5 Reasons Why Every Entrepreneur Needs A Mastermind

5 Reasons Why Every Entrepreneur Needs A Mastermind

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5 Reasons Why Every Entrepreneur Needs A Mastermind
Image Credit | habitsforhappiness

As an entrepreneur, we are always looking for ways to grow our networks and hang around other entrepreneurs or decision makers. A popular technique you have probably already heard of is joining a “mastermind”.  

A mastermind is a group of people that support one another and offer constructive feedback on different business situations like goal setting, achieving those goals, breaking through barriers, providing breakdowns on new wins, and most importantly a group that grows and goes after their dreams together.

There are many different variations to masterminds with some being paid or non-paid, some having as low as 4 members and some having as high as 500 members, and different masterminds can offer different levels of value. Any mastermind should offer you a certain set of basic principles and opportunities to make it worth your time and/or money.

In this article I am going to breakdown the great things about being a part of a mastermind and what it can do for you and your business. If you are not already in one, this article will give you some clarity on why you should start looking for one to join. If you are in a mastermind already you can use this as a checklist to evaluate how good the mastermind is that you are a part of.

“When a group of individual brains are coordinated and function in harmony, the increased energy created through that alliance becomes available to every individual brain in that group.” – Napolean Hill

1. Dominating your goals

Most masterminds are based around taking your business to the next level through weekly goals. You may already set goals individually and take steps to achieve them but adding in a group of people you have to report to adds a whole new element to goal setting that will surely knock your goals down faster.

As an example, if you have a 6 month goal of quitting your corporate job to work on your business full time then you will work backwards to see that come to fruition. Everyone in the mastermind will make their own 6 month goal and then working backwards will make weekly goals to eventually get to the 6 month goal.

Writing it down is all very easy but actually taking action to make it happen is the hard part. That is when the accountability piece of a mastermind really starts to help you dominate your goals. When you have a group of people you have to report to that are not scared to rip into you if you have not taken any action, you will be much more likely to do whatever needs to be done. As well, if you have hit certain roadblocks the group will brainstorm ways to get past that barrier. All the members have been through different experiences and it is more than likely someone in the group has already hit that barrier and knocked it down and will be able to help you get through it much faster than if you were alone.

 

2. Increasing your rolodex

Entrepreneurs should always be connecting with new people and growing relationships because that is essentially what marketing is about. Some masterminds could have 4 people and some as high as 500+. However, your network will grow much greater than the only members of the group. It will grow to the members plus all the people they know.

For example, if you’re looking for someone specific to complete a certain job for you, if no member in the group can do it they will all look to their own personal networks and offer a recommendation. This doesn’t just have to work if you’re looking to hire someone, it could work if you’re travelling somewhere and want some advice or to meet up with someone. Even if you want to interview someone in a particular industry, or maybe you want to write for a certain publication or need additional advice. If you think of just day to day life and meeting new people, increasing your rolodex can lead to things you never even imagined.

“This is the habit of creative cooperation or team-work. Synergy results from valuing differences by bringing different perspectives together in the spirit of mutual respect.” – Stephen Covey

3. Winning new business

Everyone in the mastermind is on a different journey and probably has different expertise. If I am a social media expert and Sally is a web designer I will use Sally for my website because she is in my mastermind group and I will also refer her to my network because she is really good at designing websites and I have a relationship with her since were both in the same mastermind.

Some masterminds may cost you money but you can look at it as an investment. It is an investment in you but it is also an investment in your business since you will likely win new business being a part of the group.

 

4. Growing with like minded people

As an entrepreneur, I am sure you know very well we all have a fair amount of doubters. I prefer not to think of them as doubters but as people who just don’t get the journey you decided to go on. It is a journey to real freedom and monumental achievements. Most people do not think like an entrepreneur because they don’t understand the lifestyle. I get asked all the time the most annoying questions like “what do you do all day?” or “how do you make money?”. The most annoying one when I first started out as an entrepreneur was definitely “how long are you going to do this for?”. The worst part is you can’t even answer these questions because the person asking them will likely have no idea what you’re talking about or can’t understand the thought process and lifestyle you have. How long am I going to do this for? Well, MY WHOLE LIFE! I am an entrepreneur and that is what entrepreneurs do.

It is crucial as entrepreneurs we surround ourselves with other entrepreneurs who just get it. I am not saying to abandon all your other friends but you need to develop relationships with other like-minded people you can grow with.

