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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.
Why Join a Mastermind?
Accountability: The first reason I recommend any entrepreneur join a mastermind group is because the people in that group will keep you accountable.
Feedback: A mastermind group will give you feedback from people who are trying to build a 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 the group can be your best source of advice at times when you’re unsure where to turn to. The members in this group have a very unique yet relevant perspective. This makes for some amazing feedback that has helped tremendously when it comes to what direction to go in and what next steps to take for my business.
Collaboration: Not only does a mastermind group allow you collaborate on ideas but you can help people or get people in the 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.
There’s also an opportunity for you to cross-promote with other members in the group. Everyone in the group will likely be using social media and maybe even have a blog.
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.
Resourceful: The members in the 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 design. If there’s another member in your group that has a design background, you can help them with marketing while they help you.
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. You can learn a lot about topics that you previously had no knowledge about. There will always be something unique that you can bring to our mastermind group and that others will bring that will be of value to the group.
Support: Besides being a support group to encourage you and keep you going when you encounter hard times in your business, this mastermind can be a place where members can get their questions answered and solutions to their problems.