Roughly 75 years ago, Napoleon Hill wrote, “Think and Grow Rich”, a book that focused on the importance of mastermind groups. In her October 2013 article, “7 Reasons to Join a Mastermind Group”, Stephanie Burns described mastermind groups as, “A mastermind group is designed to help you navigate through challenges using the collective intelligence of others”. While mastermind groups have evolved over the years to suit growing business industries, their main purpose has remained the same.
Mastermind groups foster accountability, collaboration, networking, results, especially for entrepreneurs.
Benefits of Joining Mastermind Groups
Mastermind groups have regained visibility recently because of the benefits they provide such as brainstorming, resource exchanges, peer accountability and support. There is also the sense of familiarity with members of the group. Members begin to form friendships that are real, lasting and non-judgemental. There are also opportunities to collaborate, and partner on upcoming projects.
Since the members of mastermind groups push each other to work towards their highest potential, they hold each other accountable with the best of intentions in mind. New members are encouraged to set goals and deadlines and track their progress. Members may provide creative suggestions, or offer marketing and financial solutions to help the novice entrepreneur gain their footing. Members also act as devil’s advocates and point out potential problems some entrepreneurs may not be aware of or prepared for.
Achieving Success within Mastermind Groups
“A mastermind group is mandatory to achieve online success” – Pat Flynn
Members of a mastermind group must have a certain level of commitment. Honesty, confidentiality, and the ability to give and take constructive feedback and criticism are also important if one is going to get any value out of the group. Entrepreneurs must remember that the mastermind group is there so everyone wins and grows their business. The entire group applauds the success stories of other members. If further problems exist, the members regroup to brainstorm alternative solutions.
In mastermind groups, members no longer feel alone. Entrepreneurs do not want to let down the other members of their group, and therefore understand the purpose of accountability.
Going forward, this powerful incentive can have a lasting effect on how business goals are set and achieved.
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