I am going to guess and say that being an entrepreneur is by far the biggest thing on your mind and a lifestyle you feel passionate about. A mastermind will allow you to talk about your business and get good constructive feedback and also support from the group members since they know what you are going through and how bad you want to achieve your dreams. For example, say you have a new book coming out, well I guarantee everyone in the mastermind will likely write a review for you on Amazon and probably get a copy of the book.

Masterminds are also great for not going insane thinking you are the only one that hasn’t been brainwashed by the corporate system.

 

5. Finding a mentor

Another great way a mastermind may benefit you that is often overlooked is it could springboard a mentorship opportunity. Masterminds could have people performing at a lower level and a higher level than you. In my experience it is good to position yourself in the middle as you can help people and you can get help.

I have personally interviewed over 50 millionaires and billionaires and they all say helping people teaches them more about themselves than anything else so being able to help people in the group will be very beneficial.

As well, you will be able to get guidance from higher achievers and surrounding yourself with them will give you a better chance of getting to the next level. They will cut your learning curve in half and a relationship could form outside of the group. This relationship could eventually become a mentorship which is vital to any entrepreneur’s success.

“Associating with like-minded, success-oriented, joyful individuals -a Dream Team- is one of the most amazing success tools that exists. Anyone who achieves great success -anyone- must have a Dream Team.”- Robert G. Allen

 

Thank you for reading my article! I would love to hear your thoughts in the comment section below!
Eric Sciberras began his entrepreneurial journey selling items out of his school locker. His desire to grow as a businessman propelled him to start businesses in the event and nightclub, and fashion industries. His focus turned to online business when he realised its potential. He is currently founder and CEO of E Sixteen Media Inc where he helps multi-million dollar businesses and high profile entrepreneurs grow their brands online and creates his own digital products. You can check out his video content at ericsciberras.com.

9 COMMENTS

  1. Hi Eric?… First off, many thanks for this greatly insightful article. I’m a mastermind speaker, and i’ve graced/led quite a number of conference, here in Kenya. I was also a speaker at the Global Entrepreneurship Summit.

    I just grasped an idea out of everyone who’s commented. I do not have nor know any mastermind group, so why dont we (You, Lawrence, Mary, Cedric and I) create our own group. I believe we have alot we can share; starting small aiming for bigger results. Whats your take?…and the rest

  2. Great article and very informative. I am currently part of a mastermind group and it has pushed me to become a better entrepreneur. Unlike your experience I am the least experienced entrepreneur in the group but they are all very supportive and keep me accountable. We usually schedule calls every month for an hour, our group is not big right now only 4 members. But what I find helpful with our group is that we assign a self help or entrepreneurial book every month . We then discuss the book for about 20mins and how it may apply to our lives , businesses etc. I highly recommend being part of a mastermind group.

    • Thank you for the comment Cedric. Small masterminds are awesome and the relationships you can make with the other members can become one of your greatest assets. I wish you great success.

  3. Hi, Eric!
    Thanks so much for this well-written post. I hadn’t thought about joining a mastermind group, so this gives me some good ideas.

    As a serial entrepreneur, I like feedback. I think the mastermind group can help take away the loneliness and/or isolation that can happen when we are driven to design a product to solve a particular problem. It’s helpful to hear the stories and reactions from others instead of telling ourselves the same old story.

    How exciting to have personally interviewed over 50 millionaires and billionaires! I taught fifth and sixth graders for 18 years, and I agree that I learn more about myself every time I share information. It’s always helpful to find out what you don’t know.

    In the last 40 years, my husband and I dedicated ourselves to solving everyday problems in unique and entertaining ways. Our friends have served as our mastermind group whenever we develop a new product. They are excellent at giving us what they think and feel instead of what they think we want to hear, and it’s been so valuable to get their reaction to a new product in its early stages.

    Hope you have a great weekend! I am going to share your post on our DennisandMaryLou Facebook page so others can think about this valuable strategy.

    Warm regards,
    Mary Lou

    • Hey Mary,

      Thank you for reading the article and your great comment. I agree with you feedback is awesome from like minded people that you know are looking out for your best interests.

  4. This is some great information. Here is listed some great reasons you should join a mastermind community. I personally have never heard of this, but I will look for some in my area. I have recently joined toastmasters to help me connect with others professionals and public speakers. I think finding a mentor can be very beneficial for anyone on their road to success. Thanks for sharing this information.

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