If you’ve been in the entrepreneurial stratosphere over the past three or four years, chances are you’ve heard the term “mastermind” more times than you can count.
Maybe it has piqued your interest, or maybe you’ve written it off as one of those over-the-top expenses your business doesn’t need. Either way, understanding what mastermind groups are and how they work could be the game changer you’ve been waiting for.
First things first: What exactly is a mastermind?
Merriam-Webster defines a mastermind as “a person who supplies the directing or creative intelligence for a project.”
When it comes to the traditional business model, however, the definition expands to include a collection of like-spirited individuals with (generally) big goals and a desire to grow individually and in partnership with others.
My prediction is that 2018 is going to be the year of the mastermind in the world of online business, influencers, and personal brands.
The key benefits of a mastermind group are an expedited learning curve and amplified growth via strategic relationships, ones which often become close friendships. The structure and “container” that comes with it is often a significant value-add to help you stay on track in your growth process.
I want to help you walk away with a deeper understanding of the benefits that mastermind groups offer and to help you decide if a mastermind group could be right for you in 2018.
So ask yourself these three simple questions:
- Could you benefit from a new network of like-spirited and growth-oriented individuals?
The distinction between “like-spirited” and “like-minded” is an important one. The beauty of a mastermind is that participants bring varying ideas, visions and passions, yet everyone is focused on their own personal growth.
I have been a part of two mastermind groups for the last few years, and I launched my own this summer for my clients. The core values of these groups are centered around expansion, and they focus on making a massive and positive impact on the lives of others through their work. Yet the differences in each individual’s specific area of genius is vast.
- Are you seeking more collaboration and more support to aid in the expansion of your business or brand?
Some of the most powerful collaborations of my career have arrived since becoming a part of these masterminds.
“A rising tide lifts all boats” indeed.
Members of the mastermind I am currently facilitating have collaborated on podcasts, programs, and launches as well. I often say to the entrepreneurs that I coach, “We are better together than we are apart,” and a mastermind experience offers a safe and encouraging space to bring that notion to life.
Masterminds allow for new ideas, epic launches, and unlikely partnerships to form where they would not have otherwise been possible. They also present the opportunity to work with colleagues in your field that you may not have the opportunity to connect with on your own.
This summer I had the opportunity to meet and learn from influencers and authors like Lewis Howes, Mel Robbins, Grant Cardone, Brendon Burchard, and many others I would not have met at this point on my career journey without the mastermind experience to make it possible.
- Would you like to condense your learning curve and maximize your growth?
Your fellow masterminders have likely been through a similar scenario as you or they have been through a launch that you have yet to go through or may in fact be preparing to face in the near future.
In the last year, we’ve tripled our income and built a residual income stream in our coaching company that is resulting in five-figure months through the learning and strategies we’ve implemented after joining a mastermind.
By sharing our experience, expertise, and advice with one another in a formalized structure of regular meetings and in-person events, the time we have to spend “figuring it out” on our own is nearly cut in half. This allows us to grow faster and also avoid major obstacles on the path to success.
“When you know better, you do better.” - Maya Angelou
In the world of an entrepreneur, time and energy are our two most valuable assets. Maximizing these values while exponentially increasing our growth is not only a benefit of masterminds but is one of the biggest game changers in building your dream business.
Don’t just take it from me.
Iconic businessmen and cultural leaders have used masterminds over the last century as a way to grow and expand.
For nearly two decades from the early 1930’s to 1949, literary classics J.R.R. Tolkien and C.S. Lewis met with a literary group dubbed “The Inklings.” Walt Disney created a mastermind cheekily named the “Nine Old Men” that aided in the co-creation of Peter Pan and Alice in Wonderland along with numerous lesser known masterpieces. Even billionaire Warren Buffet meets with his most esteemed investment partners and pals once a year and has done so since 1968 in an effort to glean insight, wisdom, and inspiration from the best of the best in similar fields. (1)
So is a mastermind right for you?
In 2017, I decided to take the leap and join a mastermind of my own. In a very short period of time, I had achieved incredible results in the way of revenue, podcast downloads, and overall growth in the way I look at my business and life.
Most importantly, I have an entirely new network of support and friendships that I would not have built otherwise, and those relationships have become the bedrock upon which I have been able to dream bigger and achieve bigger.
If you are looking to take massive action and step into something that is a game changer in your business, I could not speak more highly of the mastermind experience.
Can you grow in your business and take yourself to the next level without one? Of course, but I wouldn’t recommend it. The great news? You can do this any way that calls to you. It doesn’t have to require a five-figure investment.
Create a mastermind in your current network or community with like-spirited individuals, or begin to do some research and ask around. Perhaps your favorite mentor already offers a mastermind, or perhaps an industry leader you look up to hosts one you can apply for.
Rest assured, collaboration over competition is the way to greater success and fulfillment. There could be a mastermind out there that needs your experience and expertise just as much as you need it. Get curious! You’ll be surprised at what comes next.
- Gordon, Jullien ; “The 5 Most Popular Masterminds of all Time” http://masterminds.org/the-5-most-popular-mastermind-groups-of-all-time/