September 11

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The Power of Masterminds

How You Can Achieve Accelerated Business Growth By Working With Other People Just Like You on Your Business

Entrepreneurship can often be a lonely path if you are walking it alone. You may have hundreds of ideas, all of them good.  But what if those ideas are good for you, but aren't quite the right fit for your customers? 

You can proceed through trial and error, as most of us do.  But what if you had the opportunity to regularly bounce those ideas off of peers who have already tried them? What if you find out you've just spent several weeks, months, or even years creating something that is not an accelerant for your business? Wouldn't you like someone to say "if you just tweak this you have a winner" or "I've tried that and found that...."

By being part of a group mastermind, you receive real-time live feedback from both a coach and a group of hand-selected peers who are traveling a similar journey to yours. This focused path will lead to quicker results for you in your business.

Joining an online group offers a sense of community.  Joining a mastermind offers a deeply intense sense of community where business ideas and personal bonds become rooted.

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What is a Mastermind?

Masterminds are offered in different formats. They always consist of a moderator to help the group stay on track for timekeeping and agenda items, and they always consist of multiple members. The variations may include:

  • Coach as moderator.  This is more of a learning mastermind in which training and select coaching "hot seats" accompany discussion. These are typically paid groups which give you economical access to the coach you may not otherwise have.
  • Peer-led moderation. This concept rotates between members, with each taking turns being an appointed leader/organizer/timekeeper for each meeting. The coach may or may not be present. Some are paid, some are free (depends on the organizer).
  • In-person event. A small group intensely focused on achieving a pre-determined goal or outcome.  Since someone is paying for the meeting setup and their time, it is almost always a paid experience.

The concept of a mastermind dates back into the early 20th century.  Napoleon Hill mentions the power of group in his 1925 best seller "Think and Grow Rich." In the book he describes a mastermind as “the coordination of knowledge and effort between two or more people who work towards a definite purpose in a spirit of harmony…no two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.”

In brief, a virtual mastermind is a group of business owners who come together at a regularly scheduled time. During this set time, participants focus on learning from coaching or their peers by sharing goals, wins, and struggles through deep discussion. It's similar to sitting around a table . You are still face-to-face on a computer screen, but everyone can participate even if in different parts of the country or world.

A mastermind can help today's business owner with acceleration in completing tasks, clarity of journey, accountability, productivity, the ability to discuss fragile heartfelt attitudes, mindsets and roadblocks with those who are or have been in the same place, and creates many lasting relationships.

What Can I Expect By Joining a Mastermind?

Masterminds vary widely depending on the host, business or group coach. Here are some general types of experiences you can expect. 

Image by Manfred Steger from Pixabay

  • Facilitated group masterminds. These groups will be coach-led by your host. They are not a dictatorship except when it comes to keeping on schedule and timekeepers typically rotate. Your time and engagement should be respected at all times. Most structures will include hot seats where you can request to have time allotted for your particular questions or need for clarity.
  • Masterminds will vary in length of time, topic or skill level.  You will most likely be matched with people who are close to your skill level -- no more than one step ahead or one step behind.  Why? Because those one step ahead of you can reach back and grab your hand and pull you forward, and those that are one step behind you allows you to do the same. It's a group effort.

  • Not all applicants will be selected.  It's harsh, but true. You need to be aware that matching business goals, personalities, strengths, weaknesses and commitment levels are paramount to creating the perfect blend of mastermind peers. The leader or coach will typically reach out to you personally to discuss the best fit for you, and let you know if there's something you should be doing in preparation for the next round of openings. Most good coaches will keep your application on file to find the eventual perfect fit.

  • Masterminds are a safe space, free of judgment. In many masterminds, participants will be required to sign an Online Program Terms Agreement, which includes a confidentiality clause. Both you and all your peers must know that anything said, any struggles that are uncovered, and any financial successes shared will be kept confidential among friends. Yes, you will come to think of this group as friends as well as business mentors! No judgments.

