This week I’d like to explore a different topic, the value of a Mastermind group, and I need your feedback. For those unfamiliar with the concept, the idea of a mastermind group was first outlined in Napoleon Hill’s Think and Grow Rich. He defined it as:
The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.
Most mastermind groups consist of several people striving for a common purpose. Content Marketer and author Cyn Meyers puts it this way:
Masterminds provide accountability, common goals, key solutions for like-minded people, and are also great business opportunities.[1]
As Meyer points out, it’s lonely as an entrepreneur, even if you have a good support team. Being an entrepreneur can make you doubt and question yourself.
Am I making the right decisions?
Is this the fastest way to accomplish what I want?
When will I be able to scale my ideas?
Does my audience even care about what I have to offer?
We all go through times of self-doubt, but one of the beauties of a mastermind group is not having to face those doubts alone. Meyer adds:
Belonging to a mastermind group is a great way to foster a supportive network between like-minded people, make progress toward a common goal, and come up with the best solutions -- and you can do this all while turning it into a profitable business opportunity.[2]
Before going too much further, we should pause and clarify what a mastermind group is not designed to do. It is not:
Group coaching. In other words, the group facilitator is not expected to come up with answers to solve a member’s problems. Instead, every member provides feedback to other group members' possible solutions.
A class. While the group can bring in outside speakers, sessions are not led by one instructor. The facilitator merely gets the ball rolling on a chosen topic and ensures everyone follows the agreed-upon guidelines for discussion.
A networking group. Since a mastermind group is much smaller than a typical networking group, its purpose is not to exchange referrals. The mastermind group is goal-driven and working toward a common agenda.
KEY POINT: Masterminds provide accountability, common goals, key solutions for like-minded people and are also great business opportunities
Four reasons to consider an online mastermind group
Gone are the days when everyone in a mastermind group must meet in person at a designated location. Today, we have multiple options for meeting virtually. With modern technology, everyone with a cellphone or an Internet connection can participate in a mastermind group. An online mastermind group offers many benefits:
Flexibility – in location, members, and cost savings. Your group can meet anywhere, at any time, and members save money by not having to travel. That means your group can literally be worldwide, with participants from across the globe.
Perspectives and Solutions – Often, we are too close to our situation or project to see it objectively. This is common for writers and editors, who need a fresh set of eyes after having edited the same piece multiple times. The same is true of other types of projects. Bouncing ideas off other people gives you a different perspective and possible solutions. Others will see things you have missed and help you develop creative ideas and solutions. “Iron sharpens iron, and one man sharpens another,” Proverbs 27:17 reminds us. In other words, two (or more) heads are better than one!
Accountability & Support – We all need it, right? Whether it is to a boss, stockholders, clients, or a spouse, we all need to be accountable to someone. A mastermind group gives you just that. One of your group’s goals should be to hold each other accountable for progressing toward each member’s goals. Ken Wallace, the founder of MastermindJam, put it this way:
“A good mastermind will insist on accountability from each member… Masterminds that don't insist on true accountability are short-lived and a waste of everyone's time.”[3]
Wallace says if no one in your mastermind group has ever asked why you aren’t reaching your goals, you need to find another group.
Support is another benefit of belonging to a mastermind group, as you will both benefit from and provide value to the group and its members. Each group member wants to help the others reach their fullest potential, knowing they will receive the same benefit in return.
Greater Resources – Working in a group setting with others gives you access to additional resources from people you have formed a bond with. That means if you need a particular skill set, someone in your group will be able to help you with that or know someone they can connect you with.
Some final questions: What has your experience been with Mastermind groups? If you have never been in one, would you consider joining an online mastermind group as a way of helping your business grow or improving your skills? If so, what type of group would you be interested in? If you’re a writer or editor, would you be interested in a mastermind group of others in the same field? Please get in touch because I am interested in your input and perspective.
I look forward to hearing from you.
[1] https://www.podia.com/articles/start-mastermind-group [2] Ibid [3] https://mastermindjam.com/
Dave Ficere is an Author, Editor, and Ghostwriter with over 30 years of experience in broadcasting and writing. When Dave is not writing and editing manuscripts for clients, you can typically find him narrating and producing audiobooks.
“Bringing Your Story to Life” is more than just a tagline at Ficere Writing Solutions. We provide clients with top-notch writing, editing, and audiobook services to get your book or audiobook ready to publish. Our portfolio of services includes: Ghostwriting books, editing book manuscripts and narration, and production of audiobooks.
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