How A Mastermind Group Can Help A Business Grow
There are these two famous African sayings “Two heads are better than one” and ”many hands do light work”. A mastermind group is a collection of creative individuals who meet on a regular basis to help one another, achieve their business goals, through creative problem solving, goal setting and accountability, to help them express their highest potential in improving their businesses.
There are 2 types of mastermind groups:
- Peer-driven: Consists of 4-5 members who are at a very similar level in business.
- Guru-led: Consists of 2- 20 people who are lead by a leader but consist more of coaches than learners
Why create or join a mastermind group?
Potential is what you still have to deliver not what you have done already. So you need that environment that will help you express the greatest that is yet to be given or done by you.
The ladder of business is infinite. Each stage you climb just has a reward and the rewards never get finished.
At one point, you will feel like you have much work and need a bigger team, sometimes you feel like the team is not productive, and sometimes you think you are not productive on your own path and so on.
Getting to meet new people with their own ideas can solve your secret worries as a business person, be it startup or a company.
Some benefits of engaging in a mastermind group include:
- You are not alone. For new entrepreneurs, running a business can be daunting. There is a lingering feeling that anything can go wrong at any time and you have no one to turn to or ask advice from. The realization that you are not alone and that others are going through the same experience as you lifts the feeling of helplessness and anxiety.
- Been there, done that. The best advice comes from those who have gone through similar instances and have learned their lessons from it. Take advantage of their experiences and insights and apply them to yours.
- Again, two heads are better than one. Sometimes you are focused so much on a certain part of your business that you forget to see the entire picture. Your group members can help you assess your business objectively and may even help you find a different or fresh perspective.
- Building networks: Your business can benefit from the potential network established with the other members of a mastermind group. After all, no business can survive solely on its own
- New partners can benefit from your knowledge/services and vice versa
- Seeing what other business owners are doing can help motivate you to push forward for your business. Accountability: At the end of each meeting you will have an action plan, objectives you need to meet before the next meeting – which the Group will hold you to account for.
- It takes real discipline to succeed in any endeavor. Being held to account by your mastermind colleagues ensures you maintain the disciplined behavior necessary to succeed in your business.
- Support: Sometimes business is difficult and the challenges can seem overwhelming. Perhaps you have a difficult employee or a legal problem – chances are your Mastermind colleagues have experienced the same issue. You will never be short of alternative suggestions on how to overcome issues. Additionally, you will develop deep and meaningful friendships over above all the business help.
- Increased Confidence: Better decision making means greater confidence – greater confidence spreads through your organization and inspires everyone to perform better (better decisions). You will feel good. You will feel more confident.
- Creativity: Looking for new ideas for your business? Have a new idea for your business? Want objective feedback and help with that idea? The group will provide more ideas and constructive feedback on your ideas.
- Increased Profits: Many businesses leave money (profits) on the table – the purpose of the group is to help you take full advantage of all the opportunities that surround you and build your business into the huge success it deserves to be.
- Discover new business partners and cross-promotion: Collaboration is the name of the game. You may find someone in the group that is a perfect fit to work on a project with you. Or, you may be the perfect person to help another member as well. The group works together collaboratively, to achieve more together.
- Think bigger: You can’t help but think bigger and stretch beyond your boundaries when surrounded by amazing people doing amazing things. Fellow Mastermind members will help you to see the potential you are missing out on.
- Expand Your Skills: Everyone in a mastermind group is unique in skill, experience, and connections. Everyone is expert at something and as you interact with each other you will be picking up new skills and talents – all the time, working towards a definite purpose, in the spirit of harmony. There is a special energy that surrounds a group of success-minded individuals – an energy that lifts the individual and the group. In a Mastermind Group participants raise the bar by challenging each other to create and implement goals, brainstorm ideas, and support each other with total honesty, respect, and compassion.
- Helping Others. It was Zig Ziglar who said: “You can have everything in life you want if you will just help enough other people get what they want.” You will get great satisfaction from helping other business owners in their businesses.
- Hot Seats: The principle of a Hot Seat is that you get a chance to present to the group your biggest challenge or issue right now. For starters, this helps you gain clarity on the issue you are facing and what you need help on. The Group, in turn, will provide you with a series of options and opportunities to follow up on and the person in the Hot Seat walks away with lots more ideas and solutions than they could generate on their own. In my experience, especially in bigger groups, not everyone will get an opportunity to Hot Seat every meeting – but even those not in the Hot Seat invariably walk away with new insights and ways of looking at things.
- New Business Ideas: I have purposely not placed the reasons to join a Mastermind Group in any particular order – but on a personal level I would have to credit the generation of New Business Ideas as one of the biggest benefits of joining a Mastermind Group.
- These are ideas are over and above anything I may have come across when brainstorming – these are completely new ideas, not even related to my existing business. Just being in the same room as all this superior business brain power has led to some of my best new business ideas.“If you have an apple and I have an apple and we exchange these apples then you and I will still each have one apple. But if you have an idea and I have an idea and we exchange these ideas, then each of us will have two ideas.”
Who can join or create a Mastermind Group
- has a problem and wants to or is solving (start-ups most especially)
* business cycle: identify a problem + solve the problem = make money
- Is passionate about the solution and process they are carrying out to solve their problem
- Wants to learn from others
- Has a vision, goals, and objectives
*make sure the people in the group are similar to you in problem, vision, goals, and objectives.
Points to consider when in a mastermind group
- who is thriving and why
- How can you imitate those who are thriving.
How to Join a mastermind group
Find people who are like you in hangouts, groups and companies both online and offline and get in contact with them. If you can’t find a mastermind group, create one.
If you can’t find or create a mastermind group, here’s a very interesting mastermind platform that can help you find a tribe. I highly recommend It.
Eccountability is a custom-built online Mastermind platform, designed to connect you to other smart, driven entrepreneurs who want to achieve better results.
Live, Interactive Video Masterminds
Mastermind meetings are held on a framework proven to help you stay focused, keep you accountable, and allow you to share knowledge to solve the biggest roadblocks in your business.
Eccountability connects you with a tribe of entrepreneurs who support and motivate each other, and hold every member accountable for the goals they set. You’ll succeed even if you’ve tried and failed before or don’t know how a Mastermind group works. Simply log in at the appointed time and hosts will facilitate your Mastermind session.
Sample Checkin Session.
Eccountability support from the group
ARE YOU READY TO GET STARTED?
You’re probably wondering: “How does Eccountability match the right people to the right tribes?” Here’s how:
- Identify what stage you’re at To help you identify where you currently are in your business and focus on where you’d like to be, we encourage you to read through our programs.
- Sign up Choose the program that best aligns with your current situation and aspirations.
- Complete your profile This is where the magic happens. Tell us about your skills and what areas upon which you need to improve. Be honest. List your goals and what you’re hoping to achieve, including the big picture for your business. Using the Eccountability matching process, we’ll match you with a tightknit group of like-minded entrepreneurs. Each tribe is curated with diversity in mind to ensure a balance of knowledge and skills.
- Search open tribes Next, you’ll have the opportunity to browse a list of available days and times and select the best fit for your schedule. You’ll also be able to see what skills the existing members of each group have listed.
- Quick Approval To ensure each member is the right fit for their requested group, we have a screening process. Depending on the complexity of individual needs, users can usually expect a response within a few hours.
- Get acquainted Once you’ve received approval to join your tribe, we’ll send you resources (videos and cheat sheets) to help you get acquainted with the platform, and help you prepare for your first Mastermind meeting.