Just about every time I start talking about being in a mastermind group, I suddenly receive plenty of blank stares and start hearing crickets. So I thought I would share with you a little bit more about them.
While mastermind groups are relatively new to most people, the concept was actually created around 75 years ago by Napoleon Hill, the author of the classic book, Think and Grow Rich.
So you may be wondering, what the heck is a mastermind group, anyway?
A mastermind group is designed to help you navigate through challenges using the collective intelligence of others. Within a trusted small group of other like-minded business owners, your peers give you feedback, help you brainstorm new possibilities and provide you the encouragement and accountability you need to stay focused and on track.
I am currently part of an amazing mastermind group with other high level & committed peers in Madison, Wisconsin. In the group are expert coaches specializing in areas like innovation, social media, fitness, podcasting, and funding. We meet once a month to work together to help each other grow our businesses (and have an absolute blast)!
A typical meeting looks like this…
Beginning-each member gives a short intro (name, about their business, and new developments). We also have an accountability check-in on one action item from the previous month.
Middle- A predetermined member is in the “hot seat”. A hot seat member shares, in detail, any number of issues, challenges, ideas or questions about his or her own situation. The rest of the members then respond and contribute to the discussion by offering feedback, suggestions or comments based on their expert knowledge and experience.
End-Each member declares one action item for the next month.
6 Reasons Why A Mastermind May Be Right For You…
You Feel Isolated-Once you are involved in a mastermind, that feeling of “being alone” while running your business is gone. The other members of the group turn into business advisors of sorts and vice versa.
You Need Accountability-When you talk to others about what you want to do or what your goals are, you are far more likely to achieve them. Just imagine sharing your goals with a group each week and how much more you would want to accomplish because of it. Maybe it’s because we don’t want to let others in the group down. Or, maybe it’s because we don’t want to seem lazy in front of them. It could even be a subconscious thing. Whatever it is, talking to others about what you want to do will help you achieve success.
You Want To Grow Your Network-Joining a mastermind expands your network exponentially and rapidly. By joining, you instantly add to your network and typically gain the networks of those in the group with you. You will most likely find ways to help each other by utilizing cross promotion as well.
You Feel Stuck-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.
You Enjoy Collaboration-You may find someone in the group that is a perfect fit to work on a project with you. Or, you may be the perfect person to help another member as well. The group works together collaboratively, to achieve more together.
You Want To Think Bigger-Being in a mastermind will truly give you a Master Mind! You can’t help but think bigger and stretch beyond your boundaries when surrounded by amazing people doing amazing things.
Chris Rudolph is a husband, father of 3, and a Freedom Business Coach for Digital Marketers. He specializes in working with those who are underpaid, hustling around the clock or missing out on valuable family time build their own Freedom Agency. He helps them grow their income, scale with a team and enjoy more time with their family.