Join a Mastermind Group? Here’s What You Need to Know.

03/03/2017 09:29 am ET

Joining a mastermind group has been part of many successful entrepreneurial schedules. From the likes of Benjamin Franklin, Thomas Edison, and Henry Ford to Bill Gates, gathering with like-minded business owners has been a hallmark of rewarding undertakings.

Initially coined by Napoleon Hill of “Think and Grow Rich” fame in 1925, mastermind groups have stood in the gap as a method for finding solutions—brainstorming, if you will—to common business challenges.

Tapping into the “wisdom of crowds” lends itself to uncovering previously hidden angles and more suitable solutions than those conjured up by one self…not to mention opportunities to accelerate life-long learning.

The Great Expectations

You may anticipate several opportunities when joining a mastermind group. Among the probabilities are…

  • Accountability: The regularity of the group meetings, sharing commitments, and reporting progress (generally 1-2X per month) creates a structure of responsibility.
  • Collaboration: Goals are accomplished more easily through mutual cooperation, contribution, and respect.
  • Resources: Tools such as workbooks, checklists, and information are readily available to strengthen your business.
  • Support: Progress towards goals is more manageable with encouragement, help, perspective, and advice.
  • Facilitation: A well-run meeting guides productivity and success for it’s participants.
  • Structure: Each meeting is organized and optimized around a specific agenda that creates flow and reduces the risk of chaos, confusion, and running overtime.

These expectations are foundational to the most successful mastermind groups.

Finding Your Perfect Match

As the appetite for new ways of working together grows, joining a mastermind group that is a fit for your business requires forethought and due diligence.

Logistics like location, time, and cost are important to take into consideration; however, you’ll find they are less likely to influence fit or your satisfaction.

Here are a few questions to ask to ensure the group meets your unique work style and needs:

  • What are you looking to achieve through the mastermind group?
  • What is the proposed structure of the group meetings (i.e., free-for-all or coordinated)?
  • What support is available between scheduled meetings?
  • What arrangement is available for connecting with members of the group outside the meetings?
  • What is the primary focus of mastermind group (i.e., general or specific emphasis)?
  • Who does the group target (i.e., size of business, time in business, # of employees)?
  • What types of resources, if any, are made available to members of the group?

Jim Rohn, author, entrepreneur, and motivational speaker, once said, “You are the average of the five people you spend the most time with.”

Doesn’t it make sense to join a mastermind group that enhances you and your business?

Let’s connect: LinkedIn | Twitter | Facebook | Google+

This post was published on the now-closed HuffPost Contributor platform. Contributors control their own work and posted freely to our site. If you need to flag this entry as abusive, send us an email.
CONVERSATIONS