What’s the hardest part of being an entrepreneur?
Maybe it’s finding the strength to persevere through tough times, or maybe it’s figuring out how to get your business off the ground when you’re just getting started. Everyone’s answer will probably look different to that question, but there is one crucial aspect of growing your business that everyone would agree makes the life of an entrepreneur difficult — the lack of a team to bounce ideas off of.
Figuring out how to organize your time, keep yourself accountable, and put things into motion is already hard enough when starting a business, but it only becomes more challenging when you’re the sole employee. It can be maddening bearing the weight of all aspects of your business on your shoulders, but even as an employee/owner, you don’t have to navigate it all alone.
In this article, we discuss masterminds and how they can be powerful tools used to grow your business. There’s a lot to masterminds, and it can be challenging to figure out how to even join one, so we’ve got you covered. Let’s dive in.
What Is a Mastermind Group?
A mastermind is, to put it simply, a gathering of people who get together on a regular basis with the intention of helping one another develop and improve. The force behind a mastermind is a desire to fix issues and take advantage of opportunities in a way that an individual person can’t.
Of course, it’s not a novel concept to bring people together in intimate settings with the purpose of gaining knowledge from one another’s experiences. Benjamin Franklin established an early version of a mastermind called Junto, often known as the “society for mutual development,” in Philadelphia in the year 1727. The members of the organization all shared a spirit of inquiry and a desire to improve themselves and their community and to help others, in addition to having a devoted mission to debate and exchange ideas with one another.
Almost 200 years later, in 1925, Napoleon Hill published The Law of Success, in which he introduced the concept of a “Master Mind,” officially coining the term. After conducting research on the practices of prosperous businesspeople from the 19th and 20th centuries, he came to the conclusion that one of the reasons for their success was that they had collaborated with others in the form of commercial partnerships and study groups.
One of the most important advantages of participating in a mastermind is that it gives you a place to discuss difficult issues and delve further into any problems you or your business might be facing.
How Do Masterminds Work?
In most cases, the primary objective of a mastermind group is either to ensure the success of each individual participant or to work toward the resolution of a problem that affects a larger group and has the participation of all members.
The first group that Benjamin Franklin organized consisted of five people, but you may build mini-masterminds with just one other person or be part of a larger group with organized events and online communities that include dozens.
Typically, mastermind groups get together for a predetermined amount of time over the course of a few months to a whole year, and they hold consistent gatherings to check in with one another on a regular basis. There is most often a facilitator or guide to take you through a process, and the meetings cluster around a common topic or journey.
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The Many Benefits of Masterminds
When you have the support and council of people that you hold in high regard, it is much easier to overcome obstacles. It is not only more fun but also more fulfilling to celebrate your victories with individuals who genuinely value your accomplishments. We humans are hardwired to form close relationships with other people, to talk about our experiences, and to help one another.
When you’re part of a mastermind, all the little gaps that being a solo entrepreneur leaves are filled, and you are supported, celebrated, and pushed toward success by colleagues who share a similar purpose. Why go your whole journey alone when you could have all the support you need in a mastermind?
Here are our top 5 benefits for joining a mastermind to grow your business:
Benefit #1: Shared Challenges and Successes
The act of sharing is the starting point for reaping the benefits of a mastermind.
In order to determine what problems you want to solve through sharing, you must first break those problems down into their component parts, determine which of those parts are under your control, determine what factors control those parts, and then determine what steps you need to take in order to bring about change.
When dealing with the day-to-day operations of a business, it can be difficult to find the time to think through difficult issues without the help of a trusted group of people.
Even though keeping a journal or discussing problems with a mentor can be helpful for some people, the experience of sharing with a group can be even more productive because you will receive questions and responses from the perspectives of multiple people rather than just from yourself or from a single guide. An excellent mastermind is the answer if you’ve ever wished you had a group of supporters with whom you could have in-depth conversations about your business.
Benefit #2: Valuable Feedback
Have you ever followed a strategy for an entire year, only to come to the conclusion that there was a more effective way all along? We’ve all done this, and it never stops being frustrating.
You can cut down on the amount of time you waste working inefficiently by making it a habit to regularly solicit and consider feedback. In a mastermind, you’ll have the opportunity to acquire candid guidance from successful business people, and your mastermind group will be able to assist you in perfecting each component of your personal and professional plan over the course of multiple meetings.
