The power of mastermind groups is a new concept to many people, and the influence of such a group when you’re growing your business will help you navigate the often rough waters of business challenges using the collective intelligence of others to guide you to success.
How does a Mastermind group work? A group of talented people meet on a prescribed schedule (could be weekly, monthly, or even daily) to tackle problems and or challenges together. The group comes together to lean on each other, share connections, advice and even business with each other on occasion, if appropriate. If you are lucky enough to become part of a powerful mastermind group, you and your business will see benefits you couldn’t achieve on your own.
Many attribute the creation of mastermind groups to Napoleon Hill, introduced in his timeless book “Think and Grow Rich” although we know the concept has been around since time began, known by many names perhaps, but always focused on the same results of support and inspiration to move people and their business forward.
A mastermind is…
Not a class or workshop: Guest speakers may be brought in on occasion, based on voting within the group as to the value to be gained from the invitee. Masterminds are about brainstorming and accountability among team members.
Not about networking: While you may share resources, leads and recommendations with each other, although based on what’s shared there will be many opportunities for networking and joint ventures, among other benefits.
Not group coaching: There is no facilitator providing coaching in a group setting. It’s all about Mastermind members share with each other. Everyone provides feedback and support.
A mastermind is about…
- Collaboration: You could find someone in the group to bring expertise and skill to a project you’re working on, the group works together to achieve more together.
- Advisement: As a member of a mastermind, you can look forward to reducing the loneliness you may feel while running your business. Members of the group become business advisers, and so will you.
- Moving out of your comfort zone: The group will encourage your reach – that’s the beauty of a master mind. Belonging to a group such as this encourages you to stretch and extend your boundaries.
- Belonging to an exclusive group: Each member of the group needs every other member. Each benefits from the experience and knowledge so crucial to success.
- Learning new things: Everyone in the group brings their own unique skills, experience and connections. When sharing success and challenges it’s good to know someone in the group may have a solution for you, while also learning from your style, experience and problem solving skills.
A mastermind group can be an incredible place to get insights to grow your business and yourself. The purpose belongs to the group and no two groups are the same. The keys to mastermind group success is the personal commitment and participation of each member; your co-members give you feedback, help you brainstorm new opportunities with accountability to keep you on track. A well run mastermind group truly becomes a supportive community that lives up to the adage “rising tides lifts all ships”. If you are lucky enough to be invited to join such a group, know you will gain the objectiveness of a board of directors, a group of advisers and a team of people rooting for your success. Who wouldn’t want that as they build their business?