Jun 7 - Written By Pamela Meister
The power of community.
A Mastermind group is a collective of individuals who meet regularly to discuss and brainstorm through challenges and growth in their businesses. Napoleon Hill describes the concept of a mastermind in his book, Think and Grow Rich, saying, “no two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.”
The power of the collective is harnessed in a mastermind group because everyone gets a chance to come to the table with their thoughts and problems and can expect a collaborative discussion that has them walking away with new ideas, points to ponder, and ways of thinking.
While entrepreneurs often use masterclasses or group coaching to expand their business acumen and learn different ways of doing things, masterminds are quite different from either of those options. A masterclass is one mind teaching the other participants what they know and often lacks the opportunity to get specific feedback about individual participants’ businesses.
Group coaching is one mind engaging the other participants in a hot seat type of situation, but somewhat at the cost of the other participants. Group coaching often only allows for one participant per session to receive some laser coaching and doesn’t necessarily enable other participants to offer suggestions or a different perspective.
Inside a mastermind, everyone has the opportunity to take their turn on the hot seat and everyone has the opportunity to share their thoughts and ideas with the hot seat participant. Masterminds have been around, both informally and in more formal structures, for a long time in the business world.
In the online entrepreneurial space, masterminding has only recently gained a wider audience. Increasingly, online entrepreneurs and thought leaders in the non-profit space are seeing the value of engaging in a mastermind group. Let’s look at some of the reasons why joining a mastermind might help you get to where you want to be.
The Many Positives of Masterminds for your Business
There are many benefits to joining a mastermind, not least of which is the ability to write off the financial investment as a tax deduction! If you’re wanting to take your business from where you are now to where you want to be, joining a mastermind could be the solution you are looking for.
A Collaborative Approach
You’ve probably heard of the business mantra: Know, Like, Trust. Well, nothing gets you from knowing, to like, to trust, faster than working closely with someone and demonstrating exactly why you’re so good at what you do. Collaborating in a mastermind enables you to do just that, providing a platform for you and your business to exhibit your genius to the other participants.
Conversely, mastermind groups provide a space for you to get to know, like, and trust other business owners and thought leaders, allowing collaborative relationships to form that will ensure both parties progress their cause.
A Made-To-Measure Referral Network
Joining a mastermind offers the opportunity to network with entrepreneurs and business minds in a space that is purposeful and ongoing. Every participant attends a mastermind with a plan to move themselves ahead, but the benefit not often considered when joining is the opportunity to create genuine and mutually beneficial relationships with people outside of your own zone of genius.
A mastermind brings together people who might otherwise never cross paths and, over time, encourages a deeper understanding and respect for what each member brings to the table. Once the mastermind has been underway for a few weeks, each member knows exactly what the other members do, creating a pathway for referrals and advocacy that is long-lasting.
Many Brains Make Light Work
The power of brainstorming and collective thought has long influenced how we do business. Executive teams and boardrooms are commonplace in the corporate world, but entrepreneurship often means being the lone voice on the direction of your business.
Having the ability to harness the power of multiple entrepreneurial brains can produce incredible results, not just for your business, but also for you as an individual. By engaging in a mastermind group, you are able to come to the table with goals, problems, and ideas, and gain valuable feedback from those around you.
Gaining validation of your thoughts when other participants agree with you and a new perspective when presented with alternate solutions and diverse ways of thinking is invaluable, and can be the difference between success and failure in your next move.
Creating a form of a think tank where you can go and work through your thoughts with people who may have already been there is the ideal way to prevent analysis paralysis and beats the isolation entrepreneurs often feel when making key decisions for their business. As they say, “A problem shared is a problem halved,” and when it comes to a mastermind group, that is certainly true.
The Features to Watch For
Mastermind groups are always unique largely because the participants determine the dynamic of the group. Even when a mastermind group is facilitated by the same person or business, each cohort will bring a distinct mix of experiences and talents that mean no two masterminds are ever the same. That being said, there are some common features of mastermind groups that you should look out for.
You Have to Pay to Play
When you are looking to join a mastermind, it can sometimes be tempting to look for a free group to join. There are a couple of reasons why this is not the way to go.
As with any business investment, the rule of thumb is to get skin in the game. When financial investment is required in order to participate, participants are much more likely to attend and actively engage with each other and the process. Turns out, you’re likely no different from others when it comes to this particular situation, so look for a mastermind that has a financial investment you feel is congruent with the value you want to gain.
Ideological Similarities - Crucial for Success
A mastermind isn’t just about getting the best minds together once a week. When you are considering joining a mastermind, finding a group that is ideologically similar to you is of critical importance.
Consider what is important to you in your business. Perhaps you’re a heart-centered entrepreneur. Maybe you’re a believer in multiple streams of income or perhaps you’re looking to focus on your signature offer to grow your business. Anything you are not prepared to compromise on must feature (or not feature!) in the mastermind you choose to join.
How to AccelerATE Your Business
Here at The Zone Community, we’re all about the powering of a coworking community!
The Zone offers remote professionals a space to connect and collaborate with others across the globe. The program is designed for maximum flexibility to encourage participation as often and for as long as it serves our members. Weekly coworking sprints coupled with monthly special networking events, including masterminds, are hosted for action takers to achieve their career goals.
Build positive and collaborative relationships with fellow participants. Brainstorm and grow a network of referral partners who know exactly what you do best, and aren’t afraid to share it with their people. Better serve your own clients by providing them with high-quality referrals in the areas you don’t work in.
Whether you know what your goals are or you need some guidance, The Zone Coworking Membership can help you get from where you are to where you want to be. Get in touch today to learn more.
Pamela Meister