If you’re up-to-date on the lingo of the business world, you may have heard the term “mastermind” thrown around from time to time—even if you don’t know what it means. Mastermind groups are relatively new concepts, but they’ve quickly gained traction in recent years. Developed by Napoleon Hill in his 1937 book Think and Grow Rich, mastermind groups are a unique combination of networking, classes, and group coaching—though the result is something much greater than all of these. So what exactly is a mastermind group, how can they help you, and how do you join one?
What is a mastermind group?
Masterminds are groups of entrepreneurs, often from different industries, that commit to regular meetings to work on enhancing their business. The ultimate objective of these meetings is to help members navigate difficult business challenges using the collective insights and experiences of the larger group. Essentially, you can think of masterminds as peer-to-peer brainstorming and mentoring, often moderated to facilitate deep discussions. These groups typically offer guided opportunities for group education, designed to sharpen members’ skills.
How can mastermind groups enhance your business strategy?
There are many benefits to mastermind groups, but here are some of the key advantages:
- Deep networking. Networking is critical for businesses, and masterminds allow you to instantly add growth-minded peers to your network, fostering deep connections between incredible entrepreneurs. These are connections that you can easily draw upon for cross-promotion, collaborative projects, and business partnerships.
- New perspectives. While the other entrepreneurs in your group will be similarly business-focused, the combination of different members with unique experiences, strategies, and input may be exactly what you need to look at your own situation with new eyes. Tapping into these different opinions, skill sets, and perspectives will help you think bigger and broaden your horizons as you tackle your business challenges.
- Education and advice. With new connections comes a wealth of ideas and experiences to draw from—both for the sharer and for the group as a whole. In addition, mastermind groups typically offer education related to various areas of business strategy, allowing you to learn and discuss new strategies and approaches before you put them into practice.
- Community support. As an entrepreneur—and especially a solopreneur—it’s easy to feel alone in your business’s struggles. However, in a mastermind group, the other members have often been in your shoes, and they’re ready to support you as you grow! As a member of an exclusive community of carefully selected individuals, you’ll be in a great place to give and receive help as you work toward your career and business goals.
- Challenge and accountability. Mastermind groups are designed to challenge each other, holding each member accountable for creating their own success. Instead of simply struggling toward your commitments alone, you’ll find that a mastermind group helps you strategize the best way forward, works with you to prioritize and engage with your goals, and holds you accountable for actually following through.
- Feedback and brainstorming. Want a second, third, and fourth opinion? Mastermind groups give you instant access to objective feedback and constructive analysis on your new ideas, allowing the group to hone your ideas and direct your focus. You can also draw on the collective power of your mastermind group to throw out your biggest questions and problems during brainstorming sessions, meaning you’ll have creative insights on how to overcome your issues faster than ever before.
How do you find a mastermind group for your work goals?
Consider joining one of our mastermind groups! In-person groups are available in Phoenix, but we’d love to create a virtual experience if there’s enough interest, so contact us if you’d like to join one. We run small mastermind groups of 6-8 entrepreneurs, and the main criteria for joining includes a positive attitude, the ability to commit your time and effort to the group, and a willingness to work with entrepreneurs from any industry! Monthly meetings cover a range of business-relevant topics, and we also engage in challenge discussion sessions to brainstorm solutions to your pressing problems and work goals. Plus, our online forum gives you additional opportunities for support.
We’d love for you to join us, so please don’t hesitate to contact us for more info! You can also check out our other blogs about building work strengths for more ways to improve your skills.
You’ll be surprised at just how much a mastermind group can do for you, both professionally and personally. The right group can profoundly shape your life as well as your success, so it’s definitely worth considering.