How to create a mastermind group as an entrepreneur
Being an entrepreneur or just someone who is trying to better themselves every day can be a very lonely and miserable time, especially if you don’t have a good support system around you to pick you up when you need a bit of extra motivation. They say that we are the average of the five people who we spend most of our time with, in all areas of life, health, wealth and success just to name a few. Think about it, most successful people haven’t made it to the top all by themselves, there’s always at least one Robin to their batman, king Arthur and the knights of the round table, the multi billionaire networks of Warren buffet and bill gates and even the illuminati if you believe in it! So, for you to be successful, you need to surround yourself with the people who are going to help you to level up, how do you do this? By being a part of a mastermind group.
What is a mastermind group?
In short, a mastermind is when a group of like-minded people come together as one and help each other with whatever problems they are facing. A mastermind is a combination of brainstorming, peer support and accountability all wrapped in to one, this is done collectively to push each member to be a better person, whether it’s in their career or personal life.
By being in a mastermind, you have a head start in being successful, as you can learn from the experience, knowledge and most importantly, the mistakes of the other members of the group and this is also mutual so, you will provide your insights to the rest of the group to help them on their own journey.
Where does the term mastermind group come from?
The term mastermind was first coined by napoleon hill in his book Think and grow rich in 1937. Napoleon, being a journalist was called in to speak to Andrew Carnegie who was one of the richest people in history at the time and Andrew said this “I will open the door to the 500 richest people in America so you can interview them, take all their information and put it into a series of books, to help other young people be successful much faster. But I’m not going to pay you a penny. What will you do?” A few seconds later napoleon Hill replied with “ok I’ll do it.”
This led to Napoleon Hill learning many of the factors which made these people so rich, one of which, was that most of them attributed a part of their success to being involved in a mastermind group. Napoleon describes a mastermind group as a coordination of knowledge and effort, in spirit of harmony, between two or more people, for the attainment of a definite purpose. You can learn more about the book by pressing here.
Many successful people have mastermind groups that you can join and although they may be beneficial, they often come with a hefty price tag. Later in the book Think and grow rich, Napoleon hill proposed creating an imaginary masterminded group inside your head, consisting of people who you look up to, however, this has it’s limits also and your friends and family aren’t on the same mission as you so, how can you get around this? As usual, the best thing to do, is do it yourself!
How to create a mastermind group?
Whats your why?
When it comes to starting your own mastermind group, you want to define what the reasons for creating one is or more simply, why do you want to be a part of one and why would other people want to join. What would the benefits of joining your mastermind be, would it provide more opportunities or potential partnerships.
Who should be in your mastermind?
When it comes to who you want in your group, it really does depend on what your personal goals are for example, if you want to become more successful in the business industry, you should aim to surround yourself with other business-minded people. If you’re a personal trainer, you might want to approach other personal trainers, however, there is some exceptions where branching out into other industries may be beneficial, take business for example, if you are an entrepreneur you will understand that there are many different facets of business, from website design to marketing to manufacturing and more, you should aim to connect with experts in all fields of your main goal. How do you find the right people? Well, the best way to grow your mastermind, is to get out and about meeting new people. You could go to seminars, conferences and other events to find like-minded people, you can also look on social media platforms like LinkedIn or Instagram for people in your niche.
Where to host your mastermind?
Back in the day, most masterminds took place in a big board room where everyone could meet face to face but, more often nowadays people arrange meetings virtually, you can do them over a Skype chat or phone call, it’s totally up to you. Some people arrange their masterminds around the topic it’s about for example, if you ran a business around making money whilst living abroad, you could invite the members of your group to a three day holiday in a foreign country, to discuss how they can do the same, however, to begin with it would be advised to do it locally or virtually.
How often should you host a mastermind?
This can depend on many factors such as, logistics and how urgent it is to regularly meet up, some mastermind groups meet up on a weekly basis and others on a monthly basis, it also depends on where the members of the group are from for example, if you’re based in America and another member is from India, it wouldn’t be cost effective to fly over every week so, you might do a phone call every week and then a physical meeting every month depending on what your goals are.
What are the aims and objectives of your mastermind?
Masterminds are used to help each other identify problems that they’re facing and come up with actionable steps to overcome these obstacles but, is there anything else you would want to provide e.g. Is it a support network to help motivate each other to achieve their goals or maybe there would be opportunities to mentor someone who is inexperienced in your industry.
