Six Reasons Why A Mastermind Group Can Accelerate Your Success

Six Reasons Why a Mastermind Group Can Accelerate Your Success

“Whether you believe you can do a thing or not, you are right.” – Henry Ford

What if I told you that you can put yourself in a better position to succeed by simply sharing your time, either once a week or once a month, with other like-minded and motivated individuals?

Successful individuals such as Benjamin Franklin, J.R.R. Tolkien, Henry Ford and Thomas Edison, all met with groups of like-minded people on a regular basis, to help one another achieve common goals and grow. Today, this is called a “mastermind”, first coined by Napoleon Hill in 1925. In this article, I’m going to go over what a mastermind group is, how it can benefit you and your business, and how to form one, step-by-step.

What Is a Mastermind?

A mastermind is a peer-mentoring group of individuals who meet on a regular basis (in-person or virtually) to push each other to work to their highest potential and hold each other accountable. Many successful entrepreneurs today, from Bill Gates to Pat Flynn, use masterminds to help grow their business and work on their personal development.

Jim Rohn, author and motivational speaker, tells us that we are the average of the five people we spend the most time with. Are the people you spend the most time with helping you with your personal development and business’ growth? This is where participating in and being a part of a mastermind group can improve that.

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Why Join a Mastermind?

1. Accountability: The first reason I recommend any entrepreneur join a mastermind group is because the people in that group will keep you accountable.

Every other week, in my mastermind group, we ask each member how their business is progressing and if they followed through on what they planned to do last week.

I never want to let the individuals in my group down, so when I say to the members in my group that I am going to do something, you can bet I wind up doing it to tell them about it the next time we meet.

2. Feedback: A mastermind group will give you feedback from people who are trying to build a successful business just like you. They have a special insight and mindset that is hard to find. Other like-minded entrepreneurs will tell you what’s wrong or right about your ideas with no bias. They are not your customers and they are not your competitors.

The people in your group can be your best source of advice at times when you’re unsure where to turn to. The members in my group have a very unique yet relevant perspective. This makes for some amazing feedback that has helped me tremendously when it comes to what direction to go in and what next steps to take for my business.

They also get increased value when I bring along guest speakers who are successful in their industry. Sometimes, in a one hour call, webinar or teleconference, our members can learn more valuable information to increase their clients, sales, market share, than they would by spending entire semester sitting in a classroom or lecture.

3. Collaboration: Not only does your mastermind group allow you collaborate on ideas but you can help people or get people in your group to help you with projects or tasks. While this isn’t the main function of a peer-mentoring group, as a result of meeting with other talented entrepreneurs on a regular basis, you might find opportunities to work with other members in your group.

There’s also an opportunity for you to cross-promote with other members in your group. Everyone in your group will likely be using social media and maybe even have a blog. In my mastermind, I’ve promoted their content on my Twitter account in exchange for being featured and interviewed on their blog.

But the power of collaboration is that those in the mastermind, are able to gain trust and confidence with each others, and naturally move into joint venturing with each others. So, it provides and avenue for partnering together in projects, programs, or consulting opportunities to increase their collaboration and wealth.

4. Network: This is also a great way to network. You might connect with people, who know other people, that might be able to help you out or that you might be able to help out. The more you expand your network, the more doors open up for you. My saying has always been, "the bigger your network; the bigger your network!" Why? Because it provides a way to leverage each others resources, products, services to expand to other markets, locations, clients, etc.

Basically, you become a system that works to promote and increase all you possess. Huge corporations like Sony Corporation, create over a large part of their revenue by doing joint venture with other corporations. In fact the income of 20% of large corporations comes from joint ventures, and 50% of that is based solely on collaborations with their competitors.

A mastermind is one of the best road maps to duplicate the same strategy of growth. Can you imagine having access to global leaders, their resources, their lists, their valuable content and have it as leverage when you present yourself to companies that you want to do work with?

Having connections and knowing people who might know people in various industries can come in handy when you least expect it.

5. Resourceful: The members in your group will likely be very diversified with many different specialties and areas of knowledge. Maybe you’re someone with a lot of knowledge in marketing but you need help with sales. If there’s another member in your group that has a sales background, you can help them with marketing while they help you with sales.

The blending of different backgrounds, skills and knowledge creates a fantastic environment for you to learn, play off of your strengths and correct your weaknesses. I’ve learned a lot from the members of my mastermind group about topics I previously had no knowledge about. There will always be something unique that you can bring to your mastermind group and that others will bring that will be of value to you and the rest of the group.

6. Support: Besides being a support group to encourage you and keep you going when you encounter hard times in your business, your mastermind can be a place where members can get their questions answered and solutions to their problems.

Every other week in my mastermind, someone is blown away by the quality of help and solutions they receive to their problems. It never ceases to amaze me how creative we can get, as a group, to tackle someone’s issues in that meeting. And when you invite guest speakers to cover specific topics, you are receiving valuable, implementable knowledge that can literally shift your business.

Many of my guest are millionaires and others deal with billionaires and they know many aspects for business due to their experiences. Information like this can not be necessarily found just by researching books or the internet. This occurs in the ebb-and-flow of having access to specific individuals by speaking, interacting, questions and answers and advice giving.

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What aTypical Mastermind Might Look Like

To give you an idea of what a mastermind looks like, here’s what mine looks like:

Every other Tuesday night, I meet with global business leaders that are CEO's or business owners. We meet using Google Hangouts, Go-To-Webinar or other virtual system.

Once we all get on, we begin with a round-table style discussion. Each person has the chance to give everyone else an update on their business, their challenges and wins since the last meeting. They also get to present projects they are working on and how any of us can help facilitate their needs. We become and immediate resource for them, due to an established trust relationship.

After everyone gets the opportunity to update the group, we usually feature or “hot seat” someone every meeting. This person gets the opportunity to go deeper with their challenges, and they also get a chance to get feedback from the group. Every meeting, the featured person changes. Sometimes, someone is featured simply because they might need the most help at that time. Most of the time however, everyone has a shot to be in the hot seat.

Most of the time we have a very structured system so we can learn a specific skill and use it with real life application. I like providing handouts and outlines to follow so that when the teaching portion occurs, each members has something to write on. The same goes when we invite guest speakers. This allows the information to be captures, especially when it s a new mind blowing skill (which often happens).

Other times, the mastermind meeting will be more informal than this,and we just discuss our businesses as a group. Some of my best takeaways came when our sessions were informal and didn’t follow a structure. While this spontaneous process is beneficial, I tend to always look for structure so that we can manage our time together more adequately. These sessions usually don’t go on for more than an hour and they are extremely beneficial and a great investment of my time, every meeting.

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