When you're at a critical turning point in your career or are making a decision that will have long-term ramifications for your organization, it's wise not to go it alone.
In fact, a proven strategy for a successful career is to cultivate a small group of professional and personal relationships to serve as your sounding board, brain trust or personal “board of directors”.
History's great directors
Students of leadership and history know that this advice isn't new. From Alexander the Great to Elizabeth I to Andrew Carnegie, many of the most successful people have created small circles of trusted people to help them think through important issues.
Napoleon Hill, the great-grandfather of the motivational movement, coined the term “Master Mind group” to describe this strategy. After working closely with steel magnate Carnegie for over two decades, Hill wrote in his seminal work “Think and Grow Rich” that one of the keys to Carnegie's success was relying on his personal network to challenge key assumptions, develop alternative courses of action, and support him in his strategy development and decision-making.
The benefits of building your own personal board of directors are both professional and psychological, as your advisors will not only help keep you on the right track but also become invested in your success. So how do you go about building your board, and how can it help?
Assembling your board
It's advisable to build a group that consists of people both inside and outside your own organization. You can speak to them individually or host quarterly or annual dinners to bring them together.
Ask yourself these questions: Who are the mentors that have helped support you so far? Which friends or family members have been most consistently accurate and dispassionate with their advice over time? Who are the most respected analysts, journalists, or consultants that cover your industry? How can you be helpful to them so that they in turn are motivated to be helpful to you? Who are the few people you should inform of your recent successes?
The more you find these people and figure out how to be valuable to them, the more they'll become invaluable to you. Ask them to review an assessment of your own strengths, weaknesses, and action plans, imploring them to be honest and direct. Getting valuable advice can literally change the course of your career and life.
A personal network in action
Michael Evans — the young basketball coach I wrote about last month who's committed to improving the lives of young people in Northern Ireland — has done this with the help of Yahoo! Finance readers as his Master Mind group. I asked Michael to take in all your comments and the private emails many of you sent me and describe how he was using your counsel. Here's what he told me:
"Some readers gave me very specific directions on how I might go ahead with my idea, while others were simply motivational, offering their general support for my continuation of what they called a 'noble cause.'
“One reader suggested I forgo the book idea and head straight to a lawyer to secure movie rights. Once I did this, he said, I could approach the right people about making a movie on my story and use it as a powerful tool for publicity. A few people have already approached me about making a movie, and I am currently in talks with those people — which, as you can guess, is very exciting.
“However, throughout my adventure, I took endless amounts of notes, wrote tons of journal entries, and was fortunate enough to acquire a literary agent who is currently guiding me along the publishing process. After having written more than a considerable amount already, and predicting that a book will also have a big effect on publicity for this cause, I am determined to complete it and have it published in the near future.”
A role model
“As I work diligently on that, I must also focus on the continuance of my work in Belfast. This, of course, is a difficult task to accomplish while living an ocean away. One reader strongly suggested that I try and motivate and inspire others locally to do the work I did.
“A friend of mine with whom I went to Hamilton College has been living in Belfast for the past six months coaching the team that I left behind. Although he knows little about the conflict [between the region's Catholics and Protestants], and may not share in the passion I have for the situation, he is nonetheless doing an excellent job in keeping the program alive, and he will be bringing the boys to the States this summer for their second trip. Additionally, other friends of mine have come forward to express their interest in doing this type of work after hearing my stories and seeing the boys on their last trip over here.
“To take the program to the next level, however, I must follow the advice of another reader, who stressed the importance of having a well-thought-out business plan in my mind and on paper, so as to be able to approach potential donors and philanthropic organizations for money or other resources. Many other readers also expressed the need for a business plan, and some have even offered to help me come up with one. I agree that this is an extremely important part of the whole picture, and I am going to pursue the idea with the goal of starting a nonprofit organization.
“As far as who I could potentially approach for help, some readers suggested talking with major sports brands like Nike or Adidas. I plan to follow this advice once I have a proven product, and having a book or movie on what I did will also help draw big-name attention.”
Motivational reminder
“I am taking a trip to Belfast in March and have set up meetings with principals of several high schools in the city's most segregated parts. In these meetings, I am going to try and get a feel for how interested the principals would be in participating in a program designed around the work I've already carried out. I imagine that they'll be in support of it, and will want me to act as quickly as possible.
“If it takes another year of living there and, say, coaching three or four teams at once with the help of others, and not being paid to do so, I'll do it. Surely, bringing that many kids together, and bringing them to the United States for a summer tournament, would help get the program off of the ground.
“Overall, those of you who wrote comments or emails served as a reminder to me that what I did was unique, and if pursued creatively and with passion could lead to a career. The prospect of my job being to make peace between kids in countries experiencing strife is inspirational beyond description. Thank you all for your support and advice.”
I suspect Napoleon Hill would be proud of Michael Evans.