  • There may be a learning component every time your mastermind meets.  This is different from a basic accountability group in that there is much more than just updating your progress. A different relevant topic will usually be shared every time you meet -- sometimes by the coach and sometimes by another member of the mastermind who may bring a skill set everyone can learn about. By hearing the pathways led by others in similar situations, your online business skills will grow exponentially.
  • Your mastermind may feature a hot seat opportunity. A hot seat is a set amount of time to bring your ideas and/or struggles to the forefront and receive guided input and resolutions from your coach and peers.  It could be anything from struggling to build an email list to pricing courses to profit margins --..it's generally up to you.  You should prepare wisely for your hot seat to get laser-focused on what you want to ask so the group can stay on task and on time.
  • Masterminds are the most economical way to have access to your coach. Your coach, or host, should have the goal helping each member succeed, however, their time is also finite. Facilitating masterminds as a group allows a coach to touch more lives and enrich more businesses without having to charge high prices for private coaching. 

Image by mohamed Hassan from Pixabay

Who Would Be a Good Fit for a Mastermind?

If you're trying to decide if joining a paid mastermind group is right for you, here are some key indicators that may help.

  • You already have a direction you're heading in your business and need greater focus and accountability.
  • You are unclear on certain initiatives you'd like to implement or have too many ideas clouding your path and need guidance to move forward.
  • You can commit 100% to showing up on the designated time for every session and are respectful of others' time.
  • You enjoy contributing and giving input as much as taking input from others.
  • You are open to taking direction from your fellow members and commit to taking the time to complete tasks.
  • You're willing to share your struggles - personal & business, mental, emotional and/or physical at an extreme level of transparency. It will allow everyone to help you at the deepest level.
  • You're willing to complete an application and answer the questions fully and in detail in order to be considered for participation (if required).

Who Would Not Be a Good Fit for a Mastermind?

The following reasons may be an indicator that a mastermind group isn't quite right for you to participate in yet.  While you may be the hardest working entrepreneur, you may also be having challenges that preclude you from becoming a dedicated group member.

  • You don't have the time to commit to being 100% present or be accountable to completing tasks set forth by your peers.
  • You aren't comfortable sharing fully. While this can be overcome with time, you shouldn't be put in a position that causes uncomfortability.
  • You don't have a business yet or even an idea of what that business will look like. (Note: you may still qualify if your skill set is comparable)
  • You don't like being held accountable to do work as challenged by your coach and peers.
  • You have difficulty in fully listening to others.  The mutual exchange in a Mastermind includes more listening than talking.
  • You have a business that might contain tactics of questionable morality or ethics. Hey, no one's judging. It's important, however, that everyone in the group feel comfortable with the direction you've chosen.
  • You are averse to change.  If you are shown a new or different way to do something, do you embrace it or argue for your limitations? Trying things as challenged by your peers is a requirement.

In Summary

A mastermind is an incredible tool to boost  your confidence, direction, productivity and speed. Participation will hold you accountable to take the necessary actions to see your entrepreneurial journey through to completion so you can start reaping the benefits you seek to achieve.

"Coming together is a beginning,

staying together is progress, 

 and working together is success."   

~Henry Ford

Have you ever participated in a mastermind? Tell  us about it in the comments below.

Your Coach

Julie Humes has been an serial entrepreneur with over 40 years experience in the business workforce.  She has spent the majority of that time in helping both corporate and small businesses with marketing, creating experiences and finding the right niche that attracts the right customers.


In addition, she has run several eCommerce businesses including multi-platform selling of vintage and antique products, and owns her own auction and wholesale companies. "My passion is helping others succeed by infusing unique strategies for sales and marketing regardless of what type of business they're in -- to tweak until everything is just right for them to be seen as the experts their customers love."

Learn More About Upcoming Masterminds

Tags

accountability, classes, coaching, group coaching, mastermind

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