…and Why You Should Be In One

It’s a tough world out there, whether you are an entrepreneur, running your own business, or a corporate employee trying to maximize your career. Change is constant and rapid, competition is fierce, overwhelm and burnout are everywhere.

How do you navigate the challenges?

You can put your head in the sand and keep doing what you have always done. Unfortunately, change is inevitable and unstoppable, so ignoring it only leads to irrelevance, which is bad for business and your career.

You can try to stay abreast of current developments yourself, reading and studying and trying to figure it how to overcome challenges alone.

A better strategy is to harness the power of the group and join a mastermind. Napoleon Hill introduce the concept of a mastermind group in his classic book ‘Think and Grow Rich’ and many prominent people, including Benjamin Franklin have been part of mastermind groups.

Masterminds are hugely popular right now because they work!

Here are 7 advantages to joining a mastermind group:

  1. Get around people who think differently. A well set up mastermind group will have people with a common interest but different background, expertise, and life experience. Being exposed to different ways of thinking, and different experiences will challenge your thoughts and perceptions.
  2. When a group of people tackle a problem, the result is much more powerful than could be derived by an individual. The synergy of different experiences, viewpoints, ways of thinking about a problem, and different pieces of the solution, combine to create more than the sum of the parts.

Napoleon Hill described it as

“No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind [the master mind].”

  1. Get the benefit of brainstorming, education, accountability and support from a group of like-minded peers. Mastermind members act as catalysts for change and success in each other’s lives.
  2. Sharpen your personal and business skills with other success minded people and increase your own experience and confidence by tapping into the experience and skills of others in the group.
  3. Get honest feedback and advice.
  4. Add an instant, valuable, and optimistic support network which is essential for maintaining a positive mental attitude in the face of challenges.
  5. Have a shared sense of endeavor. When you are connected to others on the same journey to success, it makes the journey less lonely and uncertain.

There are 2 main types of mastermind groups to consider:

  • The hot seat mastermind – Each member is in the focus of the mastermind on a regular schedule. They describe any current challenges or goals and the other members of the mastermind brain storm with them. They then add their experience and hold that person accountable for taking the steps agreed.
  • My favorite, the book focused mastermind. The members of the mastermind study a personal growth or business-focused book, studying 1-2 chapters per week. The expert facilitator poses open ended questions to the group members related to the material being studied that week. Each member of the group is encouraged to bring their thoughts, experience and insights to the question at hand. The synergy creates powerful insights for the group members to apply in their own lives.

You will find mastermind groups at a variety of prices. They range from free – tens of thousands of dollars a year or more. As with everything, you get what you pay for. The high priced groups, which may also be by invitation only, tend to be run by gurus or experts in their field. These groups contain highly successful members who have incredibly valuable experience to share.

Whatever type or price of mastermind you choose to start with, get in the game, experience the power of the group mind and see your success soar.

Are you part of a mastermind? What success have you seen from being in a mastermind? How would you describe how it helped you improve? Let’s talk about your experiences.