(This post was first seen on LinkedIn)
In practical terms, a mastermind is a group of people who meet monthly, weekly or daily to help each other tackle the individual challenges and problems each person faces in their business. Members can access the collective intelligence of the group to help them manage and grow their business. Essentially, a mastermind group is peer-to-peer mentoring. As a member, you receive a combination of brainstorming, education, peer accountability and support in a group setting to sharpen your business and personal skills.
I’ve long been an advocate of assembling some form of a group of peer advisors, board members or customer collaborators to help you grow your business. As an entrepreneur or CEO you often lack both the filter and the sounding board you need to see things bigger ways. You’ll be part of an instant and valuable professional support network. When a group is comprised of people from different backgrounds and industries, you can learn from other members who have more experience and specific knowledge in areas you lack. By interacting and sharing your challenges, you can gain solutions or tactics from other members and vice versa.
The right mastermind group can provide these benefits:
Accountability – Simply stating your goals and objectives to a group that intends to hold you accountable for your stated result can have the kind of pull that keeps you focused on meeting your goals. You’ll be challenged to set powerful goals and accomplish them. You’ll be held accountable for completing steps toward reaching your goals.
Growth – Many mastermind group members form strategic business relationships that bring additional revenue streams and growth opportunities. You’ll be able to share connections and extend your network. You may even be able to do business with fellow members.
Specific knowledge – A group comprised of people from different backgrounds and industries can help you fill gaps in your own knowledge and provide very specific help
Resources – Your group members may very well end up loaning and providing the kinds of resources and introductions that can help you get to the next level in your business
New perspectives – Sometimes having someone from outside your industry question your long held beliefs or suggest innovations from a new point of view can prove very helpful. You’ll have the opportunity to collaborate with like-minded people in a non-competitive environment.
Support – As a group forms a very close common bond this can be a great place to go for support when you have a troubling business issue. You won’t feel alone while running your business. You’ll have a group of advisors to turn to when you need advice.
Energy – Simply having a team that understands your objectives and helps you celebrate your wins can be very energizing
There are many ways to form Mastermind Groups. You can stick the classic style of frequent meetings focused only on goal support or you can create looser, less formal groups that come together to offer routine advice or even collaboration on a common project.
Above all, masterminds are an incredible tool to help you create and run the business you want. A mastermind group helps you and your group members achieve a far greater level of success than you would if you were alone. Every small business owner can benefit a mastermind group. They can be exciting and energizing. And they can make a real difference to you and your business. If you’re interested in participating in a mastermind group, I facilitate Wolves of Tomorrow.
Each group is powerful – making possible exponential growth for each member and their business. This year, why not make your goals a reality by joining a mastermind group?