The most successful people surround themselves with people who are smarter than they are. For someone who is considering whether or not to join a mastermind, there are many things to consider. First, it depends on where you are in your journey as an entrepreneur. In addition, a mastermind is a great place to get out of your comfort zone.
Why Should You Spend Your Money On A Mastermind?
Being an entrepreneur can become a lonely place. Most of us think a bit differently than the majority of our friends. When a friend speaks about a great idea, how often are you the only one trying to make it happen? How quickly does that same friend quit on you after you have laid it all out for them? Being in a mastermind is like being in a circle of friends who all have the same like minds.
When you pick the correct mastermind you will feel right at home. You get to surround yourself with not only like minded thinkers but also doers. You meet people who are pushing the boundaries of business and are creating new sets of rules for others to follow. You will be in close proximity with people who have done what you want to accomplish and are willing to share with you how to get similar results. Success follows success.
After time, you will become friends with people who want you to succeed. You can gain a support team who will help pick you up when you’re down and will party hard with you when you succeed.
Masterminds can make it easier for you to move forward in your business. People can and are willing to connect you to the right key people. I’m not talking about a just a manager of a company. I’m talking about the owner. It’s not what you know, but who you know.
Pick The Right Mastermind
There are many different masterminds that you could attend. Some are horribly expensive while others can be very cheap and sometimes even free. If the one you are looking into is too expensive for your budget, keep looking around until you find one that fits the pocket book. Remember that paying for a mastermind is like paying for a college education, but just because it’s expensive, doesn’t mean it will be worth it.
In order to find one that fits your personality and business model, try to verify that the philosophy of the group is in line with what you want to get out of it. Do some research on the group and the host if possible. You may even have to try a couple out before you find the right fit for you.
Goals Of A Mastermind
What are you looking to accomplish? Before you join, carefully consider your expectations of the mastermind. What do you need and what do you want to gain. Do you want to learn from someone specifically who you admire in business, or are you looking for a high quality brainstorming session with some power players? There are some big players that market their mastermind events to everyone, yet often charging a pretty penny to attend.
Are you having a difficult time marketing your business? Or do you need to pivot your business strategy? The power of masterminds can definitely get you moving in the direction you see yourself going. There are many people who are doing or have done what you want, and they can help steer you in the right direction.
Being a solo entrepreneur has its ups and downs for sure. Some attendants are looking for some sort of accountability who will help guide them or keep them on track.
You might be looking for a boost in motivation or morale. By attending, you will meet people who can help motivate you and give you an energy boost when no one else around you will. The feeling of being in a room where everyone has the same mindset is phenomenal.
Size Of The Mastermind
Masterminds should be a small intimate group of entrepreneurs. The most productive masterminds I have been in are around 10 people. Some can get up to 15-20 people, and as long as it is run properly it doesn’t seem to be a problem. The bigger the group, the longer it will be. Some masterminds are 2-3 day events so everyone has a chance to be in the hot seat. One advantage to the larger groups is that you have plenty of time for networking.
How A Mastermind Works
All masterminds should have a certain flow. Here is an example of the flow I like the best, and it is from the Mastermind Association.
First, the group sits in a room together, and one person is chosen to sit in the hot seat. While in the hot seat, the individual is allowed to tell the group who they are, what their business is, and where they need help.
Next, the group will then be allowed to ask questions about the business and then offer their advice on what they think the person should do to improve or move forward. Since you have surrounded yourself with people more successful than yourself, hopefully their counsel will be based off of wisdom and knowledge.
Each attendee gets a chance to be in the hot seat. There will be breaks as needed, but if everyone is on a roll, then there may be fewer than expected.
Masterminds allow your brainstorming session to be pumped full of steroids. From this exercise, you can gain a tremendous amount of motivation and insight. Depending on the host, there may be some experts who come in and give their personal insights of how they succeeded in business. Otherwise, the group will be reliant upon who is in attendance.
Key Point: You must implement something you learned from the last time in the hot seat. Don’t waste your time and other’s time and energy by doing nothing.
What A Mastermind Should Not Be
A Mastermind event is not just a networking event. If you have paid $100 for a ticket to watch a bunch of speakers on stage, then you are not at a mastermind. Some events may be marketed as a mastermind, but may not be a traditional mastermind. Although you can gain much value from these type of events, they may not necessarily be what you are seeking after or truly needing to boost your business.
One of the reasons to join a mastermind is to build new relationships with people you have never met. People you don’t know are able to better tell you if you idea or business model and direction is hurting or helping you without the fear of making you feel bad. You shouldn’t join a mastermind where you already know all of the attendees.
For those who are uncomfortable meeting new people, try to avoid showing up to a mastermind with a handful of friends. What sense would it be to pay a couple thousand dollars to socialize with some of your friends when you could do it on the weekend for free.
What Can You Get Out Of The Mastermind?
If you have decided that a mastermind is right for you, make sure you fully commit to it. I have seen time and time again, people who go and don’t want to share their ideas while in the hot seat. This leaves them sitting on the sidelines, unable to receive much of the benefits of being there.
You pay for a mastermind to be able to brainstorm with other like minded people. If no one knows what you are doing or what you are struggling with, then how are you supposed to get help? How are you supposed to gain anything if you keep quiet?
Be fully committed to the process. Play all out!
Should You Start Your Own Mastermind?
If you are eager to be in a mastermind, but cannot afford paying for one, then start your own. Begin by asking your network for people who might be willing to attend. Get referrals from them and see if you will be able to gain any interest. You will be the gatekeeper and ultimately responsible for the success or failure.
Be cautious to enroll just your friends. Look outside of your inner circle and get a fresh set of eyes and ears. This will help you keep things on track. It is much harder to control a group of friends you have know for years rather than new friends looking to get as much as they can from your mastermind.
If you are considering starting your own mastermind then make sure to do a lot of research on how to run one. The best research is to go to a mastermind event and model what you like and ditch what you dislike.
If you are the smartest person in the room then you need to find another room. Try to recruit people with more success than yourself.
Final Thoughts
Masterminds allow you to develop intimate relationships with other business owners and like minded people. They should not only be about meeting someone you admire, but also being in a room with great thinkers who will be a support during your journey as an entrepreneur. It is about thinking bigger than you ever could on your own. Masterminds are an investment in yourself. Always remember that the more you put into it, the more you will get out of it.
Remember to keep dreaming, keep learning and keep growing!