What the hell is a mastermind group, and would it benefit my business?
For many businesspeople being part of a mastermind is hugely beneficial. Whether a mastermind would be worth it for you though is a very personal choice. It is a real commitment so before you can make a sensible decision you need to have perspective on what one actually is what it can do for your business and, sometimes more importantly, you as a business owner.
What is a mastermind group?
I have noticed over the years that there are often some misconceptions around what a mastermind group is and what it is for. This is possibly because they tend to vary in form and function a little. Some are specialised to certain marketplaces, others have an entry requirement of a particular turnover or profit and so on. For the moment though, to cut through the noise, you can probably put all the subtle differences aside and focus on the single question of whether one is right for you. Before you find the right group, you need to look at what a mastermind is.
All masterminds will
- Be peer-to-peer based
- Have a pro-active developmental focus
- Make you accountable for your actions and decision
- Offer support to help your business grow
- Expect you to help others as you are being helped
- Be instrumental in designing your business and creating a growth plan
- Challenge you if that plan or other actions are not implemented
- Contain a group of people who have knowledge and expertise to bring to the table either as businesspeople or in a particular specialism
Just to clarify on a couple of those points. It is worth throwing some things that a mastermind ‘is not’ into the mix. It will not be a sitting and learning process. You will be taking part in a session where you will be interactively working with others on yours and their business goals. It is not going to come and solve your business problems, but it will offer solutions for you to take away and implement, and then it holds you accountable for those actions. The mastermind group is about business and personal development so it is not a mutual appreciation society, but it will usually very energetically celebrate your successes. It is certainly not a place where you can go to bemoan your lot and complain. The mastermind is about practical solutions, so positivity is very much at the heart of that process. The mastermind group is a constructive, practical focused, developmental resource for all its members.
Is a mastermind group for you?
It is tempting to answer that question with a simple ‘yes’. Looking back at those bullet points of what a mastermind is, it seems obvious that that every business would benefit from having access to the resource. That does not make it right for you, though.
If a mastermind group is right for you, then you will be able to say yes to the following questions.
- Are you open to new ideas?
- Are you prepared to help others as well as yourself?
- Are you prepared to be challenged?
- Do you want to invest time and energy in helping your business thrive?
Again, that last one may well seem like an obvious yes, but it really isn’t. There are many business owners who are quite content with their business as it is and are ticking along quite nicely. Others are incredibly self-sufficient, and some are simply not happy to share with others. It is all about why you are there. You are not there to score points based on how wonderful you are. You are not there to just passively learn things and you are certainly not there to sell to the room. Your role is the same as everyone in the group, you are there to contribute and be part of the collective process to mutual benefit.
So, who is the ideal person for a mastermind group then?
Business guru Napoleon Hill is often credited with the idea of mastermind groups, or alliances as he called them. He said that:
No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.
That third mind is the mastermind. The old adage of two heads being better than one sums it up nicely. When you are in a Mastermind group you are getting access to the collective reasoning, experience, skills, and support of a selection of people who are there to help you. In that same way, you are there to help them.
The ideal person for a mastermind then is:
- Capable of change and accepting advice
- Looking to improve and develop
- Logical and reasoned
- A creative problem solver or looking to become one
- Prepared to fully commit to regular meetings
- Happy to help others
- Willing to be held accountable to the group
Interestingly, one of the unwritten benefits of being in a mastermind group is that you also refine the rather admirable skills on that list.
If what you have read here sounds like you, then should be in a mastermind group. It could well be the most powerful tool you have when it comes to developing you and your business.