What is a Mastermind Group?
Per definition, a Mastermind Group is a mentoring format through which individuals can form groups to learn from each other and grow together.
Being a part of a mastermind group can significantly help level up your life, personality, and your business for the better.
The intention of a mastermind is for a group of like-minded individuals and peers to come together and support each other in solving problems and further develop themselves through input and advice from each other. It is a safe space.
The actual core investment of a mastermind is the synergy of energy, motivation, and commitment. It’s also the willingness to learn and grow together during good and bad times.
The idea of Mastermind Groups was first introduced by Napoleon Hill.
In his book Think and Grow Rich (1937) he described Mastermind as a group of at least two people who come together with the aim of solving problems. Hill’s findings mainly based on studying successful American companies which had some sort of Mastermind Groups.
“No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind [the master mind].”
Napoleon Hill
Mastermind Groups push you out of your comfort zone, raise the bar with group brainstorming, goal exchange, encouragement, real experiences and honest respect and support from those that want to see you win!
Goals for Masterminds
There is no perfect Mastermind Group. But there are different approaches that can have different goals and outcomes.
For example, the goal can be the success of an individual person or the success of everyone in the group.
A Mastermind Group can help in all (or one) of the following areas:
- Improving personal skills
- Improving business skills
- Brainstorming and collecting new ideas
- Education
- Peer accountability
- Group support
Honestly, all mastermind groups have just one thing in common.
Peers empower each other to set and crush powerful goals. Individual successes are celebrated loudly and problems are solved collectively through mutual support.
Core Principles of Mastermind Groups
Mastermind Groups have some key principles to keep the group in sync.
Commitment:
Above all else this is the most important.
Chances are, those that join masterminds groups are highly focused and determined to take their biz or life to another level. They understand the value in investing in themselves and want to surround themselves with high achievers and passionate people.
Those people commit to their groups and to contribute as much as they receive. People expect you to engage with them and support them, therefore a level of commitment is the key in a Mastermind Group.
Confidentiality:
The members of a Mastermind Group should be able to feel comfortable in their group. Sharing goals, thoughts, and ideas often requires a certain level of courage. Therefore, members have to trust each other’s confidentiality to smoothly work together.
Willingness to both give and receive advice:
There is absolutely no space for ego in Mastermind Groups. The success of the group is defined by the willingness of the individuals to engage and trust each other. By not contributing to the group, you will only unsettle your peers and lose their trust.
Group Size
According to research, in the case of a real-life Mastermind Group, 5–10 people is the ideal size of a group.
If we talk about in-person groups, the group size should be defined based on some of the following criteria:
- What amount of time commitment is required? — Everybody should have the possibility to share ideas and have their problems solved.
- What kind of topic is issued? — Certain group topics might require more differing opinions than other issues.
Today’s Mastermind Groups have grown much more than before. With everything being digital, it allows the group to be as large as possible and reach more of those like-minded individuals.
This means Mastermind Groups can also be found online via facebook. A Facebook group can be considered a mastermind group with hundreds or thousands of members, if it’s done right.
Though these huge groups might change the primary concept of Mastermind, people can still benefit from them hugely. Exchanging ideas and getting ideas, however, is not affected by the big size of those digital groups.
On the opposite end of the spectrum, if the aim is not to create exchange on a personal level, those big groups can lead to many more ideas than a group with five people.
Meetings
The initial idea of a mastermind group is to meet in person to exchange ideas and build community. In today’s society, with busy schedules and obligations, and remote work, it’s hard to meet in person versus digitally.
Mastermind Groups can exchange ideas through video conferences, phone calls or even messaging services. One key factor of success in these meetings is to have clear rules. If rules of punctuality, responses, and agenda are set at the beginning, leading the group will be much easier and the benefits bigger.
Reasons to join a Mastermind Group
- New ideas. By talking and sharing your ideas with a group, you will be exposed to new ideas and concepts you would not have found yourself.
- Learn. You will be able to learn from others’ skills and experience to expand your own knowledge. You’ll learn from their mistakes so you don’t have to make them.
- Commitment. You will be much more committed to your goals as you openly share them with your peers. They will hold you accountable.
- Network. You will have a small network of people who are always willing to help you, refer, or lend a hand.
- Influence. Through daily interaction, your overall attitude can be influenced in a positive way to inspire and motivate you toward your goal.
The modern misconception of Mastermind Groups
As mentioned above, many Masterminds are very big-concept groups, such as exchanging ideas through Facebook groups. The idea of those groups is not personal exchange and empowerment, but to get better in certain skills, understand platforms, and more.
When I started the MilSpouse Creative™, a free facebook community for Military Spouse Creatives and entrepreneurs, I had been a part of many online groups to support military spouses and others to support building your business. But I had yet to be a part of something that combined the 2 worlds.
And to be 1000% honest, I needed the community badly. As a new business owner and a military spouse, I wanted to be around others that looked like me.
So, I took the leap and created the space.
Since 2015, after a few years I realized there was a need for more. I was constantly receiving words of appreciation. That is why I decided to create a paid mastermind group and extension of the MilSpouse Creative® called the MC Insiders™ the membership community for military spouse entrepreneurs who want to level up and build a business of their dreams while supporting their military member. I created the paid mastermind because I saw the need for a deeper intimate connection to build business with like minded individuals without the surface answers.
I know people figure “why pay, when I can search for it?” But have you ever heard of “you get what you pay for?”
This applies to memberships as well. A free group is an amazing place to start. With endless amounts of information for entrepreneurs, it’s sometimes overwhelming and you have no clue of where to start or end. While the free facebook groups are amazing, this is not truly a mastermind.
Take the leap to invest in yourself, if you don’t, then who will?
Want to learn all the secrets to choosing the best mentorship or mastermind groups to move your business forward? Get our Ultimate Guide to Mentorships and Mastermind Groups here.
Plus, 5 more posts you might like:
How to Choose Between a Mentor or a Mastermind Group
5 Signs You Might Need a One on One Mentor
4 Ways to Determine if a Mastermind Group is Right for You and Your Business
Business “Lifelines”: Finding the Help You Need
I tried a business coach, a monthly mastermind, and a mentor: here’s what I learned
