A mastermind group can make all the difference for a business owner. Whether you’re struggling to keep your business out of red territory or simply want to make changes that will move your business forward, a mastermind group may be just what you need.
How to Make the Most Out of Your Mastermind Group
If you’re a business owner and entrepreneur, you know it can be tough to go it alone. There’s a lot of pressure to constantly develop new ideas, be consistently productive, and make things happen. That’s where a mastermind group can help you.
We’ve spoken a lot about taking the time to brainstorm when you’re working out your marketing message. This is basically the same thing, but in a group and not necessarily hyper-focused on ideas for marketing.
If you’re inspired to brainstorm, check out How To Apply The StoryBrand Marketing Strategy In 90 Days.
A mastermind group is a group of like-minded individuals who meet regularly to support and challenge each other. The collective intelligence and resources of the group can be extremely helpful, especially for business owners and entrepreneurs who often work alone.
Okay, let’s get started. First things first.
WHAT A MASTERMIND GROUP IS NOT
So, what exactly is a Mastermind Group? I’ve heard many people refer to one event as “a mastermind event,” “a mastermind class,” or even just “a mastermind.” However, there’s some ambiguity surrounding these words because they aren’t always interchangeable. So let’s clarify things once and for all.
- It’s NOT a course
While your team can vote to bring in guest speakers on occasion, a mastermind program focuses primarily on brainstorming and accountability within the membership. A larger program may include education and masterminds, but these are two separate components.
- It’s NOT group coaching.
Mastermind groups are designed to help people work together towards common goals. They’re not about the facilitators giving advice; they’re about the participants working together to achieve those goals. In a mastermind, everyone shares information and ideas, including the facilitators. The goal is to ensure that the conversations stay focused on the topic at hand without getting off track.
- It’s NOT a mentoring group.
A mastermind meeting differs from a regular weekly meeting because the facilitators and participants actively mentor each other rather than just listen to one another.
- It’s NOT a networking group.
You may share leads and resources among yourselves, but it’s not the main purpose of the meeting. Through your relationships with other members, however, you will find many joint ventures, lead sharing, and business networking.
Let’s talk a little about history, just for fun.
THE HISTORY OF THE MASTERMIND GROUP
The mastermind alliance was first described by Napoleon Hill in his 1928 book, The Law Of Success, and then further developed by him in his 1930 book, Think And Grow Richer. While Napoleon Hill referred to it as a “master mind alliance,” it has been shortened and modernized to “mastermind group.” Even Benjamin Franklin was part of such a club, which he called a “Junto.”
It was Napoleon Hill who first described the concept of “gathering together” in a structured, repeatable setting for the success of everyone involved. Napoleon Hill wrote about “The Mastermind Group” as follows:
“The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.” He continues… “No two minds ever come together without creating a third, invisible, intangible force, which may be likened to a third mind [the master mind].”
There are many benefits of being in a mastermind group, including being able to bounce ideas off of each other, getting feedback, and holding each other accountable.
Here are some tips if you’re looking for ways to make the most out of your mastermind group!
KNOW YOUR PURPOSE FOR JOINING A MASTERMIND GROUP
When deciding whether or not to join a mastermind group, it’s important to consider why you want to be a part of one. What are your goals for the group? What do you hope to get out of it?
Life can be challenging, and this applies to every area. We automatically ‘check out’ when things get tough. It’s a survival mechanism, and it’s generally activated by our subconscious. Let’s not talk about how much more tough things have been since the beginning of 2020. Seriously, I don’t want to talk about it.
What I do want to talk about is this… Intention.
I know, I know… I’m sounding like some sort of newly woken ‘victim’ of the latest weekend warrior-life camp, stirred up by the collective energy of a roomful of electrified and freshly-focused wanderers. But… Your intention will make THE difference in all the things you do.
Think about this. We spend a ton of time clarifying our message to target our ideal customers. We do this to attract them to our products and services, right? So, WHY, then, would we not take the time to clarify our own goals? Why would we not work on clarifying the message we’re sending to ourselves?
It only makes sense that we would. If you can identify your goals, you’ll be better able to find a mastermind group that’s a good fit for you and your business.
But listen, if you’re just starting out with this kind of thing and you’re not sure what your goals are, don’t worry! It’s perfectly okay to join a mastermind group with an open mind and see where it takes you. Most importantly, you’re committing to being part of the group and showing up for the meetings.
Simply having the intention to move forward can be enough to inspire and propel.
SHOW UP FOR THE MEETINGS
It’s important to show up for the meetings of your mastermind group! If you don’t show up, you won’t get the benefits of being a part of the group.
This goes without saying, of course, but then… does it? You’d think. But we (humans) always forget to keep the most basic things in mind. Why is this? For now, let us leave that as a rhetorical question. Maybe we’ll ‘master’ that ‘mind’ someday!
Back to the point.
Showing up is probably equal to half the battle here. Being there will show that you’re committed to the group and taking it seriously. That’s not ONLY for the group either… it keeps YOU aligned with what you’re trying to accomplish, even if it’s simply to move forward. It’s a good idea to set aside time each week to attend the meeting, even if you have to reschedule sometimes.
If you habitually do this, you will see progress and growth for you and your business.
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Moving on to more mastermind group inspo…
USE THE POWER OF COLLECTIVE INTELLIGENCE
When you’re in a mastermind group, you have access to the group’s collective intelligence. Collective intelligence is the combined intelligence of a group of individuals. This can be extremely helpful for business owners and entrepreneurs who often work alone.
When you can bounce ideas off of others and get feedback, it can help you develop better ideas and make better decisions. For this reason, it’s important to make sure you join the right group. When you look for a mastermind group to join, be sure that you and your business have some commonality. That doesn’t mean everyone needs to be in the same exact industry, but it will help if you have similar interests and goals.
Find a suitable mastermind group and harness the power of collective intelligence!
HOLD EACH OTHER ACCOUNTABLE & CELEBRATE SUCCESSES TOGETHER
Here’s the deal. We can all agree that it helps when we are vocal about our goals and expectations and have at least one other person to keep us accountable. This is true across the full spectrum of life, not just business.
Holding each other accountable and celebrating successes together is important to get the most out of a mastermind group. This helps keep everyone on track and ensures everyone benefits from being part of the group.
When you’re able to hold each other accountable, it can help you stay focused and productive. It’s also a great way to ensure everyone follows through on their commitments.
Celebrating successes together is a great way to build rapport and camaraderie within the group. It can also help motivate everyone to continue working hard and achieving their goals. I always feel more motivated when I see progress, but having that initial accountability at the beginning of any endeavor is extremely helpful.
A quick review of what we’ve covered here. Here are the tips if you’re looking for ways to make the most out of your mastermind group!
- Know your purpose for joining a mastermind group
- Show up for the meetings
- Use the power of collective intelligence
- Hold each other accountable and celebrate successes together.
Entrepreneurship is tough, but mastermind groups will help any business owner get through those times when you’re trudging through the thick mud of commerce.
So what are you waiting for? Get started today!
Have you been a part of a mastermind group? Drop us a comment to tell us how you benefited.