Benefits of a Mastermind Group – An Effective Resource for Entrepreneurs
Considering joining a mastermind group to help boost your productivity? Let’s take a look at some of the many benefits of a mastermind group!
Quick Links:
- TIP: How to reap the benefits of being in a mastermind group [Infographic Download]
- Episode Overview – The Benefits of an Entrepreneurial Mastermind Group
- Personal Note from Jenn Neal on the Benefits of a Mastermind Group
- Episode audio [Podcast on Spotify]
- Blog Post – Benefits of a Mastermind Group – An Effective Resource for Entrepreneurs
- Related Posts
TIP: How to reap the benefits of being in a mastermind group
Time needed: 7 minutes
TIP: 5 tips to Create an Effective Entrepreneur Mastermind
- Select
Choose the participants carefully, ideally all should be in a similar phase in business and willing to help and share ideas wins and losses
- Time
One of the easiest mistakes of a mastermind is not having enough time to develop ideas so allow at least 10-15 minutes for each participant plus “reset” time between
- Hot Seat
When you’re on the hot seat very clearly state what you need help with right now so there’s one thing for others to work on and unless it’s going down a complete wrong path, try to simply be open to ideas. This is about gathering information – you can debate later.
- Participate
When you’re a participant listen carefully to the context and what the hot seat person is asking for – ask any clarifying questions if needed and be willing to share ideas and experiences. Take turns – don’t be the person that sucks up all of the time and if you simply want to “ditto” someone then say that as well – it’s still important!
- Reflect
In between hot seats it’s best to go around and share what from that session resonates with you. Just because you’re not on the hot seat doesn’t mean that you’re not getting value so ears open and take notes!
What’s In This Episode
What is a mastermind exactly and why do you want to be part of a mastermind group? I share some business coaching and advise that came out of a recent mastermind meeting I attended. We shared things that were working, where we needed help and a little bit of tough love. As an entrepreneur it’s important to maintain the right mindset – and sometimes that comes from something as simple as a small mastermind. Not a part of a mastermind group? It might be time to find some people. 😊
Jenn Neal on the Benefits of a Mastermind Group
Networking Tip: See how you can all help each other because by helping somebody else, chances are you’re going to help yourself with things that you may not have ever even known.
-Jenn Neal
Can you benefit from an Entrepreneur Mastermind?
If you’ve ever thought about pursuing entrepreneurship, taking the time to join an entrepreneur mastermind can help in many ways. Many people don’t even know what a mastermind is, so we’ll start there. What is a mastermind?
A mastermind is where entrepreneurs discuss business, learn, network, and meet like-minded individuals. It’s an invaluable resource for new entrepreneurs because the concept is to provide guidance, support, and advice in a group. Masterminds also give tough love when needed, so it can also be considered a business accountability group. If you don’t have an entrepreneurial mindset, you’ll quickly adopt one after being in a mastermind group.
Mastermind groups are growing in popularity because they help you become strategic. You get to talk about things occurring in your business, how your business is doing, and different ideas. This is the place where you get to share what works and what doesn’t without judgment. It’s a great thing when you can connect with other business owners and let down the veil, open up, and admit, “yeah, this totally didn’t work.”
Benefits of an Entrepreneurial Mastermind
There are some amazing things that can come from an entrepreneurial mastermind group. This is not a business coach. While a business coach can create a mastermind, business coaching is usually one-on-one. The road of entrepreneurship can be hard. With a mastermind group, you get value out of listening to someone else with the same problem and the different perspectives that you wouldn’t take on your own. Also, when listening to someone in the hot seat, you realize that you’re not alone in having to make those difficult decisions you know you need to make but haven’t moved on them.
Sometimes, things don’t resonate until you hear it from someone different other than your parents, kids, spouses, or a friend. Mastermind groups are designed to make you see what you don’t want to see about your business and connect with people you can trust who are also in business. A business mastermind may be the key to connecting with people that get it. The beauty of a mastermind group meeting is that it can be done anywhere – in person, online, or away at a retreat.
An entrepreneur mastermind is private, honest, and helps consider another perspective besides your own. How cool is that? When developing content, this is the one place where you may be able to get exactly what you need or figure out how you are going to pivot and do something different.
Tips for Creating an Effective Entrepreneur Mastermind
If you want to know how to create an entrepreneur mastermind group, here are a few tips:
Be Selective
Choose the participants carefully. All the members of the group should be in some stage of entrepreneurship and a similar phase in business, willing to help and share ideas, wins, and losses.
Be Mindful of Time
One of the easiest mistakes of a mastermind is not having enough time to develop ideas. As an entrepreneur, everyone is busy, but this is a commitment to helping you dig deeper to benefit your business. Allow at least 10-15 minutes for each participant plus “reset“ time between each person.
Respect the Hot Seat
When you’re in the hot seat, be clear about what you need help with now so everyone will have one thing to work on. Try to be open to all ideas unless it’s going down a completely different path. This is about gathering information–you can debate later.
Participate
When you’re a participant, listen carefully to the context of what the hot seat person is asking for. Ask any clarifying questions if you need to and be willing to share ideas and experiences. Make sure to take turns, giving others a chance to get involved –don’t be the person that sucks up all the time. If you simply want to “ditto” someone, then say that –it’s still important!
Reflection
Take time between hot seats to go around the room and share the things that resonated with you from the prior session. This is a perfect time to share if something clicked that you could implement in your business. Just because you’re not in the hot seat doesn’t mean that you’re not getting value, so keep your ears open and take notes.
Adopting a strong entrepreneurial mindset by participating in a mastermind group can be one of the best things to move your business forward. There are many types of business masterminds that are specific to the industry or need. It may be time to find your tribe and enjoy the benefits of a mastermind that can add perspective and tough love.
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