The business world is leaning towards the concept of masterminds; although not new to some people, this is one concept that can be a game-changer for your entrepreneurial journey. The Collins Dictionary defines masterminds as people with great talent and intelligence, especially those who direct and plan an undertaking. This is not far from what Napoleon Hill had in mind when he thought of mastermind groups.
He was the one who introduced this principle after inspiration from fruitful discussions with some successful people who attributed their level of success to these groups. In Napoleon’s book, Think and Grow Rich, he describes the mastermind group concept as effort and knowledge coordination towards a known goal by two or more people. According to him, it is improbable for two people to come together and not create an invisible force similar to the third mind. It is safe to say that there is power in numbers.
Business defines a business mastermind as a congregation of at least three people in similar businesses who meet regularly to plan and direct their work together. It is an ideal setup if it has not more than five people because the more the people, the higher the chances of drowning the voices of others. This is one of the downsides of having an unlimited number of members in your mastermind group. The group I am currently facilitating is eight. It’s actually the perfect size. Other than the diversity in experiences that a large group offers, these are some of the benefits of a mastermind group and why you should have one.
- They say that alone you go fast, but you stand a better chance of going further if you are in a team. A mastermind group does more to your entrepreneurial journey, making it easier for you and your business to survive on very competitive grounds. This group boosts you by offering both personal and business advice. Regularly meeting people who have similar struggles as you do and having successes you can relate to makes your experiences and challenges very manageable. With a mastermind group, you have people who will offer support and encouragement on both business and personal fronts; you know that you are not alone.
- A mastermind group is a perfect place to learn something new. The rich diversity in experiences and skills makes these groups good places to learn alternative approaches to situations, honest feedback on products and ideas.
- Meeting this group of people helps you expand your network, which is essential to any entrepreneur trying to trade the business waters.
- They also help you think bigger and move from your way of handling and viewing things to other possible solutions; also, with the different ideas presented, you are challenged to think out of the box. These groups challenge and motivate you to be the best at what you do.
How do you form a successful mastermind group?
A successful mastermind group starts from defining clearly the purpose and goal of the group. This makes it easier for potential members to know what they are signing up for and what to expect. My hypothesis is that most entrepreneurs struggle with the same issues and problems as they build their businesses. People face many challenges; trying to work on all of them at once seems like an impossible task. Therefore, following a structure provides the stability to find the missing elements to find the solutions and move forward towards success.
You have to choose your members wisely. In my situation, we used an application process. You can go for a variety and not end up with people with the same traits and personalities. However, it’s not bad if you do, it may limit how issues will be resolved. You might only end up afraid to give your ideas or those who do not give others a chance to be heard.
Have a schedule and an excellent structure to ensure that you have very productive and engaging sessions when you meet. The mentorship group I facilitate follows a six-month proven structure created by Bunker Labs.
Besides choosing members wisely, you also have to consider the size of the group; you would not want a group that is too difficult to handle because you cannot keep count of everyone or one that only has a few members participating. The mastermind group should be beneficial to all in the end, and having a manageable size can be the first step to ensure that each member gains something from it. Never be afraid to ask for one more application.
Mastermind groups have more to offer than we can imagine; therefore, it is not harmful to your business if you decide to be a member of such an exclusive community. There is so much good in them to pass on an opportunity!
I was fortunate enough to be part of an entrepreneur mastermind through Bunker Labs in Minneapolis. As another associate in my mastermind cohort explained entrepreneurs are extremely risk tolerant, extremely confident, yet secretly terrified at the same time If you’re a business owner and don’t have a group like this, I highly recommend finding a group of like-minded entrepreneurs to meet with regularly and tap into this power.
My next mastermind group will start in September if you would like to get started. Apply for your spot at https://epiklifestyle.activehosted.com/f/11