Join A Mastermind Group
Napoleon Hill created the concept of a Master Mind as the Second Principle of Success in his book and business course Law of Success, then shared it in his book “Think and Grow Rich”:
“A mastermind group is designed to help you navigate through challenges using the collective intelligence of others.”
There are many types of Mastermind Groups. They range from impromptu gatherings of like-minds that want to focus on a solution to a problem, to regular gatherings of select professionals that discuss all matters of business. There are free groups and paid groups.
I know this to be true: without a group of professionals, interested in my success, to help me stay on task and pay attention to my business…my business would fail.
If you are a very small business owner — whether it’s an internet based business or brick & mortar — you need to be a part of a Mastermind Group.
Why Join a Mastermind Group?
1. Get Feedback from Professionals
Being a business owner can be lonely. We make decisions in the quiet of our office, we connect with people behind email and avatars. We can’t discuss new projects with our employees or team members because their roles are focused on helping to move a project along…not to create the vision.
In a Mastermind Group you can pitch your idea to the group and get immediate feedback — most often that feedback is based on solid experience. Whether the feedback is negative or positive, there is opportunity to discuss and flesh out the idea and feedback so you can make a better-informed decision.
2. Learn from Someone Already Doing What You Want to Do
There is no better teacher than one who has already done it. And, while they made mistakes and you’re likely to make them as well, you can get guidance on how to navigate the path you’ve selected.
For instance, you want to start a podcast and a group member has been podcasting for over a year. There’s valuable information that can come from that experience. Or, you want to add a staff member to your business but have never had employees…a group member with employees can truly be an asset in this area.
3. Share Successes
There’s nothing more deafening than the silence of celebrating a victory alone.
Be it big or small, sharing a success with a group that has a stake in your success is exhilarating. The group members love to hear the story and are anxious to be a part of the celebration. Why? Because they’ve been with you along the way! And you can share in their stories and their successes.
Successes that range from publishing an ebook to landing a huge client, from overcoming a fear to adding a new offering to your business — all are shared and welcomed in a Mastermind Group.
4. Accountability
I believe it’s in our nature as humans to need to ‘report’ to someone.
In the beginning years of business ownership it can be exciting to have no one to report to, no one to tell me what I can or cannot do, no one to tell me when I must do something. But after a few years the motivation to complete projects changes. Discipline can slip. Our ‘why’ might be strong, but if we reach a plateau it can be easy to get complacent. That’s tough to do when you belong to a Mastermind Group. It’s more than just writing down and goal and saying it out loud. If you’re part of a group that’s been meeting regularly for quite a few months, or years, then you will feel obligated to report to the group on your progress. And, quite honestly, the group members will feel obligated to ask you about your goals and your progress.
You see — it doesn’t take long for members to feel like they have a stake in each others’ success or failures…that someone who isn’t making progress actually can become an anchor and distraction to the group.
Think about it this way: you’ve been asked by a professional to give feedback and advice about a project. You spend time with them to learn about the project, to ask questions and to provide your advice. Then, the next time you see that professional you ask how the project is going and they say “oh, that? well, it’s still not moving forward but I’ll get to it some day…by the way, do you have time to discuss this new project?” Annoying, right?
5. The Members Need You as Much as You Need Them
Being a part of a Mastermind Group includes being responsible yourself. You must be an active member to get the most out of your membership. How? By being interested in the other members’ successes and failures. By being their accountability partner. By offering your feedback, experience, advice and guidance at group meetings. The ultimate Master Mind cannot happen when there is a non-participatory member in the group.
Free or Paid?
There are pros and cons for both.
The free usually doesn’t have a strong leader or structure, so that means members decide the ‘rules’ and can change them according to their needs. I’ve seen some free groups last over a year, but most fall apart within a few months — because of lack of structure, lack of agenda, easy to leave and easy to have someone new come in.
The paid usually have a leader/moderator and structure. If members have questions or concerns, they’re brought to the leader for resolution. The fee paid is for a few things — access to the level of professionals you’re wanting to meet with, an agenda that ensures that you are just as important as the other members of the group, the meeting room (if meeting in person), the virtual meeting program (if meeting online).
If you think you’re ready to be a part of a Mastermind Group of business owners — contact me. I host 3 types of groups:
Goals & Accountability — the perfect entry into being a part of a Mastermind Group. Limited to 8 people. We meet for 3 months, 2 times per month, share our goals and help each other reach those goals. It’s short term, you get a LOT done in those 90 days, and you learn what it means to be a part of a Mastermind Group.
Grow Your Business — Limited to 8 people. You agree to be a member for a minimum of 6 months, meeting 2 times per month, sharing goals but also bringing business ideas and needs to the table so other members can help with ideas, experience and resources. You agree to present at least once to the members on something you have expertise in that is helpful to the members. Often we share our network and resources. After 6 months you will be asked if you’re ready to continue for another 6 months. The continued membership could be in the same group, but could be in a new group.
Next Level Business Owners — Limited to 6 people. You agree to be a member for 12 months, meeting 2 times per month, sharing goals and bringing your ideas to the table for yourself and the other members. You agree to present at least once to the members on something you have expertise in that is helpful to the members. Outside experts will be brought in to present/train/teach the members according to the membership needs. You will be expected to share your network and resources in some capacity while receiving the benefit of someone else’s network and resources. After 12 months you will be asked if you’re ready to continue for another 12 months. The continued membership could be in the same group, but could be in a new group.
I am soon launching a group for women business owners: Power of 10: Become More. Achieve More. The focus will be on studying and applying the Law of Success principles. It includes presentations and materials from outside experts to gain better understanding of how that principle works in real life, meeting 2x/month, private forum (not a Facebook group), and more.
If YOU are thinking that you might want to join a group but aren't sure you are ready ... I do have a Mastermind Readiness Checklist you might find useful. Yes, you'll be put on a "I'm interested in masterminds" email list, but it's easy to opt out.
this post originally appeared on the Search by Burke blog