How to run and structure your mastermind group
Roles and responsibilities
Before you organize a mastermind meeting, you will want to give some roles to members of the group, there are two main roles the facilitator/leader and a time keeper.
- A facilitator/leader: This is someone who will organize everything, from the schedule, to who speaks next, they will also introduce the members of the group to each other, this is to keep things orderly and so everyone knows what they are doing.
- A time keeper: This person will keep track of the time so everything runs smoothly and no time is wasted on needles things.
These roles can be permanent or can be changed for every meeting so nobody feels less important to the group.
Scheduling a meeting
Everyone in the mastermind group should know when the meeting will take place, they should also know where they can join, how to join and what is expected of them.
Sharing is caring
Once everybody has joined the meeting, the first 10 minutes are used for each member to share their personal wins and loses of the week, which will be asked by the leader of the group, they should think about what went well in the week and what they could improve on. The main focus should be on the wins to pump everyone up but, a little bit of honesty is good.
The mastermind hotseat
The next step in a mastermind, is to put someone on the “hotseat” for 40 minutes. Once in the hotseat, you will open up about one of the main problems that you are facing or an idea that you have had to achieve your goals to the rest of the group, after this, the rest of the group will give you brutally honest feedback on what you are saying, they might be able to offer support in one of your ideas or they might suggest that you have another think about it, “honesty is the best policy”. The aim of this is to help the person in the hotseat figure out where they might be going wrong or what they could improve on to make things better.
Setting up targets
The last step in running a mastermind is for everyone to set their own goals on what they want to achieve by the next meeting, some guidance can be found from the other members of the group as they might have some knowledge on the subject. The main purpose of this is to hold each other accountable for what goals they have set.
The benefits of being a part of a mastermind
When you work by yourself, you can easily begin to procrastinate and think that there’s all the time in the world, whereas, when you are a part of a mastermind, you hold each other accountable to work on your goals. You don’t want to be the one that let’s everybody down by not putting the effort into your success, you want to make them feel proud of you.
When joining a mastermind, you’ll find that many of your business ventures are with the people within your group, something will just click between you and you will then become partners and become successful together. Not only are the people within your group entrepreneurs but, there also humans and can relate to your struggles, when you face problems in life, your mastermind will be there to get you back on your feet!
Learning new skills
The members of your mastermind will have specialized skills in at least one topic and this is great way to learn from them. You don’t need to be in a mastermind group with people who are on exactly the same mission as you, they could just have skills that can contribute to your success and you will do the same for them.
When you come up with a new idea or have a plan to do something, you can often become tunnel visioned on it, even to the point where you love it that much you can’t pull back even when you’re not achieving the results you wanted. The other members of your mastermind group will often give you a realistic perspective of whether or not your ideas have potential, saving you lots of time and money.
The main benefit of being in a mastermind, is the advice and actionable steps towards your problems that you receive from each individual member of the group. They may of already gone down the road that you’re on or have skills and experience that can lead you in the right direction.
Tips to grow your mastermind alliance
To begin with, you’ll probably start with around 5 to 10 people and it’s human nature to always want to expand and grow your tribe as you think it will be beneficial, however, too many cooks in one kitchen can spoil the broth. If you feel as though you want to add some new members to the group, you should first vet them, make sure they would be beneficial to everyone and make sure they are committed to bettering themselves and others.
Give more than you receive
This is one of the other principles in the book Think and grow rich and should be used within the mastermind. You should always aim to give more advice to your Peers than what they give you, you’ll often find leeches in masterminds, that absorb the knowledge of others without giving anything back in return, don’t be a leech!
When creating a mastermind, you want to keep it as high energy as possible, you don’t want people falling to sleep half way through, do you? So, make it fun, get people walking and talking, put some music on in the background, anything you can think of to boost morale.
Prioritize the mastermind
Living an entrepreneur lifestyle can be very hectic at times but, you have to understand that there is great power in the mastermind, that you can tap into so, you should never take it for granted, which sometimes means that you might have to say no to other distractions.
A mini mastermind?
Something that you might find useful, is to have a mini mastermind, this could be on a group chat or Facebook page where you can post your accomplishments and support each other or if you have any quick questions that you would like to ask, that doesn’t need a whole mastermind session for, you can put them here.
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