A recent Forbes article says that joining a mastermind group might be the single most important thing you could do for your business. What is a Mastermind? How does a Mastermind Group work? How can a Mastermind help you accelerate the growth of your business?
What is a Mastermind Group?
“No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.” — Napoleon Hill, Think and Grow Rich
A Mastermind Group is for business owners who want to improve their business and who are willing to put the effort in. A Mastermind Group is not a Networking Group or A Coffee Club – it is for individuals who are serious about growing their business and who have the discipline to follow through.
Joining a Mastermind Group is also about giving back and helping others. When I first joined a Mastermind Group I was a little concerned that I would not have as much as some others to contribute to the group but it soon became clear I had skills and experience that others did not and vice versa.
The common theme was that we were there to share and help each other and there is something quite amazing about witnessing a business problem solved by the group!
At Titan Masterminds we are on a mission to help Entrepreneurs to rapidly scale up to 10 crores of revenue and beyond. We aim to get there by helping others get to #10crores. It’s the classic Win-Win formula. Here are 17 reasons why you should join a Mastermind Group.
17 Reasons To Join a Mastermind Group
1) Create deep and lasting connections with amazing people.
The life of an entrepreneur can be lonely – Sharing your dreams, aspirations, and challenges with a group of like-minded individuals makes it a lot less lonely! You will naturally raise your game as you spend more time in the company of these like-minded entrepreneurs – plus of course, the average of the five people you spend the most time with will change – for the BETTER!
2) To Challenge Yourself
A Mastermind Group will challenge you to grow your business to its fullest potential. In day to day business activity, it is easy to get sidetracked and way led – with a Mastermind Group you will keep on track.
At the end of each meeting you will have an action plan, objectives you need to meet before the next meeting – which the Group will hold you to account for. It takes real discipline to succeed in any endeavour. Being held accountable by your mastermind colleagues ensures you maintain the disciplined behaviour necessary to succeed in your business.
Research shows that public accountability increases goal achievement by 76%.
Share your ideas and alternatives within your Mastermind Group. If you are not sure what to do next, what direction to go in, the collective power of the Mastermind will kick in and get you back on track!
5) Get Feedback
Receive feedback from successful individuals on how to solve business issues. Perhaps you have staff issues or financial challenges – let the Mastermind help you resolve them. Remember in the group we all have the same goal – to help each other grow their business. There is no hidden agenda – everyone is on the same side.
6) Get Support
Sometimes business is difficult and the challenges can seem overwhelming. Perhaps you have a difficult employee or a legal problem – chances are your Mastermind colleagues have experienced the same issue. You will never be short of alternative suggestions on how to overcome issues. Additionally, you will develop deep and meaningful friendships over above all the business help.
7) Increased Focus & Clarity
Sometimes the day to day activities of running a business can distract us. The Group will keep you on track – just when you are losing focus, the group will remind you of your purpose and why you are in business.
“Focus is more important than IQ” – Robin Sharma
8) Better Decision making
It is easy to put off a decision – but with a Mastermind Group, you have your own due-diligence team to give you the confidence you need when making an important decision.
9) Increased Confidence
Better decision making means greater confidence – greater confidence spreads through your organization and inspires everyone to perform better. You will feel good. You will feel more confident.
10) Increased Creativity
Looking for new ideas for your business? Have a new idea for your business? Want objective feedback and help with that idea? The group will provide more ideas and constructive feedback on your ideas. Innovation is crucial for a business to grow.
11) Increased Profits
Many businesses leave money (profits) on the table – the purpose of the group is to help you take full advantage of all the opportunities that surround you and build your business into the huge success it deserves to be.
12) Discover New Business Partners and Cross-promotion Opportunities.
Collaboration is the name of the game. You may find someone in the group that is a perfect fit to work on a project with you. Or, you may be the perfect person to help another member as well. The group works together collaboratively, to achieve more together.
13) Think bigger.
You can’t help but think bigger and stretch beyond your boundaries when surrounded by amazing people doing amazing things. Fellow Mastermind members will help you to see the potential you are missing out on.
14) Expand Your Skills
Everyone in a Mastermind Group is unique in skill, experience, and connections. Everyone is expert at something and as you interact with each other you will be picking up new skills and talents – all the time, working towards a definite purpose, in the spirit of harmony.
There is a special energy that surrounds a group of success-minded individuals – energy that lifts the individual and the group. In a Mastermind Group participants raise the bar by challenging each other to create and implement goals, brainstorm ideas, and support each other with total honesty, respect, and compassion.
15) Masterminds and Helping Others.
It was Zig Ziglar who said: “You can have everything in life you want if you will just help enough other people get what they want.” You will get great satisfaction from helping other business owners in their businesses.
16) Mastermind Hot Seats
The principle of a Hot Seat is that you get a chance to present to the group your biggest challenge or issue right now. This is my personal favourite for being part of a Mastermind. For starters, this helps you gain clarity on the issue you are facing and what you need help on.
The Group, in turn, will provide you with a series of options and opportunities to follow up on. Therefore the person in the Hot Seat walks away with lots more ideas and solutions than they could generate on their own.
In my experience, especially in bigger groups, not everyone will get an opportunity to Hot Seat every meeting – but even those not in the Hot Seat invariably walk away with new insights and ways of looking at things. Sometimes that best advice I have given to someone was advice that was equally relevant for myself.
17) New Business Ideas
I have purposely not placed the reasons to join a Mastermind Group in any particular order – but I would have to credit the generation of New Business Ideas as one of the biggest benefits of joining a Mastermind Group. These are ideas over and above anything I may have come across when brainstorming – these are completely new ideas, not even related to my existing business. Just being in the same room as all this superior business brainpower has led to some of my best new business ideas.
“If you have an apple and I have an apple and we exchange these apples then you and I will still each have one apple. But if you have an idea and I have an idea and we exchange these ideas, then each of us will have two ideas.”
– George Bernard Shaw
What’s the ideal size of a Mastermind?
Six members are ideal — less, and you lose the dynamic range of insight and perspective; more, and you lose the powerful bonds of personal connection.
A Mastermind Group meets regularly and has a structured agenda. Each member takes a turn sharing their highs and low moment for the week, requests help with their struggles and sets goals for moving forward.
Are you part of a Mastermind Group? What are your reasons to consider a Mastermind Group? Comment below.
Introducing the Titan Crorepati Mastermind
We’ve launched a brand new platform for entrepreneurs and professionals – a unique Mastermind. The Titan Crorepati Mastermind is a powerful new peer mentoring concept. It gives the complete tools, support and community to accelerate your business growth while tearing down the barriers stopping you from going to the next level.
If you’d like to experience the power of a Mastermind Group, get invited to a Titan Crorepati Mastermind meeting. CLICK HERE.