Are you an entrepreneur looking for ways to grow your business and revenue? Do you struggle to find the right advice that’ll help you overcome the challenges you’re facing right now? Wouldn’t it be great if there was a way to find like-minded business owners who will guide you to accomplish your goals?
Is your answer to any of the above questions an emphatic “yes”? Then it’s high time you consider joining a mastermind group. Better still, you could launch your own mastermind group to connect and connect with business leaders who share your aspirations and vision.
But what is a mastermind group, and how is it any different from business networking groups and coaching programs? Is it necessary to join an established mastermind group? What factors should you consider before you decide to start a mastermind group of your own?
In this blog, we’ll discuss the answers to these questions, and set you on the path to successfully build a mastermind group. Let’s get started.
What Is a Mastermind Group?
Simply put, a mastermind group is a close-knit network of like-minded individuals who work in harmony to achieve specific goals. Such groups aren’t restricted to business professionals. It’s possible to create mastermind groups for writers, advertisers, scientists, doctors, and a wide array of other professionals.
The distinguishing factor of a mastermind group is that the members support and challenge each other to facilitate personal and professional growth. Also, there’s active participation from each member, as well as peer-to-peer connection within the group. That’s what separates such groups from training programs and networking events.
Mastermind groups aren’t an invention of the 21st century. They’ve existed since the times of Benjamin Franklin, who started the Junto Club with a few tradesmen and artisans. The group, comprising 12 members, met every Friday to discuss politics and philosophy. And it was here that the concept of a lending library was first launched.
J.R.R. Tolkein and C.S. Lewis were also part of a mastermind group for writers that met every week to discuss poems, manuscripts, and chapters of books in progress. Criticism and feedback from the group helped shape iconic literary works, such as The Lord of the Rings.
But the concept of mastermind groups was popularized by Napoleon Hill in his bestselling self-improvement book, Think and Get Rich (1973). Popular examples of mastermind groups include the Young Presidents’ Organization (YPO) and World Presidents’ Organization (WPO).
Apart from these established groups, you’ll also find numerous self-organized mastermind groups. Most groups have between 2 and 12 members, with the average member count being 5. The need for mastermind groups is particularly crucial during a global crisis, such as the COVID-19 pandemic.
Why Mastermind Groups?
While mastermind groups cater to a broad spectrum of professionals, they offer tremendous advantages for CEOs and business leaders. Here are the key benefits of being part of a mastermind group:
Targeted Support
If your business is experiencing a particularly challenging phase, you want practical advice that’s worked for other CEOs. Your spouse, sibling, and a best friend can’t provide you with that kind of support despite their best intentions.
That’s where a mastermind group steps into the picture. You get to connect with and learn from other business leaders who have dealt with similar challenges. They can even provide you with proven solutions to grow your business.
Accountability
Are you someone who has a hard time staying on top of their goals? If you want to take your business to greater heights, setting objectives isn’t enough. You need to work towards achieving them.
When you share your goals with members of a mastermind group, you become accountable for your actions. That means you’ll be more motivated to accomplish the set objectives.
Perspective
Interacting with like-minded professional leaders goes a long way to help you approach business challenges from different perspectives. It becomes easier to overcome these obstacles and optimize business operations.
Greater Good
Whether you’re joining an existing mastermind group or building one from scratch, it creates a space for business leaders to grow and learn. When each member applies these lessons to their business, it doesn’t just skyrocket their revenue. It also creates more employment opportunities, thus contributing to the growth of the local community.
Starting a Group of Your Own
When you're a strong-minded professional leader with people who depend on you, it can be hard to let your guard down and let them see your uncertainty. The most important thing to remember is that they are there for you and want to help!
Cultivate a supportive, transparent culture today and learn how to launch a mastermind group of your own!
Here are the steps you should follow to build a mastermind group:
- Establish your goals
- Set eligibility criteria for members
- Find and evaluate potential members
- Outline a strategy for interacting with members
- Develop a quarterly, half-yearly, or annual agenda
- Find the right tools to keep members connected
Make sure you choose members who have similar skill levels. Additionally, you might have to hire a facilitator who holds the group together. If the group grows to more than 12 members, consider splitting it to ensure peer-to-peer interaction.
Overcome Business Challenges with Mastermind Groups
Being an entrepreneur in 2021 can feel like a lonely journey. Connecting with business leaders who are in a similar predicament will ease your challenges. Create a mastermind group by finding the right CEOs and leaders, and work with them to accomplish your goals.
