What is a Mastermind Group and Could it help Your Business Grow?
What is a Mastermind Group? We are not talking about the BBC TV programme currently hosted by John Humphries. A Mastermind Group is something different, something which could provide you with the knowledge and experience to help your business grow.
Most people will not have heard of Mastermind groups. Napoleon Hill in his book, Think and Grow Rich highlighted the concept around 75 years ago, although the concept is much older.
Benjamin Franklin formed a Mastermind Group in 1727 and it was instrumental in the formation of the Independent United States. C.S, Lewis and J.R.R.Tolkien were both members of a group called “The Inklings” in the early 1930s. Many other examples also exist which demonstrate how individuals, aided by a similar group, have gone on to achieve exceptional growth in their business.
You are your business.
Often in business you can feel very alone, faced with challenges which seem to have no solution. But the business is yours and the challenges are yours to resolve. But those problems are not unique to your business. The truth is that there are a limited number of problems that a small business faces, although they appear in many guises. Others will have faced the issues before and arrived at a successful solution.
A mastermind group is designed to help you navigate through challenges using the collective intelligence of others.
How does a mastermind work?
A group of business owners, similar to you, meet regularly, usually fortnightly or monthly, to tackle challenges and problems together. They learn from each other, give advice, share connections and do business with each other when appropriate. It’s very much peer-to-peer mentoring and if you are lucky enough to get invited to one, you will most likely see a marked change in yourself and your business.
Here are 7 reasons why a Mastermind might be right for you:
- You will be part of an exclusive group working together to help each other grow their business. Joining a mastermind typically involves you being invited by the members, or going through an application process. The other members need you just as much as you need them, so quality of experience and knowledge is crucial to all involved.
- Advisors. Once you are involved in a mastermind, that feeling of “being alone” while running your business is gone. The other members of the group turn into business advisors for you and vice versa.
- Collaboration is the name of the game. You may find someone in the group that is a perfect fit to work on a project with you. Or, you may be the perfect person to help another member. The group works together, collaboratively, to achieve more together.
- Extend your network. Joining a mastermind expands your network exponentially and rapidly. If you are in business, you know how important your network is. Joining a mastermind, will instantly add to your network and, usually you will gain access to the networks of those in the group with you.
- New learning. Everyone in the mastermind is unique in skill, experience and connections. By interacting and sharing your challenges, it’s almost certain that someone in your mastermind will have a solution for you and you may also be able to offer a solution, connection or tactic to help another in the group.
- Cross-promotion. When you join a mastermind, you will most likely find ways to help each other by utilizing cross promotion. Finding ways to help each other through promoting to your respective networks.
- Think bigger. Being in a mastermind will truly give you a Master Mind! You can’t help but think bigger and stretch beyond your boundaries when surrounded by amazing people doing amazing things.
Masterminds are incredible and can do wonders for your business as well as for you, personally. Growing in a group is not only more effective, it’s quite a bit more fun!