Avoid the Entrepreneur Island with the Benefits of Mastermind Groups

What’s all the craze with Masterminds?

If you’ve never heard of Masterminds before, don’t beat yourself up. They’re still a fairly new concept. I first heard about Masterminds a few years ago on a podcast. And then again on another podcast. And another. The phrase mastermind caught my attention, and not because it sounded like a new sci-fi series on Netflix.

A group of people purposefully getting together to discuss business ideas and strategies? Yes! The ability to have built-in accountability and mentorships? Absolutely! A business building tool built around community, learning, and goal setting? Sign me up.

The idea of like-minded entrepreneurs gathering together (whether physically or digitally) to learn how to improve their businesses intrigued me. Yes, we read books, blogs, and podcasts. Online classes are increasingly popular. But there was something different about Masterminds that made me pause and listen.

Community

Relationships are key in life. As a new business leader, they are even more important. Being an entrepreneur can be lonely. The boss needs to make the decisions, work the long hours, and do the research themselves.

But, the good news is, you don’t have to do it alone. Wouldn’t it be great to share your budget concerns and questions about social media with other people; both peers and leaders who have years of experience? Posturing the right people around you can set your business up for the success you crave and the potential we know you have.

Enter Masterminds

I’ve touched on this a bit but, let’s dive into what masterminds are and how they can benefit entrepreneurs at multiple stages. A Mastermind is a networking tool that brings business leaders together to grow their business and themselves. Masterminds can help grow your business by:

  • Creating accountability within a community of peers
  • Providing mentorship opportunities
  • Helping eliminate blind spots
  • Driving momentum
  • Inspiring collaboration and connection
  • Generating referrals

Like me, you may be wondering if a Mastermind is right for you at this stage of your business. You don’t want to go it alone but aren’t sure if it is the right next step. The good news is that there is plenty of variation among groups and many types of Masterminds to choose from, depending on if you are just getting started or have years of business experience under your belt.

The Method

Because there are so many Masterminds available to entrepreneurs, the methods vary depending on the specific needs of members.  Some groups are solely online, using Facebook or other platforms to house group members discussion, live calls, and trainings. This method is increasingly popular, as it offers convenient help and support.

Other Masterminds take on more of a conference feel, where business leaders meet together for a set number of days at a resort or conference center. Author and Speaker, Seth Godin, holds a mastermind event for high performing business leaders to get away, gather together, and grow around the ski slopes of Utah.

Popular Mastermind groups combine online community, 1:1 mentor calls, and in-person meetings, retreats or conferences. This is exactly the model we use at StartupCamp. We find that the combination of all these ingredients allows each member to find the level of participation, engagement, and support that is right for them (at the right moment).

The Cost

Most Mastermind groups are paid groups – many with a hefty sum. For some, the thought of putting more money into their business makes them cringe.

When starting out, putting the right resources forward to gain the most traction early on in your startup is most important. Depending on where you are, not every Mastermind will be the right fit for you. Some Mastermind groups are specifically for business leaders who are ready to take their business to the next level – like a 7 figure next level.

If you are a startup business, you can still find a mastermind that is right for you with a little bit of searching. For example, all of StartupCamp’s full courses include FREE membership into a mastermind group. You can join through your course, meet the other participants, and experience the insight and growth a mastermind gives.

Using the platform provided, members can post questions to the group – getting timely responses and helpful feedback that is unique to their business from both the coach and other group members.

Trying to decide which email software to use? Post a question. Confused about a concept in the course? Ask in the discussion. Afraid to take the leap on a new strategy? Be encouraged and guided in your live Q & A’s (another great feature of StartupCamp’s masterminds).

Conclusion

Starting a profitable business can be complicated, and even more so when you need to sift through what is crucial to your growth and what should wait until later. One thing we know is that for an entrepreneur to be successful in their first few years of business, they need support and accountability.

Are you surrounded by people who can inspire you and guide you with the experience they’ve gathered? Or, are you trying to navigate the waters of running a startup alone? It may be time for you to look into a mastermind. Your business will thank you for it.

Check out all of StartupCamp’s courses, including FREE access to Mastermind groups, here.

Author

Meghan Tappan
Meghan is a freelance writer from Oklahoma. She is an education and marketing director during the day and a wife, mom, and budding entrepreneur by night.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

  1. Ellen Serron Gray says:

    What a refreshing article from such an inciteful young woman. I wish she lived closer to New England so that I could benefit from her enthusiasm first hand.

    Reply

Learn from the best thought leaders and entrepreneurs.

Sign up to get powerful interviews and articles delivered straight to your inbox.