Why Participate in a Mastermind Group?
“Ambition leads me not only farther than any other man has been before me, but as far as I think it is possible for man to go.” ~James Cook
In his must-read classic Think and Grow Rich, Napoleon Hill described a master mind group in this way: “The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.
No two minds ever come together without thereby creating a third, invisible and intangible force, which may be likened to a third mind (the mastermind).”
Mastermind groups can come in many different shapes and forms. Some are big; some are small. Some last a long time, while others go by the wayside.
My experience with mastermind groups:
Twice I have joined other people’s mastermind groups and have benefited on both occasions. Additionally, I have created by own publishing/speaking mastermind group and have members from all over the world who participate weekly by way of a phone conference call. All of us support each other in our writing and speaking pursuits.
One of the coolest things I like about masterminding is the amount of quality time you get to spend with other entrepreneurs and how you get to soak up their knowledge as a result.
One of the challenges a small business owner has is that often you will spend so much time building your business that you don’t really get enough time, or any time, to hang with your buddies to compare notes, bounce ideas back and forth, and benefit from other people’s business skills and unique talents.
For example, today I just spent two hours with my buddy and mastermind partner Denny Andrews, who is the founder and owner of Denny Andrews Consulting.
Denny works with businesses of all sizes on their online presence, and he bills out at $400 – $500 per hour helping entrepreneurs leverage technology to maximize online visibility.
He set me up with three different Facebook ads, and he showed me how, for just a few hundred dollars per month, my tiny ad would market my book and speaking business to upward of 2 million Facebook members who specifically enjoy reading and entrepreneurship.
It took Denny hundreds of hours to master his marketing skills and acquire his wisdom, but because we are buddies and part of the same mastermind group, he did it for me as a favor. If I hadn’t known him, it would have cost me $1,500 or more.
A mastermind group is:
- Like minded individuals getting together to help the other group members succeed.
- Accountability partners to help each other achieve short and long term goals.
- Weekly, bi-weekly, monthly meeting to assess programs.
- Strategic sessions with one leader giving homework to each member and debriefing.
- A small group of 5-12 members
- Typically, no two members are in competing businesses.
- An opportunity to share in complete confidence.
- Brainstorming sessions to share expertise.
A mastermind group is not:
- Social hour just to visit and tell stories.
- Something that is optional to attend.
- A coaching, networking atmosphere.
- A leads group.
- A group where you are continuously bringing in new members.
- Dominated by one speaker telling all how to run their businesses.
- Mixed with both employees and business owners.
- Paid membership.
More than just meeting together, often these mastermind partners will become your best friends.
There is an old saying that you are the sum of the five people you hang out with the most, choose positive, optimistic, supportive, free enterprise capitalists with monster goals.
This topic from my newest book “The Affluent Entrepreneur”, is also one of the topics that I speak on.
If you are a meeting or event planner looking for an opening, closing or keynote speaker I will be happy to customize topics to relate to the needs and interests of the audience I will be speaking to.
Please contact me the next time you need an Opening Speaker.