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What Is A Mastermind?

Posted by Gary Henderson on Mar 8, 2020 7:24:31 PM

You can ask anyone and they will tell you that they did not achieve success alone.

It is no secret that many top entertainers, athletes, and business people had top-notch mentors who showed them the way.

There are times when most entrepreneurs and business owners are left in the dark. They feel hopeless, lost, and without any chance to survive, end up giving up and throw in that proverbial towel.

For people who know better, however, masterminds provide solace and relief from the hammering onslaught of a calamitous financial demise.

Masterminds are a haven for people looking to expand their skills and learn, while at the same time networking with some of the most brilliant marketing and business minds in the world. 

Napoleon Hill performed hundreds of interviews with effective and successful business people while conducting research for his famous book, Think and Grow Rich.

Napoleon Hill learned that the main reason why many entrepreneurs are hugely successful while other entrepreneurs are not is that the successful ones were part of a mastermind program.

What Is A Mastermind?

What is a mastermind?

A mastermind group is a group of peers who regularly meet in order to give each other guidance, advice, and support.

It is no secret that mastermind groups are essential to operating a successful business, growing your business entity, and achieving your goals and dreams.

Keep in mind that the ultimate goal of these meetings is helping members navigate complex and difficult business challenges and issues using the collective experiences and insights of the larger group.

While it is similar to mentoring, note that it has a few important differences.

Firstly, a mastermind group will likely have five to six members, rather than being a one-to-one meeting. If you are in a mastermind group, then you will both receive and offer advice and insights. On the other hand, in a mentorship, people are typically on the receiving end.

Also, remember that a mastermind group can involve educational presentations, brainstorming, and even the discussion of personal issues.

So, these groups are great as they typically provide you with guided opportunities for good group education, designed to improve and sharpen members’ skills. In every sense, they’re a “meeting of the minds” – places where you can truly speak the truth and expect the truth in return.

What Is The Power Of Being Part Of A Group?

How do you network? Networking at a mastermind

You probably know that forming positive relationships with other people and entrepreneurs is crucial in developing and maintaining a fruitful and successful business.

Modern society offers you many ways to connect with others and form like-minded circles.

This will help you enjoy the ride along with other people in the group who share the same opinions and views on matters that are important to you.

If you are an entrepreneur or business owner, making the right connection and surrounding yourself with positive and like-minded individuals can help your business as well as you as an individual to grow and develop.

Here are two benefits of being part of a like-minded group:

  • It stimulates creativity
  • It creates accountability

There is no doubt that creativity and innovation are essential for business success in today’s world. While nothing is actually new, you can improve things by bouncing ideas off of one another, using that synergy in order to spark new and creative ideas.

Having the right people keep you accountable is one of the best ways to move you into action.

Working in a positive work environment where you can collaborate as well as connect with the same people on a daily basis is an excellent way to hold yourself accountable.

For example, if you have asked somebody on Tuesday for assistance or advice while grabbing a bite to eat and you see that person again on Friday, and they question how you’re doing with the business, then you would like to be able to give a few tangible answers.

What Are The Benefits Of Networking?

We can define networking as the process of engaging with others to help you reach a goal or objective. It is one of the most important things you can do to easily grow your business. It is worth noting that networking has a greater impact than marketing, education, and anything else you may do for your business. 

However, keep in mind that true networking is not solely about selling. It is also about discovery. Networking is also about looking for other people that you have interests in common with and starting to build a relationship. 

Keep in mind that networking is especially well-suited for businesses focused on trusted advisors, consultative selling, key account management programs, referral marketing, account-based marketing, and localized markets.

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1. You Learn New Information 

Did you know that networking can easily open your eyes to new and exciting possibilities while informing you about industries and trends that you did not know your business could break into?

Also, note that networking events, such as seminars, provide you with a great forum to exchange new ideas and knowledge.

In particular, they may help you gain quick access to:

  • Best business practices
  • Latest industry developments and information
  • Guidance and suggestions from experienced peers
  • Guidance and advice on how you can avoid common business pitfalls.

Networking can also help you in obtaining advice on specific topics, to exchange vital information and learn about new software, skills, or products.

2. Networking Improves Your Profile

A huge benefit of networking is being visible and getting noticed.

So, you should regularly attend social and business events that will help get your face known. You will quickly and easily establish a reputation as being a very reliable and knowledgeable contact in your industry sector if you continually contribute information and tips to individuals who need it.

You are more likely to secure more leads or referrals as you’ll be the person that pops into people’s heads whenever they require what you offer.

Now, let's dive into everything about masterminding.

How Do Masterminds Work?

How to brainstorm ideas in a mastermind

A mastermind group may meet online through video conference, in person, on teleconferences, or through online message boards.

