Business is becoming increasingly complex. And, just like “it takes a village” to raise a child, it takes an armada to grow a business. Increasing complexity and overwhelm is why we launched mastermind groups — to bring together a flotilla of like-minded business owners to share insights, experience, knowledge, and encouragement unavailable when growing your business in a silo.
Our first mastermind group focused on helping business owners create a strategic blueprint for growing their business. Discussions ranged from the significance of a well-articulated vision to proving one’s business models to buttoning down habits to create a system of sustainable success.
It was transformative, really — for everyone who participated, including myself. Members formed trusted bonds. With their unique experience and expertise, each business owner generously shared their resources. Opportunities between members of the mastermind spawned. And most importantly, participants created business-changing results.
The Birth of the Mastermind Group
Groups like these have been around since the days of Napoleon Hill. His classic book, “Think and Grow Rich,” defined a mastermind group as “The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”
Hill states, “No two minds ever come together without thereby creating a third, invisible, intangible force, which may be likened to a third mind.” Who doesn’t appreciate an extra brain, right?
There are peer support groups we may not usually recognize as such. For instance, a business advisory board, Weight Watchers, and Vistage are everyday examples of similar organizations. These coordinated groups provide the coming together of people in support, encouragement, and knowledge-sharing that allows everyone to grow personally and professionally.
The Many Benefits of a Mastermind Group for Entrepreneurs
Many peer groups built around business growth provide collective support and encouragement for the participants. In my humble opinion, what separates our mastermind group from most is the facilitation by a trained business strategist and coach. Well-honed coaching skills strengthen the support among the participants, promote self-awareness, inspire action, and cultivate commitment while creating a priceless ROI.
Here are a few of the business-changing lessons of a mastermind group:
Even when converging virtually, collective gathering breaks the isolation and loneliness of growing a business. Nothing grows well, if at all, in a vacuum. Similarly, not everything goes as planned or intended when running a business. The support and environment of transparency help deal with the emotional fallout and exhaustion that often comes with growing a business.
Acquisition and assimilation of knowledge accelerate learning which sparks action.
It’s such a unique advantage to be able to learn from individuals who are at a similar stage in their business. Mastermind 350+ allows you to connect with and leverage individuals from a wide range of industries who are all committed to taking their businesses to the next level — Zoey Smith, Zbra Studios
The Mastermind group is the most meaningful time I spend on my business each month. It’s been hard to find a group of business owners who are experienced and established AND willing to share their best practices, advice, and also their mistakes. It’s rare, and it’s so valuable. — Laura M. Labovich, The Career Strategy Group
Structure fills in the gap between planning and implementation. Participants move from thinking of planning to plan and implementing actions to success. They move from merely staying afloat to moving ahead.
Everyone’s an expert. Ideas, concepts, and notions from thought-leaders and well-known experts are frequently shared among entrepreneurs as the end-all, be-all keys to success. That’s accommodation, not alteration. Breakthroughs occur when best practices are customized to fit you, your lifestyle, and your strengths. Whatever “best practice” you follow, make it yours.
Participants recognize they are more intelligent than previously thought. Through sharing insights and knowledge, participation lifts the cloud of self-doubt that plagues many business owners.
I come away from each session more motivated and armed with strategies and techniques I can use to improve my own business. — John Lanza, Chief Mammal, The Money Mammals
Members identify and share opportunities. Trust is enhanced in an environment of transparency and fellowship. Confidence in a participant’s business capability is a powerful network-sharing tool.
Thinking expands along with the courage to seek larger projects than previously believed possible. It is vital to understand the obstacles to progress and identify practical, applicable ways to remove them permanently. This makes the difference between a small struggling business to a more powerful, sustainable business.
Business models have become upgraded for today’s economy. Entrepreneurship, by its very nature, is disruptive. Sadly, many businesses use the same business model from decades ago. It’s no wonder they struggle. However, business models are challenged, modernized, and proven to create greater profits in a Mastermind group.
The Bottom Line?
During the 20+ years I’ve been working with business owners, much has changed. Technological advancements, albeit welcome, add layers of complexity (and overwhelm) to small businesses. As a result, a strategy is more critical — and difficult — for entrepreneurs today to pave the way for your success.
One can’t have too much support.
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Do you want to unlock the potential of your business? Join our Mastermind and discover how!
