What is a mastermind group?
The mastermind concept was coined in 1925 by author Napoleon Hill in his book The Law of Success and described in more detail in his 1937 book, Think and Grow Rich. “A mastermind group is a peer-to-peer mentoring concept used to help members solve their problems with input and advice from the other group members.” In a small business, they are less about specific training on tactics or applications, and more about mindset and execution drawing on the collective experience and intelligence of others.
How does a mastermind group work?
A group of smart people (yes, that means you) meet on a regular basis, to tackle challenges and problems together, explore learning opportunities, or share successes and achievements. They lean on each other, give advice, share connections and do business with each other when appropriate. It’s very much peer-to-peer mentoring and if you are lucky enough to get invited to one, you will most likely see a marked change in yourself and your business. Mastermind groups very much operate by the principle that “you get out of it, what you put into it.”
Five reasons you should join a mastermind group.
- Exclusive community. Masterminds are small groups with high accountability and high engagement. The quality of experience and knowledge is crucial to all involved, so there may be an application and vetting process to ensure that all members are truly invested in the mastermind goal. Masterminds are highly exclusive and confidential, creating a safe space for all involved.
- Collaboration, support, and advisement. Masterminds are all about providing a support network to help you execute your vision, and working through challenges including fear and doubt to bring your vision to life.
- Expand your network. Joining a mastermind expands your network quickly. This can lead to opportunities for collaboration and cross-promotion through other’s networks.
- New learning. Everyone in a mastermind brings a unique skill, experience, connection, or knowledge. Your knowledge may help someone else work through a challenge, as their experience will help you work through yours.
- Think big. Solopreneurship is often isolating and lonely. A mastermind brings together people with a common purpose of helping each other succeed, where synergy can be more easily achieved. With synergy, the whole is great than the sum of it’s parts. The collective mind is greater than what any one individual can execute alone.
A mastermind is guided peer-to-peer networking, and can literally change your business from the inside out when you have the support team in your corner helping lift you higher. If you believe the African proverb “If you want to go fast, go alone. If you want to go far, go together” then a mastermind might just be for you.
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