You can also try LinkedIn groups and private Facebook groups etc. Depending on the specific needs of the members, meetings maybe weekly or monthly. These groups tackle challenges and issues together.

These people lean on each other, offer valuable advice and insights, share connections and even do business with one another when appropriate.

A commitment is required because of group nature.

You should look for highly-motivated individuals who are eager to give and ask for help and support and are also willing to attend every meeting. It is worth noting that this commitment is vital for your success as well as the success of your group as a whole.

Each group meeting must have a mastermind group agenda.

Note that this will keep the meeting flowing productively, allowing for deeper and richer brainstorming, accountability and goal-setting.

3 Benefits Of Joining A Mastermind Group

Brainstorm ideas in group coaching to have success with masterminding

1. Improves Your Physical And Mental Well-being

Research shows that successful mastermind groups often have group members that have a healthier mental state.

Your mindset is one of the most critical aspects to achieving success.

When you achieve goals together and spend time with like-minded people you’re comfortable with, then you release plenty of happy hormones that bring positivity and joy to your mood.

And being part of a great group can also provide additional energy to members, improving their physical state.

2. More Networking Opportunities

This is an obvious benefit. Attendees of mastermind groups are often successful people who are looking to mingle with other people who meet the same qualifications.

You also have a greater chance of staying top of mind with insanely successful entrepreneurs. 

There is certainly something about in-person meetings that helps build connections so you can focus a bit more. 

Although you should not go into your mastermind with the goal of selling your services, the amazing connections you develop can open new doors for your business. 

3. You Develop Positive Habits

Arguably, one of the most important benefits you can derive from a mastermind is replacing self-limiting and old habits with new, success-driven ones.

While this isn’t an easy or quick process, through practice and repetition, it is doable. And it yields long-term results.

Should You Join Or Host A Mastermind?

Join our mastermind group and coaching

You should join a mastermind group if you need these two things:

1. If You Need More Focus And Clarity In Your Life And Business

Mastermind groups appeal to people who are big thinkers and their brain is often racing with new and exciting ideas, often to the point that it is overwhelming.

For example, preparing for your ten-minute block of the meeting on a weekly basis may force you to break your big and scary goals into bite-sized and manageable strategies that are simple and actionable on a weekly basis.

Many entrepreneurs are also prone to get 'shiny object syndrome.'  This is when they get distracted by all of the new strategies and tools of the digital marketing industry. 

Everyone always wants to try and implement the next big thing, but that's where most business people go wrong. 

They never take the time to focus on making one this great, they start something and then get distracted and never complete it or they don't have the correct systems in place to get things done. Which leads to people thinking that something does not work, when they never took the time to make it successful. 

2. Need A Fresh Outside Perspective Or Coach

There are times when you are too close to things to see your business the way most outsiders do.

Having somebody with a fresh pair of eyes to go over your business website, branding, and offerings, etc. can let you know how you are coming across to others.

Do You Want To Host Your Own Mastermind?

You can create a mastermind group by taking the following steps:

You should start by picking a topic for your group.

You can choose anything from fitness and your career to some other broad area that you need improvement with.

Then pick your partners.  

Your mastermind group is only as good as the individuals in it. Establish a few ground rules. 

Remember that the main purpose of setting rules isn’t to stifle anyone – rather, the purpose of these rules is to ensure all members benefit from the mastermind group.

How To Find The Right Group For You?

Find the right group of people for your online mastermind

Mastermind groups are so popular that they are everywhere; you only have to know where to find them. Still, to get the best results— both with regards to your business as well as yourself — you should find a mastermind group that resonates with you. Here is how you can easily find a group that you can really grow with.

The first thing that you have to do is go where folks like yourself congregate.

So, if you are an eCommerce entrepreneur, there is no need to seek other eCommerce entrepreneurs strictly, you can look for other motivated and successful entrepreneurs in any industry.

See whether there are any mastermind groups in your area by checking sites, such as Meetup.com.

For example, you can easily search within a specific radius of the zip code in order to find some local mastermind groups on several topics, such as leadership. Then get in touch with the group organizer to find out if that group is still active and if they are taking new members.

Another way is to check with your favorite teachers, mentors, and writers.

Keep in mind that they usually have mastermind groups, but they do not always advertise them. Even if they do not have any groups themselves, they might know others who do.

Final Thoughts

You will be amazed at just how much a good mastermind group can do for you professionally as well as personally by providing you with motivation, new ideas and inspiration.

The right mastermind group can profoundly shape and affect your life and your success. This is why it is definitely worth considering.

👇👇Join the RARE online training that helps you discover the ultimate path to fulfullment and success by clicking below! 👇👇

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