Any leader who is trying to grow an enterprise into a recognizable brand should admit that the task can be down- right exhausting and lonely. The good news is that you don't have to suffer burnout by trying to grow alone. Instead, connect with likeminded individuals who are working towards goals in a Mastermind.
What is a mastermind?
A group of people assembling to learn and succeed together. Some may refer to this meeting as a mastermind or group coaching led by a facilitator who has achieved a desirable success status in some way. Napoleon Hill introduced the infamous term in his books The Law of Success and Think and Grow Rich while noting "No mind is complete by itself". Masterminds have grown in popularity and elite status determined by the quality of membership. Some meet bi-weekly or monthly for a predetermined time period such as 6 months or a year.
What are some benefits of masterminds?
One of the main benefits is connecting in a safe space and receiving real time feedback from peers. Masterminds provide connection, accountability, friendships, resources, creativity, different ways to look at problems, and a fast way to grow. You do not have to develop alone. By connecting to a space such as this, your chances of beating business failure within five years are increased.
What is the typical investment?
Public masterminds can be found on social media platforms for free. Private options, with investments as small as $200 monthly, are groups that usually involve an application, referral, or commitment. Paid masterminds with qualified leaders typically offer the best return on investment and run $5,000 to $10,000. Some groups only offer exclusive yearly memberships with fees as high as $100,000 and a wait list.
Ultimately, you determine the level at which you want to participate and the type of network you want.
What are some unspoken Mastermind rules?
It is not a place to hide or lurk. Masterminds require active participation, follow up in the form of homework, and the ability to encourage others. It is not a place to judge, disrespect fellow members, dominate group discussion, share private content outside of the group, or have others solve problems for you. The beauty of this concept is that there are people to work with you to achieve a desired goal.
What are some tips to find the right Mastermind Group?
I have led many Masterminds with specialty tracks such as startup founders, fashion tech creators, executive leaders, and small business owners. Determine if the challenge you are facing in your business development should be reserved for a specific niche of group members or if it would be beneficial to learn from peers in various industries and occupations. Also, consider the time you are willing to commit and preference for meeting platforms. Do you work best in person or online? I have worked onsite at universities and incorporated digital meeting platforms for members of my Level Up group. There are many benefits to working live on a meeting platform with people from all over the world in comfortable attire.
The great thing is that joining a Mastermind is achievable for anyone seeking to make a change or gain support. Don't you feel better knowing that you do not have to grow alone or be miserable in the process? Invest in a mastermind that will work for you, your business, and network over the next year. If you do it soon, it will be one of your best tax write offs that pays. Two heads are definitely better than one.