Right now I’m convinced that every entrepreneur needs a mastermind group.
This couldn’t be more true if you’re one of those internet entrepreneurs who gets as much human interaction as a criminal in solitary confinement.
Though even the entrepreneur with a local team and plenty of people time will still receive huge dividends by joining a mastermind group.
For the past year or so, I’ve been in a mastermind group and it’s been great. My group is small, just three dudes who meet at Starbucks on Wednesday’s in Cincinnati, OH, but we get work done.
One of the guys just started his entrepreneurial journey and spends his time working on a drop shipping business, blogging, and publishing YouTube videos. (Speaking of that, please subscribe to my YouTube channel.)
And the other guy runs his own agency and has a few blogs on the side.
What’s A Mastermind Group?
If you’re not familiar with the term mastermind group, I’ll briefly spell it out for you.
A mastermind group has two or more people who meet together to share their insight to help solve another member’s problem. Essentially, it’s a group that offers its collective input and experience to help another member succeed. (Historically, Napoleon Hill coined the phrase first in his classic book Think And Grow Rich.)
And the foundation of any mastermind is that each individually is aiming for a roughly similar target, like entrepreneurship.
Our group meets once a week. And the way these mastermind meetings go depends on the week and how we’re feeling.
For example, sometimes we’ll each share a big win from the past week, one person will go on the hot seat to explain what they need input on, and then we’ll end it with everyone saying their goals for next week.
And honestly, sometimes we don’t go through our agenda. We just talk about the business we’re currently working on and brainstorm ideas for the person to navigate it successfully.
Or we mess around and go on tangents that only semi-relate to business.
What I appreciate about our meetings are that they’re natural, effective, and a good reminder that other people are on the same journey as me: hustling to make their vision and dream a reality.
If you’re an entrepreneur, I strongly recommend you get your feet wet in a mastermind group. It could be the single best move to skyrocket your business.
Why Join A Mastermind Group
1) Grow your network
An obvious benefit of a mastermind is the opportunity to connect with other entrepreneurs.
You never know when you’ll need to ask a favor from someone in your mastermind, or get connected with a friend of theirs.
That’s actually the bonus out of networking which most people don’t consider. You not only gain a new person in your network, but you also usually add everyone they know to your network.
So it pays to have a network of people who want you to succeed. And a mastermind group certainly fits that bill.
2) Gain accountability
I regularly preach about the importance of accountability. It just works in any space where you set a goal, such as working out, sticking to a diet, relationship success, or (in this case) growing your business.
Here’s why. Not many people are going to commit to something knowing people are going to ask them about it later, and then completely not do it.
If they don’t follow through, the legitimacy of their word takes a big hit. And we all desperately care what other people think.
So join a mastermind group to use this tendency in your favor.
That’s why extra accountability is a big advantage of sharing your goals with other business owners.
3) Receive new insight
Maybe the beauty of working in a group is the diverse range of opinions.
That’s what I would normally miss out on currently as a solopreneur. But the mastermind also solves this problem for me and my guys.
Just from these extra brains at the table, I’m able to receive new insight (and share my insight) to solutions that I never considered on my own.
For example, this new insight may look like this:
Person 1: “Yeah, I’m really struggling with the right way to launch my new product.”
Person 2: “I used to struggle with that. Until I learned these three tactics and my launches have produced huge profits ever since. Here’s what you do…”
Then it’s problem solved for Person 1 because they just need to do what’s recommended to them to get unstuck. Without this new insight, they would probably waste valuable time and money.
4) Collaborate together
It’s a natural progression to go from hearing about someone’s business idea, and offering to go in on it with them. As you imagine, this happens more often than normal in a mastermind group of entrepreneurs.
For example, say a coder is coming out with an app and needs help selling it. If they have someone who excels at marketing and sales in their mastermind, the coder is going to hire that person first since they’ll be at the top of their mind.
And in my mastermind group, the other two guys just teamed up to work on a drop shipping store. One guy has more drop shipping experience, and the other guy is better at SEO. They now have double the brain power on their project compared to one individual.
5) Be encouraged
It’s always encouraging to be with like-minded people who are chasing the same goals as you, especially as an entrepreneur.
First, being an entrepreneur means you’re often failing. That can get you down if you don’t realize success and failure go together. So it’s nice to get encouraged by others who are also failing next to you.
Second, as I mentioned, it can be a lonely profession before you’re big enough to build a team. Meeting with a group of guys or girls feels like you’re in this together, because you are. That’s a nice reminder.
And encouragement and positive vibes goes a long way in the dog days of the grind.
6) Discover new ideas
Different entrepreneurs coming from diverse places are going to bring unique thoughts to the table. This very often turns into each member of the group learning new business ideas to implement in their own business, or ideas to start a new venture.
For example, I took advantage of my group to ask for their advice on book marketing. They were my test group that gave me valuable feedback I otherwise wouldn’t have thought about. And one guy had a great idea for me to do a giveaway to my email subscribers who leave an early review of How To College.
Continual learning is key to success, and just another benefit of joining a mastermind.
7) It’s a great time
Whether you’re hard-nosed entrepreneur who think there’s no time for fun or you’re a jolly old chap always looking for a good time, it’s proven that you’re going to be more successful in business when you’re enjoying it.
Amidst all the serious talk and difficult brainstorming sessions, there are a bunch of jokes, laughs, and smiles that make life better.
Plus, these people become your good friends since they know so much about your business and daily life.
So a mastermind group can both boost your business results and happiness during the process. There’s not much more you can ask for from anyone or any group.