You are the average of the five people you spend the most time with.
A mastermind group is a peer-to-peer mentoring group used to help members solve their problems with input and advice from the other group members. The concept was coined in 1925 by author Napoleon Hill in his book The Law of Success, and described in more detail in his 1937 book Think and Grow Rich.
Mastermind groups offer a combination of brainstorming, education, peer accountability and support in a group setting to sharpen your business and personal skills. A mastermind group helps you and your the group members achieve success. Members challenge each other to set strong goals, and more importantly, to accomplish them.
The group requires commitment, confidentiality, willingness to both give and receive advice and ideas, and support each other with total honesty, respect and compassion. Mastermind group members act as catalysts for growth, playing advocates and supportive colleagues. This is the essence and value of mastermind groups.
A mastermind group is not a class, group coaching or networking group.
Why you should join a mastermind group.
In no particular order, here are some reasons to join a mastermind group.
1) You constantly learn new things
In The 7 Habits of Highly Effective People, Stephen Covey advises to regularly “sharpen the saw,” meaning we take time to open our minds and increase our skills. Your profession is constantly changing; a mastermind group can help you stay on the cutting edge.
2) You develop better habits
A good mastermind is highly supportive yet also holds you accountable. If you say you’re going to tackle a new project one month, your fellow mastermind group members will expect to hear about your experiences the next month. This helps you avoid procrastination.
3) You benefit from a “personal board of directors.”
A mastermind group functions as your own advisory board. You can go to them and seek counsel for just about anything. Peer-to-peer advising is incredibly powerful because it allows you to get things off your chest, figure out what to do before you do it and discuss possible outcomes before they happen. Just think how successful you can be when you have a group of people who are invested in your success just as you are invested in theirs.
4) You might find new clients
While this isn’t necessary an expressed benefit of many mastermind groups, some of your fellow members might be ideal clients for your organization. Members tend to become friends. They bond together. There’s nobody better to do business with than somebody you completely trust.
5) You become more confident
When you have the opportunity to discuss the pros and cons of a potential decision with a group of talented and experienced people, you will carry out your decisions with much more confidence.
6) Create deep and lasting connections with incredible people.
The life of an entrepreneur can be lonely – Sharing your dreams, aspirations and challenges with a group of like minded individuals makes it a lot less lonely! You will naturally raise your game as you spend more time in the company of these like minded entrepreneurs – plus of course the average of the five people you spend the most time with will change – for the BETTER!
At the end of each meeting you will have an action plan, objectives you need to meet before the next meeting – which the Group will hold you to account for. It takes real discipline to succeed in any endeavor. Being held to account by your mastermind colleagues ensures you maintain the disciplined behavior necessary to succeed in your business.
Receive feedback from successful individuals on how to solve business issues. Perhaps you have staff issues or financial challenges – let the Mastermind help you resolve them. Remember in the group we all have the same goal – to help each other grow their business. There is no hidden agenda – everyone is on the same side.
There is a special energy that surrounds a group of success minded individuals – an energy that lifts the individual and the group.
Sometimes business is difficult and the challenges can seem overwhelming. Perhaps you have a difficult employee or a legal problem – chances are your Mastermind colleagues have experienced the same issue. You will never be short of alternative suggestions on how to overcome issues. Additionally you will develop deep and meaningful friendships over and above all the business help.
10) Better Decision making
It is easy to put off a decision – but with a Mastermind Group you have your own due-diligence team to give you the confidence you need when making an important decision.
Looking for new ideas for your business? Have a new idea for your business? Want objective feedback and help with that idea? The group will provide more ideas and constructive feedback on your ideas.
12) Increased Profits
Many businesses leave money (profits) on the table – the purpose of the group is to help you take full advantage of all the opportunities that surround you and build your business into the huge success it deserves to be.
13) Think bigger.
You can’t help but think bigger and stretch beyond your boundaries when surrounded by amazing people doing amazing things. Fellow Mastermind members will help you to see the potential you are missing out on.
14) Expand Your Skills.
Everyone in a mastermind group is unique in skill, experience and connections. Everyone is expert at something and as you interact with each other you will be picking up new skills and talents – all the time, working towards a definite purpose, in the spirit of harmony.
15) Mastermind Hot Seats
The principle of a Hot Seat is that you get a chance to present to the group your biggest challenge or issue right now. For starters this helps you gain clarity on the issue you are facing and what you need help on. The Group in turn will provide you with a series of options and opportunities to follow up on and the person in the Hot Seat walks away with lots more ideas and solutions than they could generate on their own.
In a Mastermind Group participants raise the bar by challenging each other to create and implement goals, brainstorm ideas, and support each other with total honesty, respect and compassion.
16) New Business Ideas
Just being in the same room as all superior business brain power can lead to some of your best business ideas.
17) New Business Partners and Cross Promotion
Collaboration is the name of the game. 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.
18) You gain transferable knowledge
If your mastermind group includes people from different industries, you can learn amazing ideas and apply them to your industry allowing you to jump ahead of your competitors.
While mastermind groups are indeed powerful, don’t join one unless you are ready to give it your full commitment. It does require time and effort. If you can’t find one that suits your needs, you might just start one yourself!
Looking to join a group? Check out this amazing mastermind group