Join a Mastermind Group
15th March 2017
Why Join A Mastermind Group?
Maybe you have heard great things about being in a Mastermind group and everyone tells you that you need to join one. If you are feeling a little overwhelmed, frustrated with your business or personal goals and need a little more structure in your life then a mastermind group can help you. Even if you have tried and failed in the past, having a tribe to support you gives you the motivation to continue.
Previously mastermind groups were secretive, expensive and just for the rich. If you wanted to join a mastermind group it typically would cost you between $300 each session, right through to $5000 or even $10,000 for a mini-boot camp with an industry expert. This immediately priced most startups and small businesses out of the market for this kind of help.
But before you think about rushing out to join a mastermind group, you need to think very carefully if this is the right kind of environment for you. Everyone tells you why you should join a mastermind group but very few actually spell out the type of person who joins (and stays committed)
WHO IT IS NOT FOR
I’m going to be blunt and get this out of the way first. So it’s easy for you to stop reading if this isn’t for you.
Business owners who are “too busy” – We hear it all the time. “I’d love to join but I don’t have 1 hour a week/fortnight/month” Seriously? You run your own business yet are not able to carve out just 1 hour of your time. That sounds more like a job than a business. If you have such little freedom then the business is running you – not the other way around. Sure there are peak times when we have an influx of work, but as a general rule, the most successful entrepreneurs ALWAYS find a way to work on the business not just in the business. See Sharpening the Saw principal.
You need to demonstrate perseverance and an ability to keep going through the tough parts in life and business otherwise, you won’t achieve your dreams. Have you heard the phrase – “Giving up smoking is the easiest thing in the world” I know because I’ve done it thousands of times.” by Mark Twain. Giving up an addiction is really hard but giving up in general is really easy.
I’ve personally been in Mastermind groups where people paid $5,000 for a course and within 6 weeks quit. I’m not talking physical or mental intimidation – just a course on how to build a software business. Before you commit you need the self-awareness to know if you actually have what it takes. Need a lesson on quitting? – See Inky Johnson
I don’t know one successful business owner that didn’t put in the hard work. If you want a 10 X overnight solution then this is NOT it because there is NO 10 X cookie cutter solution out there. What every successful business owner has done is learn, implement, review and repeat. How do they learn? They research, ask questions, pay for advice and implement that information. Then they test and measure it. There is no shortcut but there are smarter and better ways to do things – just ask your peers what they do differently.
YOU NEED TO DO THE WORK
A Mastermind environment is one of support and understanding. There will be others within your tribe that need your help, expertise and advice. They, in turn will be willing to help you, share their knowledge and help keep everyone motivated and accountable. It’s about accountability and you need to be prepared for that. See 55 videos in 2 months. “If you don’t build your own dreams then someone will employ you to create theirs - Sam Carpenter # VirtualmastermindClick To Tweet
WHO IT IS FOR
Okay great. Now we have done some self-selection and if you are still reading you have not been put off by the possible downsides. So let’s get into the multiple upsides if you decide to join a Mastermind group and as a general rule who tends to participate in them.
Typically what type of people are:-
Open and Sharing
An open personality and willingness to help people and share your wins, frustrations and even failures. We all have the same hopes, fears frustrations and setbacks and need help in overcoming them. The main reason we are in business is to help others (our customers) and when we do a great job and get exceptional feedback this “high” is the same rush of helping a fellow entrepreneur when they have a roadblock or a problem to overcome.
There is a huge difference between what goals you set and what you end up achieving. Rituals and habits trump goals every time and it’s vital to know the difference. You and your business need a roadmap of where you are (reality) vs where you want to be (end goal) Then you can break this down into habits and even rituals that will get you there. The goals are just the end results and the more clarity and specificity you have around your goals – the more likely you are to achieve them. So instead of just having a to-do list and ticking that off each day – you need to work on stretch goals and a higher purpose.
Information has never been cheaper to access and there has never been more of it in the history of our species. For most of us it can be overwhelming.
When we focus on the important things in both business and our personal growth we achieve so much more, but it does require discipline. How do you focus? Here are just a few ways that some of the most successful entrepreneurs remain focused. Meditation, Journaling, Weekly reflection on highs and lows, doing the hardest task 1st thing each day (before opening emails etc)
Having a positive outlook on life is a key still to both attract more of the right kind of people and also have a longer happier life. We’ve all been to a party or event and gravitate towards the lively, outgoing people in the room? We get hooked on people’s enthusiasm and energy. On a biological level we are nothing more than bundles of energy. We are either giving off energy or taking it in. So if you are passionate, excited and enthusiastic about life and your business then you will want to connect with similar people.
Having a growth mindset vs a fixed mindset, being adaptable and open to change. Change can be scary and we don’t always react well to it but change is constant and where possible embracing it helps us more forward quicker. Our ideas are what got us into business but sometimes we need to let them go if they are not working for us or there is a better way. Ultimately our customers tell us what they want, not what we think they need. ALL smart startup advice teaches this but it also applies to any business at any time. So are you able to take onboard advice you may not want to hear?
What makes Mastermind groups different?
A Mastermind group is different in the fact that they are not coaching, a paid course or a passive way to consume information. Those tools and information products already exist. Instead it’s more dynamic learning via your peers. Within each Tribe there will be different personalities, industry experts and business owners. Sometimes they may be a little ahead of or behind you in certain aspects of business knowledge or execution but that is where the true value comes in as you question, learn from each other and adapt.
There is no selling, no preaching and no judgement. Instead it’s a framework for people to connect on a deeper level, explore new ideas, discover different ways of doing things, and most of all creating a culture of accountability and support. It’s like having a board of advisors or 7 other mentors at your fingertips when you need help and guidance.
Here is just a brief summary of some of the things a typical mastermind group will work on:-
- Work on your strengths and overcome areas of weakness
- Learn from your peers exactly what they do that has already worked (so you don’t have to reinvent the wheel)
- Impart your knowledge and experience and help others achieve their goals
- Dive deeper into a specific problem (Hotseat) and brain storm solutions
- Build accountability into your goal setting
- Build a deeper level with your connections
- Offer advice and suggestions
We hope that this summary answered most of your questions about what a good mastermind is and does. If you feel that you have the right attributes to join a Mastermind then search the list of active tribes we host.
If you have anything to contribute please leave a comment below.