The Power of Mastermind Groups
Being a small business owner or entrepreneur can be lonely. It can be hard to stay motivated. It isn’t necessary to struggle this way. Add a coach, mentor and mastermind group to your success toolbox! I’ve already written about mentoring and coaching in articles and on my site. It’s time we discussed the power of mastermind groups!
Mastermind groups are small (6-8 people) and made up of peers and colleagues who are on a similar path as you. Most groups are not local because this helps you avoid the potential issue of working on ideas with competitors. So instead, groups meet by phone for an hour or 90 minutes monthly to do goal-setting, brainstorming and to review action steps.
Mastermind members should be of a similar type (i.e. small business owners, online marketers, work from home mom’s, etc.) so that they can support and volunteer resources for each other. They should be of a similar experience level so that well-established individuals don’t feel unchallenged or like they aren’t gaining value. It also prevents less experienced members from feeling lost in conversations.
A critical requirement of the group members is that they keep their commitment to meeting times. The ongoing appointment should be on every one’s calendars and considered as important as a client meeting. To keep everyone accountable, many groups charge a meeting fee. Everything discussed should be considered confidential as well.
A mastermind group should be led by a facilitator, someone who understands group dynamics and has facilitated before. Groups fail for two reasons: lack of commitment and lack of leadership. This individual should encourage conversation, ask questions but should not be the focus of the group or dole out unsolicited advice. In other words, they aren’t there to teach but to make sure members are talking to each other and no one is being left out.
Part of the early purpose of working with a mastermind group is to determine your personal value system. This is the foundation on which your goals are built. Your value system is made up of the “must haves” in your life, and that of your family’s. It may be more money, but it may be more time. It is different for everyone. The other members have to understand your values to help you make sure your values and goals are not conflicting.
Once everyone has defined and shared their values system with the group, you can move on to setting individual goals. You should not be a part of a mastermind group that thinks small. You have to be in a group of individuals who dream BIG. Set goals to achieve those big dreams, but make sure they are short-term with action steps. One of the purposes of the group is to challenge you when you are routinely not meeting goals to determine whether or not you are on a path you really want to be on.
When you gather a group of driven, engaged individuals you have access to more resources, ideas and contacts than you would on your own. This is the hidden power of joining a mastermind group! They also help you identify, and remove, stumbling blocks you might have missed on your own.
Mastermind groups are a key component to radically increasing success, as YOU define it!
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