Top 5 Reasons To Join A Mastermind Group
Masterminds are an incredibly powerful business accelerator tool. I’ve been a member of several masterminds during the last four years and am constantly amazed by how much they have helped my business grow. I’ve gone from zero to a thriving branding consultancy with an international roster of clients across a range of categories including healthcare, medical technology, health and beauty, fashion, architecture and lifestyle startups.
The upward trajectory I’ve experienced as a result of a mastermind is not unique to me. Historic icons like Franklin Roosevelt, Benjamin Franklin and Thomas Edison each had mastermind groups helping them achieve their goals, and many modern-day CEOs and entrepreneurs are using them too. In the age of growth hacking and business incubators, mastermind groups are among the best tools for business advancement.
What is a mastermind group?
Simply put, a mastermind is a group of people who help one another sharpen their business and personal skills. These peer-to-peer groups are a forum for members who solve their business challenges by:
Sharing personal experience and resources
Educating each other
The members support each other in reaching their business goals by:
Creating a system of accountability
Inspiring and challenging each other to push their limits
Cultivating networking opportunities
Napoleon Hill, known as the father of masterminds, wrote, “No mind is complete by itself. It needs contact and association with other minds to grow and expand.” That growth and expansion are exactly what most entrepreneurs and designers need to achieve exponential results. Meeting with a mastermind group helps you consistently tap into this power.
How Do Mastermind Groups Accelerate Business Growth?
Hill, who wrote the famous Think And Grow Rich, introduced the idea of masterminds in his Master Keys To Success principles. In the 1960’s Master Keys To Success became a multi-part television series. In this episode, he explains:
“[In a mastermind] you may borrow and use the education, the experience, the influence, and perhaps the capital of other people in carrying out your own plans in life. It is the principle through which you can accomplish in one year more than you could accomplish without it in a lifetime if you depended entirely on your own efforts for success.” (excerpt from The Success Alliance)
This is very true. Using or “borrowing” the education and experience of the others in your group is the “secret sauce” of a mastermind. Getting the perspectives, opinions and input from everyone in the group gives you the extra confidence and courage to make decisions faster, see results sooner, and achieve your goals more quickly.
It has been true for me; I have accomplished more with my mastermind groups than I could have on my own. I started a YouTube channel that now has over 180k subscribers, publish an industry-leading newsletter to 15k subscribers and I’ve appeared as a featured guest on 30+ podcasts and virtual conferences. I could not have done even half that without my mastermind groups.
The 5 Benefits of Mastermind Groups for Entrepreneurs and Designers
Here are some of the benefits I’ve experienced from my mastermind groups:
Community: One of the hard parts of being an entrepreneur is the “mental load” of being the chief decision-maker. The group helps lessen that weight. It takes the edge off of the isolation most entrepreneurs experience.
Accelerated learning: You learn from others’ knowledge and experience. The mastermind is a confidential space that allows you to ask questions, experiment, and discuss challenges specific to your business.
Building a network of business partners: Develop trusted relationships and increase your connections across a broad range of industries.
Inspiration and motivation: Hearing what others are doing will push you to do more in your business. Learning about the wins and even failures of others will spur you on. You’ll share in their successes because you’ll have offered them advice, held them accountable and cheered them on. Being a part of others’ success boosts your confidence; something that takes a beating as an entrepreneur.
Goals & Accountability: Goals setting on steroids. You’ll see how others set and accomplish goals. Share goals with each other and hold each other accountable so everyone gets more important work done. Studies have shown that people perform better when others are watching (Johns Hopkins University, 2018). A small audience, such as a mastermind, may be just the thing to kick your business growth into high gear.
I created a video called “The 5 Powers of Mastermind Groups,” where I discuss these benefits in more detail.
Where will the power of the group take you?
The only way to know is to join a mastermind and find out. I am certain you will feel the compounding effect of having 4 or more brains working on your business, more meaningful professional connections, and accountability. Don’t wait another minute.