“No two minds ever come together without a third invisible force, which may be likened to a ‘third mind.’ When a group of individual minds are coordinated and function in harmony, the increased energy created through that alliance becomes available to every individual in the group.” ~Napoleon Hill
Let’s talk about the power of Mastermind groups —
What they are, why they work and I’ll also give you a behind-the-scenes look at mine.
Let’s start at the top. What exactly is a mastermind group?
The term was originally coined by the infamous Napoleon Hill, author of “Think and Grow Rich” in 1925, which he then defined as “two or more people coming together in harmony to solve problems.”
Now almost 100 years later, the core promise of a mastermind group isn’t that different. Essentially, I see it as a small group of people coming together around a shared interest or idea – whether that’s for business, personal growth, leadership, health and wellness, money or any other important topic.
If you’ve been in business circles online for any amount of time, you’ve likely heard about mastermind groups. They are a popular option for business owners looking to combat entrepreneurial isolation and make serious progress on their goals.
Enjoy the episode!
Full Transcript
Let’s talk about the power of Mastermind groups, including what they are, why they work and I’ll also give you a behind-the-scenes look at mine.
Let’s start at the top. What exactly is a mastermind group?
The term was originally coined by the infamous Napoleon Hill, author of “Think and Grow Rich” in 1925, which he then defined as “two or more people coming together in harmony to solve problems.”
Now almost 100 years later, the core promise of a mastermind group isn’t that different. Essentially, I see it as a small group of people coming together around a shared interest or idea – whether that’s for business, personal growth, leadership, health and wellness, money or any other important topic.
If you’ve been in business circles online for any amount of time, you’ve likely heard about mastermind groups. They are a popular option for business owners looking to combat entrepreneurial isolation and make serious progress on their goals.
Before we get into why they work, let’s talk about the different kinds of mastermind groups you could belong to and the pros and cons of each.
Self-selected peer mastermind
The first type of mastermind group is one you create yourself or was formed by another peer. This is when a group of like-minded individuals come together to meet regularly around a specific, shared topic or goal.
I’ve been part of these mastermind groups for years. They can be a powerful way to meet new people, stay accountable and harness the smarts of the group.
The pros of this type of mastermind are that they’re usually easy to form, they’re free and they can be a great antidote to going it alone.
The cons with these peer masterminds is that it’s really easy for the structure and attendance to get lost as people get busy, it can be hard to find the right mix of people and it’s harder to keep accountability high when there’s nothing requiring that people do the work and there’s no one leader.
Paid, facilitated mastermind
Another form of mastermind group is the paid, facilitated one. This involves having a leader who facilitates regular mastermind sessions and holds the group accountable to their goals. Prices range anywhere from $50/month all the way through to $100,000+ per year.
The pros of this type of mastermind is in the structure, accountability and investment everyone makes to the group. You also benefit from having an experienced expert offer support, coaching and advice vs hoping the group has everything you need to grow.
The cons can be if the facilitator does not screen well for personality and experience fit, if there’s very little support between sessions or if the cost way outweighs the benefits you’re receiving.
Why Masterminds Work (a look at the benefits)
Assuming you’ve decided that this year is your time to form or join a mastermind group, let’s explore the main benefits you can enjoy as a result:
Connection, Championing & Cheerleading
There are many benefits of a great mastermind group, but in my experience, this is the most important and impactful.
If you’ve been in business for more than five minutes, you know how lonely it can be, particularly if you work from home. It’s easy to go days without talking to anyone, and when you’re stuck or need a good idea, you don’t always have a good place to go to get help.
Being part of a mastermind group means that you’ve got regular access to a group of people pursuing similar goals to you, dealing with similar challenges and who want nothing more than to see you thrive.
And if the group is strong, you’ll likely make lifelong friends.
Brainstorming and problem-solving
Masterminds are a great place to get new ideas, fresh perspectives and solutions to those just-can’t-quite-figure-it-out problems. Regardless of the group size, more heads are better than one and you’ll find that a mastermind becomes quickly indispensable as you reap the rewards of more brains of your business’ sticking points.
Accountability and Awareness
Many people join a mastermind for this specific purpose, and with good reason. Having a group of people and a coach or facilitator holding you accountable to the plans, goals and intentions you’ve set out can be the difference between getting things done or going another year with minimal progress.
Unless you’re what Gretchen Rubin calls an ‘upholder’ – someone who easily meets inner and outer expectations – you’ll benefit from having mastermind accountability.
And there is something powerful in knowing that a small group of people know exactly what goals you’re driving toward and are holding space for you to reach them.
Collective Growth
When people come together, inspired and motivated by a similar end, magic happens. I’ve witnessed this first hand – both as a mastermind member and as a mastermind facilitator. The power of the group can often be the catalyst for major growth.
As one person rises, the rest are inspired to follow suit. As they say, a rising tide lifts all boats.
Safe, brave spaces
It’s hard to know where to go when fit hits the shan. Maybe you’ve pitched yourself as a speaker and been rejected by that big conference. Maybe you’re wondering if you need to fire a client. Maybe you’re having a hard time talking to your spouse or partner about your business without it turning into a money-focused stress talk.
When the hard times hit (and they will), your mastermind group will be a soft place to fall AND a brave place to push you forward.
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