What do you think of when you hear the word “mastermind?” The first time I heard the term as a little girl, I pictured a group of serious-looking grown-ups dressed in long robes, sitting in a circle – like a scene out of a Harry Potter movie!
But as I found out later, there’s nothing mysterious about a mastermind group although the results you can achieve from being a member of a good group can be magical :)
Mastermind groups are more than just a bunch of people coming together in person or online, to share their experiences.
In Napoleon Hill’s great book, Think and Grow Rich, a mastermind is described as, “A friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose.”
Yes, it’s an old-fashioned description, but it’s absolutely accurate.
Hill adds: “Analyze the record of any person who has accumulated a great fortune, and many of those who have accumulated modest fortunes, and you will find that they have either consciously or unconsciously employed the Master Mind principle.”
Not just an exchange of ideas
A good mastermind group will meet regularly – either in person or via online platforms – to work together to resolve problems and challenges in a collaborative and constructive way. You could say it’s the ultimate brainstorming session… and the possibilities are endless!
When you’re part of a mastermind you get to learn from other people’s mistakes and failures. This means you don’t have to learn through trial and error (this is a slow and painful way to achieve success!).
In the very best mastermind groups, members hold each other accountable for tasks and action steps that will help each member move closer to their goals. Motivation, inspiration, and consistency are big challenges for many entrepreneurs. It’s hard to take action and stay persistent when there’s no one who will check in on your progress and cheer you on when you need a boost.
While it’s great to have lots of ideas and to stay on top of the most effective strategies and techniques for your business, ideas mean nothing when you don’t follow through by implementing what you learn. This is the reason why truly great mastermind groups feature accountability and implementation as central themes.
There’s always a solution
Founder and CEO of Chic CEO, Stephanie Burns, said in Forbes: “Everyone in the mastermind is unique in skill, experience, and connections. By interacting and sharing your challenges, it’s almost certain that someone in your mastermind will have a solution for you and you may also be able to offer a solution, connection or tactic to help another in the group.”
What could be better than that for your business?
This is a community of like-minded people who are always there to offer support and guidance. You’ll gain specific, helpful advice from people you can trust. Nothing is better than having a supportive team behind you whether you’re just starting your business or you’re ready to take things to the next level.
You’ll also be exposed to a whole new level of learning and education because everyone brings different types and levels of expertise and skills to the group.
It’s a game-changer
Here’s an easy-to-refer hot list of how a mastermind can be a game-changer for you and your business:
- Powerful accountability: If you’ve started your own business, you know that being your own boss can be a lonely experience. You might feel demotivated or uninspired at times. A mastermind group will support you, and provide accountability so you can achieve your goals.
- Consistent implementation: Implementation is everything when it comes to running a successful business. Always keep in mind that a mastermind isn’t just about connecting with others or exchanging ideas. It’s about supporting members to take action on the tasks that will get them to their business goals.
- Answers and ideas: Brainstorming is one of the best ways to come up with not just one but a whole bunch of ideas and solutions. If you’ve been in a mastermind before, you already know that the sheer number and variety of ideas that can come from a single brainstorming session is beyond amazing. This is almost impossible to achieve on your own.
- Win-win support: What could be better than receiving support from those who have blazed a trail before you? You can make the most of proven ideas, insights, tools and strategies others have used to achieve the kind of success you’re dreaming of. Plus, you also get to offer your support to those who have helped you. It’s a “win-win” for everyone.
Seek and you will find
Looking for a great mastermind group isn’t as complicated as you might think. Ask other entrepreneurs you know about a good group that they may have heard about. You’ll find that there are usually people around you who are already part of a mastermind group. They may be happy to have you join them.
You can also look online for a mastermind group that feels right. It’s one of the best ways to find a powerful group that’s related to your niche. If you follow specific high-level entrepreneurs and industry leaders, check to find out if they’re starting or running a mastermind.
It’s always a good idea to be part of a mastermind that’s led by someone that you already know, like and trust. This should be industry personality or successful entrepreneur who has already achieved the level of success that you are looking for. When you pick a mastermind, make sure that the leader is someone who can walk her talk. Remember…a leader cannot take you to a place she’s never been.
Commitment is key
There are many mastermind groups that work on a volunteer basis. However, these tend to be short-lived because it requires less commitment from members (since it’s free) so other priorities often get in the way.
When people pay to be part of a mastermind, their commitment level is high. Your time becomes more valuable and you’re far less likely to miss a meeting that you’ve paid for. Another great benefit of paid mastermind is that it usually led by an experienced and skilled facilitator. A great facilitator can be the best asset in turning a good mastermind into a truly great one.
Take time to find a mastermind group that focuses not just on networking and exchanging ideas but one that ensures that members remain accountable. The group should be designed to help members implement the ideas and strategies that are discussed. It might take a bit of effort but it’s worth it because when you finally hit on the right mastermind group, you’ll be able to leverage its full power to achieve your goals and create a business that you love.