How a Mastermind Group Can Help Boost Your Business
I have been part of a few different mastermind groups over the past decade. I have also facilitated a few however not as successfully as my current groups. I also had tons of experience facilitating and teaching the leaders of the Dynamic Professional Women’s Network to run successful chapter meetings, but I knew I needed to take my skills up a notch to ensure these up-leveled groups would be successful.
So I did it. I took the plunge and invested to get training by the expert in this space, the Mastermind to Millions Mentor, Jay Fiset.
The concept of the “mastermind alliance” was formally introduced by Napoleon Hill in his timeless classic, “Think And Grow Rich,” though mastermind groups have been around since the beginning of time. Even Benjamin Franklin belonged to such a group, which he called a Junto.
So, what exactly is a mastermind group?
Mastermind groups offer a combination of education, brainstorming, peer accountability, encouragement and support in a group setting and structure designed to sharpen your business skills.
Participants challenge each other to set powerful goals, and more importantly, to accomplish them. The acceptance of this voluntary peer pressure gives participants personal growth opportunities. The group requires commitment, confidentiality, willingness to both give and receive advice and ideas, and support each other with total honesty, respect and compassion. Mastermind group members act as catalysts for growth, devil’s advocates and supportive colleagues. This is the essence and value of mastermind groups.
What a mastermind is NOT?
It’s not a class. While my groups may include additional training components, the main focus of a mastermind group is the brainstorming, accountability and support among the group members.
It’s not group coaching. Mastermind groups are about the members sharing with each other, not about the facilitator coaching individuals in a group setting. You get everyone’s feedback, advice and support.
It’s not a networking group. While you may share leads and resources with each other, it is not the main focus of the meetings. However, through your connections with other members, you will find plenty of joint venture opportunities, lead sharing, and professional networking.
Key Benefits of Joining a High Functioning, Rapid Acceleration Mastermind Group:
- Align with an exclusive community of high performing entrepreneurs
- Collaborate to create joint venture and marketing opportunities
- Aspire to think bigger and rise up to the higher level members
- Increase your own experience, knowledge and confidence
- Sharpen your business and personal communication skills
- Receive fresh ideas and a different perspective on your efforts
- Get honest feedback and advice from brainstorming sessions
- Learn from the experience and skills of the other members
- Receive critical insights into yourself and your business strategy
- Gain optimistic peer support in maintaining a positive mental attitude
- Acquire a sense of shared endeavor – there are others out there
- Add an instant and valuable support network
- Receive accountability and encouragement for accomplishing your goals
- Create transformational results in your business and your life!
The American Society of Training and Development (ASTD) did a study on accountability and found the following statistics.
The probability of completing a goal if:
- You have an idea or a goal: 10%
- You consciously decide you will do it: 25%
- You decide when you will do it: 40%
- You plan how you will do it: 50%
- You commit to someone you will do it: 65%
- You have a specific accountability appointment with a person you’ve committed to: 95%
The likelihood of getting new habits to stick, of following through on your assignments and reaching goals is remarkably higher when you set a time to report back to someone on your progress. In other words, return and report to a person or group that is aware of your goal or assignment.