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5 Reasons Why Every Entrepreneur Needs A Mastermind

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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!

I am the the Founder of Addicted2Success.com and I am so grateful you're here to be part of this awesome community. I love connecting with people who have a passion for Entrepreneurship, Self Development & Achieving Success. I started this website with the intention of educating and inspiring likeminded people to always strive for success no matter what their circumstances. I'm proud to say through my podcast and through this website we have impacted over 200 million lives in the last 10 years.

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Successful people love to help beginners. They have an incredible work ethic and rarely complain. As a result, others naturally look up to them and want to follow in their footsteps.

But here’s the truth: there’s no success without sacrifice. You’ll need to give up comfort, excuses, and sometimes even social approval to accomplish your goals.

Value comes from solving problems, and these 11 powerful tips will help you become more productive, successful, and confident, starting today.

1. Take Short Breaks After Finishing a Task

Psychology shows it’s important to reward positive behaviour.

After completing a big task or finishing a book, take five minutes to walk, stretch, or simply breathe. This quick reset helps your brain recharge and strengthens focus.

Many great writers swear by morning walks, solitude, and reflection can unlock creativity.

But if you refuse to take breaks, don’t be surprised when burnout hits. Your brain needs recovery time just as much as your body does.

2. Schedule Your Most Important Tasks First

Multitasking kills productivity. If you want to get more done, try time blocking, a method where you dedicate set periods for specific tasks.

Productivity expert Caitlin Hughes explains, “Time blocking involves scheduling blocks of time for your tasks throughout the day.”

For example, if you’re a writer:

  • Research your topic at night.

  • Write your first draft in the morning (don’t worry if it’s rough).

  • Edit in the afternoon, great writing comes from rewriting.

You can’t buy more time. Use it intentionally and without regret.

3. Eliminate Distractions from Your Workspace

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According to Inc. Magazine, it takes an average of 23 minutes to recover from a distraction. That’s nearly half an hour of lost productivity every time you check your phone.

Put your phone away. Close unnecessary tabs. And yes, limit your Netflix binges.

Meeting deadlines consistently is one of the fastest ways to stand out and earn respect.

4. Take Full Responsibility for Your Life

Entrepreneur Derek Sivers once said, “Everything is my fault.”

This mindset doesn’t mean self-blame; it means self-ownership. Stop pointing fingers, making excuses, or waiting for others to change.

If your habits (like smoking or drinking too much) hold you back, it’s time to make better choices. Your friends can’t live your dreams for you; only you can.

5. Invest an Hour a Day in Learning New Skills

Knowledge compounds over time.

Whether you read books, take online courses, or practise a craft, consistent learning gives you a competitive edge.

I used to struggle with academic writing, but I improved by studying the work of great authors and applying what I learned.

Your past doesn’t define you; your actions do. Every new skill adds another tool to your arsenal and makes you more unstoppable.

6. Develop a Growth Mindset

Psychologist Dr. Carol Dweck introduced the concept of fixed vs. growth mindset.

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Choose the growth mindset. Embrace challenges. See failures as feedback. In today’s fast-moving digital world, adaptability is your biggest advantage.

7. Learn Marketing to Reach People Who Need You

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Don’t be ashamed to promote your skills or business. Without visibility, your ideas will never reach the people who need them most.

Creative professionals who understand marketing and sales have an unfair advantage.

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Good mentors can fast-track your growth.

While mentorship often costs money, it’s one of the best investments you can make. Great mentors don’t care about titles; they care about your progress.

If you don’t have access to a mentor yet, books are your silent mentors. Read the best in your field, take notes, and apply what resonates.

9. Build Confidence Through Action, Not Affirmations

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Confidence doesn’t come from shouting affirmations into the mirror; it comes from proof. Doing hard things, keeping promises to yourself, and following through.

When you consistently take action, your brain gathers evidence that you can handle whatever comes next. That’s real confidence, grounded, earned, and unshakable.

10. Focus on Your Strengths

Your strengths reveal where your greatest impact lies.

If people compliment you on something often, it’s a clue. Lean into it.

A former professor once told me I was creative, and that simple comment gave me the confidence to go all in. I studied creativity, applied it daily, and turned it into my career advantage.

Double down on your strengths. That’s how you build momentum and mastery.

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Your beliefs shape your reality.

For years, I believed I couldn’t be a great writer because of my chronic tinnitus and astigmatism, sensory challenges that made concentration difficult. But over time, I realised those struggles made me more disciplined, observant, and empathetic.

Your limitations can become your greatest motivators if you let them.

Avoid shortcuts. Growth takes time, but it’s always worth it.

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Becoming productive, successful, and confident isn’t about working harder than everyone else. It’s about working smarter, consistently, and intentionally.

You don’t need to overhaul your life overnight. Start small: take a break after your next task, schedule your priorities, or spend one hour learning something new.

Every habit you change compounds into long-term success. Remember, true change comes from practising new behaviours.

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