Peer Mentoring: The Entrepreneurial Connection

“You alone can do it, but you can't do it alone.” — Anonymous

Entrepreneurship can be a lonely journey. Connecting with peers, mentors, professionals, and customers requires intentional effort. This doesn’t happen by simply hoping for the best.

In this blog, I’ll explore how to set up a peer mentoring group (sometimes called a mastermind group).

In my previous blog, I mentioned reconnecting with Dani*, an entrepreneur I had been coaching. She felt more confident about her business, partly because she started a peer mentoring group with like-minded entrepreneurs.

While peer mentoring can be done virtually, it tends to have greater impact when done in person. A hybrid approach is also an option.

Getting Started

Starting a peer mentoring group takes time and can involve some false starts as people drop out. Here are some steps to get you going:

1. Build connections first: Attend networking events, conferences, and tap into your LinkedIn contacts. Build rapport before inviting someone to join a peer mentoring group.

2. Start small: Begin with one accountability partner. This gives you someone to connect with regularly. From there, you can both seek additional members. Everyone in the group should agree on any new member.

3. Choose wisely: Avoid close friends or people you’ve known for a long time. Pre-existing relationships can bring emotional baggage and bias, which may affect group dynamics. Instead, look for diverse individuals in different fields or with different approaches. A mix of perspectives can broaden everyone’s horizons.

4. Ensure commitment: The most critical factor is members’ commitment to consistently showing up. Set a regular meeting schedule, such as the first Wednesday of every month at 7 PM. Some groups meet biweekly, but consistency is key.

   
   

Five Is the Magic Number

The ideal size for a peer mentoring group is five people. Research** supports this, and feedback from Futurpreneur’s peer mentoring pilot confirmed that groups of four to six work best, with five being ideal. Smaller groups lack dynamic interaction, while larger ones become unmanageable.

Here’s an interesting observation: in restaurants, groups of more than five often split into smaller conversations. Try noticing this during your next group outing.

Structuring the Peer Mentoring Group

There are many ways to structure your group. Avoid turning it into just a social gathering—although starting and ending meetings on a light note is a good idea. Entrepreneurs need to feel they’re gaining tangible value, not just networking.

The Deep-Dive Approach

Each group member takes a turn as the focus. Here’s a suggested format:

1. Update (2 min): The focus person shares what they committed to last time or any updates.

2. Challenge (2 min): The focus person describes their current challenge.

3. Clarifying questions (5-7 min): Group members ask questions to understand the challenge.

4. Reframing (2 min): One member summarizes the challenge, and the focus person confirms.

5. Suggestions (10-15 min): Group members provide ideas and solutions.

6. Commitment (2 min): The focus person commits to an actionable step for the next meeting.

   
   

This approach takes about 30 minutes per person. For a group of five, that’s nearly three hours, so it’s better to focus on three people per meeting, keeping the session to about two hours. Rotate who gets the spotlight in subsequent meetings.

Alternate Approach

At Futurpreneur, we used this streamlined format:

1. Update (2 min): Share last month’s commitment or any updates.

2. Challenge (2 min): Share the current challenge.

3. Suggestions (10-15 min): Group members provide feedback.

4. Commitment (1 min): Focus person commits to an actionable step.

   
   

This takes 15-20 minutes per person, allowing everyone to share within a two-hour meeting. Additionally, using a shared Google Doc for members to outline their challenges beforehand can make meetings more productive.

Setting Ground Rules

To ensure the group runs smoothly:

• Commitment: Members should attend consistently. Missing one meeting is fine, but missing two raises a red flag. After three absences, the group should evaluate the member’s commitment.

• Confidentiality: Trust is vital. What’s shared in the group stays in the group.

• No obligations: Members aren’t required to give referrals or meet outside the group.

  
  

While these rules provide structure, don’t let them stifle the group’s energy and enjoyment.

My Peer Mentoring Experience

Hearing Dani’s enthusiasm reminded me of my own peer mentoring group. When I started my business, I formed a group with four other entrepreneurs. We met monthly for two hours, and the group lasted five years! (Most groups last about a year.)

We started as strangers but developed deep mutual respect over time. While we occasionally discussed personal matters, the focus remained on our businesses. This balance fostered trust without judgment.

Peer mentoring reduces stress and makes the entrepreneurial journey less isolating. It’s not therapy, but it can rejuvenate you and make your journey more rewarding. The ideas you generate, the bonds you form, and the laughter you share can be invaluable.

Peer mentoring is one way to build relationships—a cornerstone of entrepreneurial success. It takes effort, but the rewards are worth it.

*Name and business details changed for confidentiality.

**Why teams should be just 5 people