Additionally, your mastermind “advisory board” can provide you with personal input at times when you require it the most in order to increase your energy and attention, as well as the outcomes you achieve. Feedback that is both well-informed and well-timed will enable you to make course corrections far more quickly than you could possibly do on your own.
Finding constructive criticism might be challenging at times in your day-to-day life. It is possible for judgment, undue negativity, self-interest, a lack of interest, or blind support to be present in the form of advice provided by a spouse, personal friend, or family member. On the other hand, the guidance you receive from your mastermind’s “board of advisors” will, in most cases, be geared toward effectively and favorably advancing you toward your objectives.
Benefit #3: A Brainstorm Boost
When you are in need of assistance coming up with new ideas, mastermind groups can provide valuable assistance. Every member of your mastermind will approach a brainstorming session with a distinct point of view and a different collection of life experiences. This variety of perspectives enables you to see angles that you might not have considered before.
Among the benefits you may anticipate are the acquisition of industry-specific knowledge from respected members of your group, the identification of methods to enhance existing processes, the identification of sources of potential income growth, and the development of your own leadership skills.
The time you spend receiving constructive criticism can help you reap the benefits of years of experience and expertise that your peers invested. In order to guarantee this outcome, the majority of mastermind facilitators will seek to form groups of participants that have comparable levels of experience but distinct areas of expertise.
You should inquire about the process that the facilitator uses to choose group members before you join any group. Ensure that it is a procedure that can easily collect people who come from a variety of backgrounds and have a wide range of skill sets.
Benefit #4: Stay Ahead of the Competition
Because of the quick pace of technological advancement, formerly successful techniques may become obsolete in just a few years. Even more quickly, a strategy that was once ideal can shift from being successful to being unsuccessful. It’s possible that by the time you read about business tips on the internet, they will no longer be useful.
Keeping one step ahead of your competition is made easier with the assistance of a mastermind group. You will get the opportunity to gain insights into why some strategies work and others don’t when the members of your group share their experiences with you. You can then use this information to your advantage to make decisions that are better for your own business.
In certain circumstances, you can come to the conclusion that a strategy does not give a very high return on investment. If this is the case, you can spare yourself the pain of spending your time on the strategy.
In other situations, you can find an opportunity that is successful in the niche of someone else but has the potential to be successful in your business space as well. That way, everyone wins!
Benefit #5: Gain Renewed Energy
The motivation you gain from interacting with your fellow mastermind group members is undeniably one of the greatest benefits of joining one. A productive mastermind session can help you regain your focus and offer you renewed energy for the opportunities and challenges that lie ahead in the coming weeks.
A good number of mastermind members eagerly anticipate the opportunity to report on their weekly successes to their group — there are some people for whom this event is the highlight of their week! Simply being aware that members of a community admire and value your accomplishments and are interested in learning more about them can be enough to help you develop a more optimistic outlook and experience an increase in energy.
In a similar vein, knowing that you can discuss challenges with the others in your group might help to prevent feelings of fear or loneliness. Working through difficulties with the assistance of a trusted group of people is a foolproof method for making your issues appear more manageable.
Masterminds Offer an Ease to the Business Blues
It’s important to keep in mind that self-employed people are more likely to struggle with mental health issues, including anxiety, depression, and mood disorders, than individuals working traditional 9-to-5 jobs. When you run your own show, you could have higher highs, but you might also experience lower lows.
The path of every entrepreneur is fraught with challenges, and if you don’t learn to manage stress effectively, it can easily weaken your productivity.
One of the goals of a mastermind group should be to form relationships with one another. Simply contributing to and receiving support from a group can have a significant positive impact on both your emotional and physical well-being.
The act of sharing with other people actually triggers the release of hormones that make us feel good (endorphins), happy (serotonin), motivated (dopamine), and connected (oxytocin). It goes without saying that you need to have meaningful connections with the other members of your group if you want your bonds to be strong. The relationships you build with other mastermind members will help you boost your personal life as well as your business and is an excellent strategy for growth.
Master Your Entrepreneurial Journey by Joining a Mastermind
A mastermind requires the dedication of both time and resources. On average, masterminds need between $250 and $1,000 per month in membership dues and roughly three hours of time each month from their members. However, the benefits of a mastermind group far outweigh the enrollment cost.
Think about the amount of money you wasted on your biggest error in the past 12 months. Wouldn’t it be worthwhile to join a mastermind group if better advice could have prevented that mistake? In addition to growing your business and simplifying your operations, you may take advantage of the many other benefits discussed in this article by joining a mastermind today. What are you waiting for?