Many people aren’t yet aware that a mastermind group can be a valuable tool, despite the fact that the Napoleon Hill created the concept approximately 75 years ago. The book Think and Grow Rich defines a mastermind group as a group of intelligent people who address certain challenges.
The group meets weekly, monthly, or even once a day to collectively address problems. Each person gives advice, leans on others in the group for answers, shares resources and connections, and does business with other group members when needed. Instead of the group having a “boss,” this peer-to-peer approach makes everyone the boss. If you are ever invited to one of these groups, it may be ideal for you to join.
Reasons Why a Mastermind Group May Be for You
Before you join a mastermind group, it’s best to evaluate the reasons why you should join. Here are some of those reasons:
You’ll be a part of a very exclusive group. Being part of a mastermind group usually means you’ve received an invitation; if this is not the case, you can complete an application. When you are a part of the group, everyone relies on you as much as you rely on them.
You’re no longer alone in running your business because the group advises one another. You will receive insights that you won’t receive anywhere else.
You may find someone who can help you with a project. You are dealing with a group of people who are very smart with experience that the other group members can leverage in their own pursuits. Great connections are made in mastermind groups and your network expands.
You can acquire new skills and knowledge. If you’re out of fresh ideas, someone from the group may have something to contribute that can help you take your business to a whole new level
You are given more freedom to think bigger. If you’ve ever felt that you can’t go bigger because you don’t have the time, money, or resources, this kind of group may be for you: The connections you will acquire in a mastermind group will enable you to make your dreams come true.
Accountability is a big deal in mastermind groups. If you set a goal, the group will keep tabs on you. In a way, you are obligated to follow through with your plans because you have told the group that you are going to. You certainly don’t want to go back on your word because the group is looking forward to seeing the outcome.
You are given access to tools and processes that could help you with your own success. If you are struggling with how to do something in your business, there are people who will tell you how they do things and exactly how they make them work. You will be amazed at how you can increase productivity and simplify complicated processes without sacrificing your work quality.
Something unique about being in a mastermind group is that people aren’t all about themselves. They will tell you things that can help you, rather than keeping information to themselves for fear of their ideas being taken or the lack of credit for what they have brought to the table.
You can enjoy the satisfaction of helping other people achieve their business goals. Just as others in the group have strengths that can help you, you have strengths that can help them. The group is a sharing group. When you have a weakness, the group can help to address them. When someone else has a weakness, you can participate in helping them turn it around.
Some of the best business ideas result from mastermind brainstorming sessions. For instance, some of the greatest minds in the real estate industry come together and brainstorm so they can become more profitable and keep the rest of the industry on its toes.
You also get the opportunity to challenge yourself while being challenged by others to grow your business. When you have others brainstorming with you, it’s easier to keep your business on track. You can narrow your focus more while still making sure everything runs smoothly.
When you have outside perspectives, you can see the things that you weren’t able to see before. Sometimes it takes a fresh point of view for you to understand how others see your business operations.
Your confidence will increase. When you have a group of intelligent people pointing out what you’re doing right and guiding you on fixing what you are doing wrong, you will feel much more confident in the operation of your business; you’ll do more and have fewer doubts.
How to Join a Mastermind Group
Joining a mastermind group is about finding the right fit. Sometimes, mastermind groups send invitations to new people whom they feel will be the right fit; if you receive one of these invites, you have to decide whether you should accept. Don’t be afraid to ask questions about the group’s structure, who is in it, and the group’s goals. Other questions you can ask include:
Who is facilitating the group?
Is support available at times other than meeting times?
How can members connect outside of meetings?
What resources are available?
What is the focus of the group?
Is the meeting structure coordinated or completely open?
You need to ask yourself what you want to achieve as a member of the group and ensure that the answers to your questions coincide with your desired achievement.
If you are applying to a mastermind group via a formal application process, make sure you evaluate your options. There may be several groups in your area that you can join. Ask questions to all of them so you can compare them and decide which you want to become a part of.
You also want to find out about cost, meeting locations, and meeting times. Unfortunately, not all groups meet at times and places that are convenient for everyone wishing to become a part of the group. Cost can be prohibitive as well. Do what is comfortable for you so that you can feel comfortable in the group that you join. When you are comfortable, you are more likely to be receptive to the feedback being given and you’ll be more comfortable giving feedback to others. The goal is to be part of a close group that cares for one another, so finding the right fit is a must. Once you find that fit, you will most likely experience a positive change in yourself.