The concept of a mastermind group has been around for a very long time. The term was coined by Andrew Carnegie when he was discussing how he made his money in the steel industry. He credited the people around him - the collective minds of over 50 others.
We have here in this business a master mind. It is not my mind, and it is not the mind of any other man on my staff, but the sum total of all these minds that I have gathered around me that constitute a master mind…
Masterminds have seen a resurgence in the online world in the last few years, namely due to prominent bloggers, podcasters, and other influencers talking openly about their success.
Typically, working with a mastermind group accelerates your success more quickly than working alone. You get pushed to achieve more, faster.
Let’s look at some of the ways that a mastermind group can help you.
1. You talk to people with common interests
If you’re working on a side hustle, like me, then you probably know that your spouse, significant other, etc. can only listen to you talk about your business or project so much. Eventually, they will get tired of hearing about conversion rates, the best ways for content marketing, or your latest marketing plan.
You’re probably totally engaged in your project and extremely enthusiastic. It’s great when you can hop on your mastermind call and talk shop with like minded people.
They will understand what you’re talking about and enjoying hearing about it. They may have some common stories to share as well.
2. Help push you to achieve your goals through accountability
We don’t like to admit it, but sometimes it’s hard to focus. Who am I kidding?
It is extremely difficult to focus with all the distractions of daily life. Accountability is a key motivator, and the accountability that comes with a mastermind group can’t be simulated working alone.
If you’re able to focus like a Buddhist monk, then maybe you don’t need the extra pressure; for the other 99.9% of us, knowing that you need to talk to 2+ people on a specific time and date lights a fire under your chair that you can’t ignore.
You will focus on the tasks that help you reach your goal instead of distracting yourself with trivial, unimportant tasks. You will get out of the minutia and work on the shit that matters.
3. Provide insight to your issues
Have you ever struggled to figure out an issue? Was the issue consuming your time, energy, and focus?
Imagine if you could take that issue to a group of people whose purpose is to help you resolve your issue.
Sometimes all you need is another point of view.
4. Supercharge your network
When you add one person to your network, you effectively add all of his network to yours. The result - forming a mastermind group immediately expands your network.
In fact, some of my very best introductions to people have come from members in my mastermind group. If an introduction to a contact can help you out, a mastermind group member will make the connection.
5. Get new ideas for your business, situation, etc…
It’s amazing how the same situation can spawn unique responses from different people. Each individual has distinct experiences and different ways to see the world.
Your mastermind group can help you see your situation differently. It can give you new ideas that you haven’t thought of before. You group might see an opportunity where you saw a problem or they might help you see that your “big win” for the week might have a downside in the future.
6. Utilizes the collective knowledge of a group
Andrew Carnegie said, “We have here in this business a master mind. It is not my mind, and it is not the mind of any other man on my staff, but the sum total of all these minds that I have gathered around me that constitute a mastermind…”
He argued that the brain power of the individuals had a geometric increase on the collective brain power. It sounds far fetched if you have never experience the power of collective minds, but it is true!
7. Get honest feedback
If you ask your friends, spouse, or family members if something is a good idea, you may not get an honest answer. They may not want to hurt your feelings, especially when they see your excitement.
However, if you bring an idea to your mastermind group, rest assured that you’ll receive honest feedback. It’s part of the candid nature of the group and the overall goal to achieve. You may disagree with the opinion of the group, but it will be honest.
8. Opportunity for partnerships or joint ventures
This is an often overlooked benefit of mastermind groups. The people in your mastermind group should be sharing some common goals and focus, and naturally you will develop a rapport and may work down similar paths.
You will learn each member’s strengths and weaknesses, plus you’ll know if you can work effectively with each other. I have personally been involved in 2 joint ventures that grew from involvement in a mastermind group.
One was particularly interesting…two of us in the group had a similar idea for a course since we were in the same niche. The two main options were to compete against each other or work together.
We worked together and were happy with the results. We focused on our strengths, rolled out the course faster, and the end result was better. It was truly a “Win, Win” situation for us and the customers.
9. Opportunity for cross promotions
Typically, the members of a group will have an audience or market. When there is a good fit, i.e. when their market can get value from something you’re selling, then you can all capitalize on the opportunity. It won’t always be a good fit so don’t force it.
10. Accomplish more faster
This is one of the very best benefits. Some people are naturally self motivated and driven, but for the rest of us making progress can be a challenge.
We loosely set goals with arbitrary criteria and vague deadlines. The result is that it doesn’t get done.
Regular meetings help drive you to work on the right tasks to complete your objectives. You have deadlines and people that will be disappointed in you if you don’t make an honest effort. You will generally find that you can do more than you think in less time.
Do some investigating. You will find that the people who are achieving more than others are in a mastermind group.
The benefits of a mastermind group go far beyond what we’ve outlined here today.
Joining or forming a mastermind group is a game changing step, that will help you step up your game in ways you can’t yet imagine.
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