5 Benefits of a Mastermind Group and How to Create Your Own
In a mastermind group, members pool their knowledge, experience, skills and network to support and encourage each other to achieve their goals.
The combination of skills, knowledge and experience can provide you with what you need to thrive personally and professionally with a team of like-minded people who encourage each other. Whether you participate in a personal or professional growth mastermind, you will reap positive benefits.
5 advantages of a mastermind group
While there are many benefits to being part of a mastermind group, here are the top five:
1. Valuable feedback
Working with a group of colleagues with different experiences, knowledge, and skills can provide feedback from perspectives you haven’t considered. A mastermind group intends to be mutually supportive, so you can rest assured that the feedback you receive will help you, not hurt you.
Working toward your goals can feel isolating at times. Sometimes we’re afraid to share our goals because we don’t want others to judge us. Feedback that is well-intentioned, well-informed, and well-timed can allow you to adjust your process faster than you could on your own.
2. Get new insights and ideas
As a member of a mastermind group, you can ask the group for help brainstorming ideas, including the solution to a problem you’ve encountered. They can use the group’s collective intelligence to see situations in a new way that points to a clear path to resolution.
3. Expand your network and create new opportunities
Collaboration is a crucial element of a mastermind group. You may be collaborating with someone in the group who is a perfect fit to work on a project, or a group member may know someone you would be good at collaborating with.
As part of a mastermind, you can extend your network to that of the group members. Mutuality in a mastermind group is critical to its success, so make sure you give as much as you take.
4. Accelerates growth and provides accountability
Masterminds meetings usually end with members sharing what they hope to accomplish by the next meeting. At the next meeting, each member shares their progress with the group. If there is no progress to report, the member needs to share where they got stuck and the group will make suggestions.
Accountability is a great way to motivate yourself to get the job done and keep learning to grow. You are more likely to achieve your goals when you make a conscious commitment to people you respect. If you lead a remote team that works remotely, you may be interested in learning ways to increase accountability in your remote team.
5. Develop positive habits
While participating in a mastermind group, you can learn new habits by observing how other members act, think, and speak. You can gain valuable learning opportunities by observing your peers and their experiences.
One of the skills you will master as a participant in a mastermind group is giving and sharing feedback, which can be helpful if you are in or aspiring to a leadership position.
Steps to create a mastermind group
If you are considering starting a mastermind group, here are the steps you can take to start one:
1. Strengthening the group’s intention
The first step in creating a mastermind group is to determine the group’s primary intent. What will be the common denominator of the members of the group? What is the purpose of the group? The answers to these questions will help you decide who to invite to participate.
In most groups, members focus on a broad area in which they want to improve. Some masterminds focus on business startups, others on the needs of business leaders, and there are also parenting masterminds. The focus areas of a mastermind group are endless.
2. Choose a platform
Mastermind groups can meet in person or virtually. With many people pressed for time and traffic becoming an issue in most cities, groups are increasingly choosing to meet virtually via Zoom, Google Meet, or any other virtual meeting platform, including conference calls or messaging services.
Before choosing a platform, you should make sure that all members agree with the option to guarantee full participation. It would be helpful if you also had a backup in case the service is unavailable due to technical issues. If you’re looking for platforms, you may have heard of GroupRoom; You can learn what GroupRoom is and find out if it is better than other video chat platforms.
3. Find group members
The ideal size of your mastermind should be 4-6 people. Keeping the group small allows each member to have time to share at each meeting. Look for people who have:
- Related ethics, values and beliefs
- Similar levels of experience
- A related desire for achievement and ambition
4. Set group rules
To make sure everyone is comfortable sharing in the group, you can ask the members of the group to sign a non-disclosure form. If your mastermind has a business focus, you may have a rule that no people from the same industry are in the mastermind group, so you don’t have to contend with competitors at the table.
Some mastermind groups have rules about how many meetings a member can miss before being removed from the group. Groups set different rules, including muting the phone during meetings, no interruptions, and a willingness to accept constructive feedback.
5. Determine how often you will meet
You must decide how often you want the group to meet. Are the meetings monthly, bi-weekly or weekly? You must also set the meeting time and how long each session will last.
It can be helpful to create a schedule for the quarter or next six months so members can add it to their calendars and avoid scheduling conflicts. Keeping the day and time consistent can help ensure members remember to add it to their calendar and don’t forget the meeting.
If you’re looking for a tool to help you find dates that work for everyone, check out the best free meeting scheduling apps to find a common time slot.
6. Set a time limit
One of the main reasons for keeping the mastermind group small is that at most meetings, every member gets a shot at the hot seat at every meeting. The Hot Seat is an opportunity to share your achievements, challenges, and updates on your commitments from the last meeting.
To set your time limit, you need to decide how much time each member has to share their progress. Once you’ve chosen a time limit, be sure to stick to it, or group members may become frustrated and stop attending, feeling that the meetings aren’t a good use of their time. To avoid this, read some tips for running a productive virtual meeting.
7. Choose a meeting structure
Structure can help meetings run smoothly and on time. Once you’ve decided on the format, share it with all group members.
You can rotate the hot seat so each person gets more attention when it’s their turn, or you can decide that everyone gets a chance at every meeting. The goal is to have a structure that offers the greatest possible benefit to all group members.
8. Start your mastermind
Once you’ve found your group members, set the rules, set the schedule, and determined how and when the group will meet, the next step is to go ahead and hold your first meeting. After your first meeting, you’ll wonder why you waited so long to create one!
Are you ready to become part of a mastermind?
If you’re willing to work on your goals with a team of people who are working on their own goals and are willing to work together and support each other, then maybe it’s time to become part of a thought leader. You can create your own or join an existing group.
The key thing to remember is that you want to connect with like-minded people who are willing to support and encourage you to pursue your goals as you do the same. Some apps can help you run your meetings effectively and efficiently whether you’re holding them virtually or in person.