potential issues in the company, you can fix these issues and greatly reduce the fear involved. Consider including steps to mitigate issues and fear in your High Stakes Mastermind Group goal plan.
  3. Power through. Sometimes fear can lead to paralysis by analysis. When there is such a fear of failure (or success for that matter), it can be easy to analyze over and over again. Instead of getting into this loop of analysis, preventing any actual work, make a decision and move forward. It is likely that most decisions can be modified and reversed if necessary.

Fear is a double edged sword. It can propel entrepreneurs to greatness, or it can prevent them from getting any work done. How do you handle fear?

Cooling Off From the Hot Seat

Photo by Daniel McCullough

A friend of mine confided to me that she used to be in a mastermind group, but it simply didn’t work for her. Frustrated with the lack of dialogue and accountability, she left the group.  I asked her questions about her past experience and why she thought it went wrong.

She said that the way their group worked was you had a schedule assigned for when you would be in the “hot seat”. Their group met on a monthly basis and so once a month there was someone who had the hot seat. Her hot seat assignment was four months after she began the group.

She initially joined the mastermind group because she really needed help growing her business. She had a lot of questions and concerns about the direction she was going and choices she needed to make. She wanted to test out new ideas and she wanted to feel like she had somebody that she could talk to. As a new business owner, anxious to have a strong start, she wanted to be able to “pick the brains” of the other members and gain from their insights. She was prepared for the emotional investment that she was going to make in helping each person with their business needs because she had a lot to offer as well.

By the time she got in the hot seat the issues that she had initially come with, when she became a member of the mastermind group, had either fallen by the wayside because she simply was too overwhelmed to address them, or they had become bigger problems, or were initiatives she decided not to try because she was afraid she would fail.

When she finally did get her scheduled chance to be in the hot seat it was of minimum value. Certainly, it had some, but it had significantly diminished from the reason she got into the mastermind group to begin with.  Yet she felt like she had spent the last four months helping everybody else with their businesses – one person at a time.  Having to wait to be in the hot seat sounds a little bit scary. It doesn’t hold conversational value.

There are a lot of mastermind groups that operate that way. In High Stakes Masterminds we just find that we succeed better doing it differently.

It was my members that decided that they prefer to meet every three weeks on a rotational basis. It has worked extremely well for us.  It’s not too frequent contact, like every two weeks, and it’s not big gaps of time in between, like once a month.  Monthly meetings also require that the meetings go really long. Having a meeting every three weeks works really well because of the frequency and having only six members per group we are able to keep our meetings moving along at an efficient 90 minutes each meeting.  Listening to my clients offered a solution to this particular problem.

In our valuable 90 minutes everybody talks every meeting. I don’t call it the hot seat. I don’t personally like that term. But I do call it the “focus seat” and everybody gets a chance to be in the focus seat. In addition, everyone in the group also has time to give them feedback, thoughts, and ideas We have robust conversation around each person’s accountabilities and goals.

You have to shop groups and determine what works well for you. I know that my first group was a disaster for me because we met once a month. Everyone did have a hot seat opportunity, but the facilitator was also a member, and to be quite honest with you she failed in every way imaginable. That experience was a painful disaster. But it did propel me to a training program to become a mastermind facilitator. I’m doing it in what I feel is the right way for my avatar type clients.

How do you know if you’re an avatar type client for High Stakes Mastermind Groups? All it takes is a conversation, and I love having those with prospective members. If you’re cooling off from the hot seat idea learn if High Stakes is right for you.

I look forward to you being in the focus seat.