Large corporations have a board of directors, made up of a group of senior advisors, to oversee the company and represent its shareholders. However, small businesses typically are operated only by their owners. But we all need a sounding board or someone we can turn to when we need help and advice. As a small business owner, the easiest way to create your own board of advisors is to join or create a mastermind group.
What is a mastermind group?
Although the concept of the mastermind is over 75 years old, most people don’t know much about them. First conceived by Napoleon Hill in his book, “Think and Grow Rich,” a mastermind is “coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”
In practical terms, a mastermind is a group of people who meet monthly, weekly or daily to help each other tackle the individual challenges and problems each person faces in their business. Members can access the collective intelligence of the group to help them manage and grow their business. Essentially, a mastermind group is peer-to-peer mentoring. As a member, you receive a combination of brainstorming, education, peer accountability and support in a group setting to sharpen your business and personal skills.
Why you should join a mastermind group?
Being a member of a mastermind group does require commitment, confidentiality and a willingness to both give and receive advice and ideas. However, you’ll receive support from fellow members with total honesty, respect and compassion.
Here are 8 benefits you can receive by participating in mastermind group:
- You’ll be part of an instant and valuable professional support network. When a group is comprised of people from different backgrounds and industries, you can learn from other members who have more experience and specific knowledge in areas you lack. By interacting and sharing your challenges, you can gain solutions or tactics from other members and vice versa.
- You’ll have the opportunity to collaborate with like-minded people in a non-competitive environment.
- You won’t feel alone while running your business. You’ll have a group of advisors to turn to when you need advice.
- You’ll be challenged to set powerful goals and accomplish them.
- You can gain new perspectives to long-held beliefs you may have that may open doors to greater opportunities.
- You’ll gain experience, skill and confidence, enabling you to think bigger and take more risks toward reaching your dreams.
- You’ll be held accountable for completing steps toward reaching your goals.
- You’ll be able to share connections and extend your network. You may even be able to do business with fellow members.
Above all, masterminds are an incredible tool to help you create and run the business you want. A mastermind group helps you and your group members achieve a far greater level of success than you would if you were alone.
Every small business owner can benefit a mastermind group. For the last two decades, I’ve consistently participated in mastermind groups. They can be exciting and energizing. And they can make a real difference to you and your business.
If you’re interested in participating in a mastermind group, I facilitate several Grow Your Business Mastermind Groups. Each group is powerful – making possible exponential growth for each member and their business. This year, why not make your goals a reality by joining a mastermind group?