The Business-Changing Lessons of a Mastermind Group

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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.

Mastermind group

The Birth of the Mastermind Group

Groups like these have been around since the days of Napoleon Hill. In his classic book, “Think and Grow Rich,” he 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 that “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. What separates our mastermind group from most, in my humble opinion, 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.

Synnovatia’s Mastermind group was a great experience. While part of the group, I created a long-term and short-term vision statement, designed and executed a 12-week plan, and developed and tweaked some crucial planning habits. I had attempted some of these practices without much success before, but the group’s shared knowledge, insight, and support led to much better results.

This is one group where the whole is decidedly more than the sum of its parts. I learned as much from how the other participants tackled their own goals as I did from working on my own. 

Cindy Morefield, Artist, Scratching the Surface Studio

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. Often 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. Participation, through sharing insights and knowledge, lifts the cloud of self-doubt that plagues many business owners.

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. Understanding the obstacles to progress and identifying practical, applicable ways to remove them permanently is vital. 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 are using the same business model from a decade earlier. It’s no wonder they struggle. However, in a Mastermind group, business models are challenged, modernized, and proven to create greater profits.

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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Testimonial

Brooke Billingsley

Vice President
Perception Strategies

Synnovatia is a strategic coaching firm that is detailed and knowledgeable about business. i have a small business that grew from $150K to $750K because of the goal setting and resources that Synnovatia provided. It saves me years of learning on my own.

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