Why Masterminds are the Education Model for Thought Leaders
Mastermind groups are more than just collaborative minds coming together and sharing information with one another. They are insightful meet-ups (either in-person or online) that have been designed to guide and help each member find solutions and overcome challenges that everyone encounters in businesses, regardless of niche. The term was originally coined by Napoleon Hill 80 years ago in his book, Think and Grow Rich. He explains a mastermind as, “a friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose”.
Hill says, “Analyse the record of any person who has accumulated a great fortune, and many of those who have accumulated modest fortunes, and you will find that they have either consciously or unconsciously employed the Master Mind principle.”
How do masterminds work?
A mastermind is the ultimate brainstorming session - a group of like-minded people meeting together on a regular basis (sometimes through online platforms) to tackle challenges in a collaborative and constructive way.
In a way, it's your own little focus group. The more you go, the more you feel comfortable discussing your successes and downfalls. The best part about collaborating with others in this type of setting is that you can test your ideas, topics, and business solutions and see how the mastermind feels about it through feedback.
Think of masterminding as a multi-faceted network of driven people who want to find more peers who have similar interests and can act as a support group for each other. You can also work on a peer-to-peer networking basis, which will strengthen your bond with each other, and your businesses. Plus, that extra support or assistance is always on standby when needed.
But let’s not stop there, it's so much more than just problem solving and the exchange of information. Some participants rely on support from each mastermind session, and you can think of each session as a way to network and meet new people in your field.
Benefits of masterminding
One of the best reasons to join a mastermind is that you will open up your networking circle. Stephanie Burns, the founder and CEO of Chic CEO, summed it up in the best way possible for Forbes,“Everyone in the mastermind is unique in skill, experience, and connections. By interacting and sharing your challenges, it’s almost certain that someone in your mastermind will have a solution for you and you may also be able to offer a solution, connection or tactic to help another in the group.”
What could be better than that?
Imagine joining a community of compatible individuals who are always on hand for support and guidance – especially if you’re just starting out and creating your own stand-alone business. There are also endless opportunities for cross-promotion and the potential to gain advice from a group of people that you can rely on.
Joining a mastermind exposes you to high level of learning and education. Everyone in the mastermind skilled and experienced in their chosen field, so there's always something to learn and new ways to grow if you have the right type of individuals in your circle. This makes it so much easier to solve problems than if you were battling it out on your own.
Nothing is better than having a supportive team behind you as an asset, especially if you’re launching your own business.
What do you get out of masterminding?
A mastermind gives you access to some of the best creative minds out there, which is great for networking or getting feedback for a current project in the works.
Here are just a few more ways a mastermind can work for you:
- Answers and ideas: Who doesn’t love brainstorming with a group? It's the best way to come up with bigger-than-life ideas that just aren't possible on your own. Think of the mastermind as a large-scale brainstorming session for those who want to succeed in business.
- Experience and skills: What sets masterminds apart from regular brainstorming sessions is the level of expertise and knowledge that you're exposed to. Sitting in a room with many people coming from different education backgrounds is bound to solve any problems you might be experiencing.
- Increased confidence: Do you sometimes find it difficult to make business decisions on your own, constantly asking if a choice is the right thing for you or your business? With a mastermind session, you'll get reassurance that you've taken the right steps to achieve your goals and live your dreams. Plus, they’re a great way to spruce up your public speaking and networking skills.
- Make real progress for your business: If you've started working on your own business, you'll know that it's often a lonely process, especially in the first few months when everything feels a bit foreign. With a mastermind, you'll be surrounded by constant support and encouragement from people who've been in your position and succeeded.
- Valuable support network: What's better than having support on hand by people who've been in a similar position? There's nothing quite like it. Make the most of the tools that you have, and offer your support back to those who have also helped you.
How can I find the right mastermind group?
There are a few different ways to find the right mastermind group for your skills and assets:
- Ask around: Many business owners are members of mastermind groups or run their own. If somebody in your industry is part of a group, ask them about their experience
- Search online: One of the best ways to find a mastermind group is by simply searching for one. Facebook, Facebook groups, instagram or a quick google search.
- Start your own: If the previous suggestions didn’t work out in your favor, why not start your own? This is what I did! You can apply to be part of my mastermind here.
Do I have to pay for a mastermind?
This is a question I see quite often from those looking to join a mastermind group or who are curious how they work. The short answer for this is both yes and no. There are a large amount of masterminds out there that work on a volunteer basis – however, these tend to be short-lived because other priorities get in the way of meetings.
Paying for a mastermind leads to a higher level of commitment from everyone. Plus, who will be willing to miss a meeting if the session is already paid for? These masterminds usually come with a facilitator who runs the group, allows everyone their own personal time to contribute, and creates a sense of order for the program.
Keep in mind that each facilitator is subject to their own rules for the mastermind. In my experience, a great facilitator can be the best asset in making a good mastermind a great mastermind.
My mastermind is a combination of 1:1 mentoring and support plus the benefits of the group so it is a paid program.
All groups are different, and finding the right one for you could be easier than you think. Use the skills and time you have to search for a mastermind that resonates with your ethos and the rest is history.